08 Nov Why We Don’t Have a Chip On Our Shoulder
Hey, everyone, welcome to the second edition of How SideCars is Better. My name is Garen, and the topic today is “Why We Don’t Have a Chip On Our Shoulder.”
I was told recently by a competitor that “our reinsurance deal is ruining the industry. There is no reason for a deal to be that cheap.” On a side note, that comment irritated me a little—because the work we do for our clients is nothing close to cheap. However, our prices ARE the best. So let’s talk about this comment. Why would one of our competitors say that to me? Because they’re worried. Scared to death, actually.
Our competitors all have a chip on their shoulder, and it’s caused by a long-standing agreement by the industry players to make as much money as they possibly can from auto dealers. How’s the saying go? “Pigs get fat, but hogs get slaughtered.” Well, it’s clear that we have angered the hogs. They are paranoid that auto dealers and their agents will discover the actual hard costs behind reinsured extended service plans.
What we’ve done at SideCars is dissect exactly what dealers want from a reinsured extended service plan program, and then assemble the pieces so that dealers and their agents can enjoy the best possible results. If your mother owned a car dealership, this is the program you’d want her to sell. Dealership customers get the best possible coverage, while dealers and their agents get the best possible pricing—all while providing the best tax advantages that reinsurance can offer.
Most administrators are former “car guys” who then have to pay a premium to access the expertise of reinsurance accountants and money managers in order to provide a reinsured program. We’ve flipped this around: we are accountants and money managers who utilize the car dealership experience of our agents to provide a cost-effective, superior solution.
And that’s why we don’t have a chip on our shoulder—it’s because we don’t have to. We aren’t picking a fight with anyone—we are just providing the reinsured extended service plan that dealers and their agents have wanted all along. Yes, our success means that those competitive hogs are going to get slimmer—but we believe that’s good for everyone.