More than 20 dealers have signed up to use a new RV F&I product.
The software provides solutions to simplify the financing process through comparisons between a dealer’s existing lenders, lender pre-qualifications, and the potential to access new lenders.
ReserveMax, a new F&I service provider, launched the product in October 2023, providing access to numerous lenders and rates while streamlining the sales process.
ReserveMax CEO Lyle Peluso, who worked in dealership F&I departments, and ReserveMax Chief Technology Officer Jeremy Grice joined forces to create the company.
ReserveMax merges a dealer’s F&I lending standards and partners with the software’s knowledge encompassing various rates and program parameters across lenders and credit unions. ReserveMax has more than 60 lenders within its system and is continuing to onboard lenders.
ReserveMax’s F&I product locates the best lending rate available for a consumer. Customer information from the loan documents feeds into the company’s software, which examines all available lenders and determines the best options and rates for loan approval. The software removes bias from the process by focusing on lender-specific qualifications such as credit score and employment status.
ReserveMax Chief Operating Officer and Head of Product Stephanie Alderman said, “We can add value by connecting a lender to a dealer. We assist the independent dealer by acting as a lending specialist, so they can focus on an exceptional customer experience by matching products that best fit their needs”
ReserveMax can customize the software to dealer-specific needs. The product provides various details that would normally accumulate through years of experience.
In addition to lending material, ReserveMax includes other tools. A sales manager can use the prequalification tool to collect customer information before a deal. The tool create an information flow from sales to F&I. Alderman said, increasing communication will increase accuracy in what rates and payments a customer is offered.
“It makes the customer experience much better,” Alderman said, “because you are quoting the right rate, and the right payment more consistently.”
According to Alderman, ReserveMax will prevent deals from walking out the door due to the customer service time period, the ability to offer more choices and increased confidence in the deal fundamentals across both F&I and sales. She said the software will allow more sales by providing clear loan details.
“The bottom line is owners are going to make more money using this tool,” Alderman said. “It is a value add because they will be able to sell more products and sell more units.”
ReserveMax is offering discounts to association members such as Route 66 RV Network members. Alderman said the software is only the beginning. ReserveMax innovations are soon to come.
