Beginning this month GM will roll out its F&I products, firstly though its dealerships in Ohio and then expanding nationwide by the end of this year.
Steve Hill, vice president of customer care and aftersales for GM North America, said that GM will offer guaranteed asset protection, tire-and-wheel coverage policies and extended-service contracts for the GMC, Chevrolet, Cadillac and Buick brands. Customers consider the F&I products more valuable and reliable, and many companies have begun to adopt this strategy.
GM’s F&I products will compete with Ally Financial’s products, which is the former GMAC. Ally offers GM Protection Plan extended-service contracts and it licenses the GM Protection Plan name from GM. The company has the right to use the name until November 2016. The company which insurance backs and administrates GM’s products is a unit of AmTrust Financial Services.
Steve Hill also said that the new GM F&I products will be available for the automaker’s used cars and new ones as well. For the non-GM vehicles and the one from Pontiac, Saturn and Hummer, the automaker will add more F&I products.
“When you look at F&I products,” he says, “these ones we’re offering are the vast majority of what’s sold by our dealers.”