LAKE FOREST, Calif. — Portfolio announced the launch of Edge, a program to extend coverage on the manufacturer’s parts and labor warranties for repairs in dealership service drives and reinsure the coverage to the dealer’s affiliated reinsurance company.
Portfolio Edge is available in two forms: a limited warranty included in the customer’s repair order payment or a service contract covering the repair paid for separately by the customer. The coverage extension is not to exceed five years total coverage, and consumer documents are electronically generated, executives said.
Executives said the new product was developed in partnership with PartShield, which created a similar extended warranty program for OEMs. PartShield developed a private-labeled website for Portfolio and will assist implementing the technology in dealerships. The website facilitates the sale and distribution of Portfolio Edge for electronically contracted consumer documents, determines part eligibility and integrates with most major DMS providers to more easily install the program in the service department. 
 
“With reinsurance being a vital part of most dealers’ business strategy, we have recently been asked for a service drive product that can be reinsured,” said Steve Burke, Portfolio’s founder and chief sales executive. “We believe this is the first program of its kind to meet that dealer need. Plus it boosts wholesale parts sales and helps with customer satisfaction and retention.”