Getting your cars on the lot safely – and keeping them that way until they’re sold and with their new owner, can be a challenge for auto dealerships.
Although you cannot completely eradicate potential inventory damage or delay, you can minimize risk by taking a few basic steps before selecting and hiring your carrier, and once your vehicle arrives.
Off the lot:
Vehicle protection doesn’t start once your inventory is on the lot; it starts on the voyage to the dealership.The importance of choosing a reputable carrier to transport your automobiles cannot be over-stated. Follow these tips to mitigate the chance of accident or theft, so your vehicles make it to the dealership on time and in one piece:
- Do your research: Check carrier ratings and reviews online
- Get a carrier’s Motor Carrier Authority (MC) number and confirm it is still active with the Department of Transportation (DOT).
- Check Carrier Insurance
- Don’t rush the process – find a carrier that documents the state of each vehicle before and after loading onto/ off of the truck
On the lot:
Phew! Your inventory arrived safely and on time, but your work still isn’t done. Putting in place dealership anti-theft and accident protection plans can be critical to your bottom line. Over 700,000 motor vehicles were reported stolen in 2015, according to the FBI’s crime report, and for auto dealerships, these crimes could severely hinder business and growth. There are many ways to mitigate risk of vehicle theft, read on for tips:
- Never leave keys(that includes valet keys) in an automobile on the lot
- Never leave a vehicle running – even if you’re just running inside for a minute
- Keep a well-lit lot to dissuade potential thieves
- Install visible security cameras that can see every corner of your dealership– both inside and out
- Don’t ever let a customer test drive a vehicle unattended
- Always get a copy of a customer’s driver’s license before they are allowed the keys to a car. Save the photocopy until the car is sold and off the lot.
- Make certain your lot is well lit at night—thieves prefer working where they can’t be easily spotted
- Install a stolen vehicle recovery system that has both radio frequency tracking and direct integration with local law enforcement
- Fence in your vehicles – it serves as a stronger deterrent than simply block parking and, in some states, elevates the trespassing crime for would-be thieves
Everest Insurance® markets property, casualty, specialty and other lines of admitted and non-admitted direct insurance on behalf of Everest Re Group, Ltd., and its affiliated companies. Everest Re Group, Ltd. is a Bermuda holding company that operates through the following subsidiaries: Everest Reinsurance Company provides reinsurance to property and casualty insurers in both the U.S. and international markets. Everest Reinsurance (Bermuda), Ltd., including through its branch in the United Kingdom, provides reinsurance and insurance to worldwide property and casualty markets and reinsurance to life insurers. Everest Reinsurance Company (Ireland), Limited provides reinsurance to non-life insurers in Europe. Everest National Insurance Company and Everest Security Insurance Company provide property and casualty insurance to policyholders in the U.S. Everest Indemnity Insurance Company offers excess and surplus lines insurance in the U.S. Everest Insurance Company of Canada provides property and casualty insurance to policyholders in Canada. The Company also operates within the Lloyd's insurance market through Syndicate 2786. In addition, through Mt. Logan Re, Ltd., the Company manages segregated accounts, capitalized by the Company and third party investors, that provide reinsurance for property catastrophe risks. Additional information on Everest Re Group companies can be found at the Group’s web site at www.everestre.com.