LAKE FOREST, Calif. — Portfolio announced the launch of Quantum, a new service contract designed to provide repair and replacement coverage for the electronic components that define the modern driving experience.
Quantum covers touch and display screens, Bluetooth, driver assist detection and warning systems, parking sensors and assist systems, USB ports and power points, along with earlier technology such as factory-installed navigation systems, built-in TV screens and DVD players, audio systems and backup and forward camera systems in new and pre-owned vehicles.
Executives said Quantum addresses the needs of the customer who may not have ever experienced a mechanical breakdown covered by a traditional vehicle service contract but is well aware of the need to keep new technology components in good working order. Quantum also is priced lower for those customers who choose not to purchase exclusionary coverage but wish to keep their newest technology components functioning as intended.
Quantum is available to all dealers regardless of their primary provider of reinsured vehicle service contracts, they added, and as with all Portfolio reinsured VSC products, the dealer will choose the range of terms and deductibles offered to customers to fit local market needs. Quantum can be reinsured only by Portfolio.
“The market has spoken. Our dealers have spoken. This is a ‘high interest/high demand’ product, especially for millennial car buyers,” said Tanya Stevenson, Portfolio’s vice president of product sales and development. “We listen to what our dealers want to meet customer needs and to gain every bit of profit from their F&I departments. Quantum provides one more opportunity to deliver value to their customers, and to optimize their PVR.”
“Our company is totally dealer-centered, and we know their F&I departments need every tool in their box to meet customer needs while delivering profit to both the dealership and the reinsurance company affiliated with it,” added CSO Dan Haugen. “Quantum is Portfolio’s latest effort to accomplish this win-win-win, but it is hardly our last. We will continue to develop profitable product solutions for current Portfolio dealers, and future Portfolio dealers.”
As of this writing, Quantum is approved in 42 states, pending in seven states and has provisions to receive financing from Ford Motor Credit and Toyota Financial Services, among other auto finance sources.
