NORCROSS, Ga. — EasyCare announced the launch of a suite of Rideshare benefits that includes Rideshare VSC, Rideshare GAP and Rideshare Prepaid Maintenance. These new programs, which hit the market on October 1, are designed to help dealers capture and serve the rapidly growing ride-hailing market and protect rideshare drivers from unexpected costs that could disrupt or derail their business. Citing recent data from the U.S. Department of Transportation, the Federal Highway Administration and Cox Automotive, Pete Lee, who serves as EasyCare’s Vice President of Product Development and Business Performance, said benefits designed for rideshare operators will help dealers, agents and F&I professionals protect more customers and increase retention in a rapidly changing automotive landscape. “Over the past three years, ride-hailing has officially entered the mainstream, with usage rates exceeding 50% in some markets,” Lee said. “Customers who buy vehicles for rideshare service could put 25,000 miles on the odometer in the first year. They need these benefits, and they deserve the same opportunity as anyone else to have an honest conversation with their dealers and F&I professionals about how their vehicles will be used.” EasyCare’s new Rideshare VSC covers a long list of the vehicle’s systems and components, includes reimbursement for rental car, towing and trip interruption, and is transferable to other private sales. Rideshare GAP covers up to $50,000 of the difference between the loan balance and insurance settlement, up to $1,000 of the deductible, and up to 150% of the vehicle’s value in the event of a total loss. EasyCare’s Rideshare Maintenance platform is 100% customizable, allowing dealers to create maintenance programs and service intervals that cater to the unique requirements of rideshare drivers. “It’s a powerful suite of coverage that provides real benefits to all involved parties, and we look forward to helping more dealers and agents deliver coverage designed to protect these industrious customers,” Lee said. For more information about EasyCare Rideshare please click here.
The Federal Reserve Bank of New York’s Q1 U.S. household debt report finds auto loan and lease originations declined slightly year-over-year — except for sub-620 customers — while 90-day delinquencies grew by 9.2%.