Santander to offer service plans

Santander Consumer Finance plans to increase its F&I penetration after signing a lucrative deal with The Warranty Group to supply service plans to over 6,000 UK dealers.

The move sees Santander broaden its offering to dealers currently selling its point of sale new and used car finance.

"Service plans are becoming an increasingly important part of the dealer point of sale product mix alongside warranty, Gap and RTI," said Andy Green, marketing director at Santander Consumer Finance.

"This is a product that appeals to customers during the recession, allowing them to budget for servicing."

According to The Warranty Group demand for service plans has risen this year.

Ian Simpson, sales and marketing director at The Warranty Group, said: "2009 is proving to be the year of the service plan. The number being sold has increased rapidly during the last 12 months and we have signed a number of major deals with dealer groups. We are very pleased to now be working with Santander on this sizeable new contract."

The Warranty Group currently underwrites 13 million live warranties in the UK.

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