GarageShare™ gives you the data to revolutionize the car-sales process and your dealership’s acquisition strategy.
GarageShare™ uses technology and data to permanently change the game of the car-sales process and your dealership’s acquisition strategy. We do all this through the IV process, which allows us to collect this information quickly, accurately, and efficiently, while providing an important service to car buyers and limiting liability faced by dealerships. The data we collect is used to help dealerships source more inventory, and drive customer retention to keep customers in the ever-buying lifecycle. In short, we leveraged technology to better an existing process, protect you and your customers’ investments in leased vehicles, and put your dealership in a position to utilize a proactive strategy to dominate the used-car market.
About two years ago our parent company itsWoop Technologies was partnering with dealerships to provide embedded insurance in the car-buying process. When one of our dealer partners mentioned that they had recently paid a bill for a customer's financed vehicle that had just been totaled and was underinsured, we realized that verifying insurance is an incredibly necessary service that we can offer to our dealer partners. We knew we had the capacity to take this off our dealerships’ plates, so we built a streamlined process to verify that customers have the correct amount of insurance on their vehicles. And the best part is – it's no extra work for dealers. We were able to embed this directly into the car-buying process, with no extra steps needed by your salespeople.
Through Insurance Verification (IV) we communicate to car buyers after your DMS is updated indicating the sale is closed. We then verify that they have the proper coverages on their insurance, based on the requirements of their loan/lease company. As you know, this is important because there are requirements that not all consumers are aware of, like limits of liability and minimum comp/collision deductibles. We match these up for each and every customer, and we make sure they are sufficiently covered. This protects your dealership, as well as your customer, further ensuring them that they are protected and valued as a customer, hence increasing the quality of your customer relations, while protecting the full value of your leased vehicles.
However, simplifying the insurance verification process turned out to be only one part of the value that our process can offer to our dealer partners. Once we began this journey of verification, it became clear that the data we were inevitably collecting in the IV process was incredibly beneficial to our partners. It allowed us to compile information about new and used vehicles within every existing customer’s household, helping dealers to identify possible new inventory acquisitions for used vehicles. Once we realized that we had access to this valuable data, we further enhanced our systems, and built our innovative platform GarageShare™ to form our new brand - DealerVantage.