Reflecting on 2022 and looking ahead to 2023
With 2022 now behind us, we wanted to reflect on the successes of last year and look forward to what’s on the horizon over the coming 12 months, as we enter 2023.
One highlight of last year was the launch of our combined warranty, breakdown cover, and service plan product. The package gives motorists one, simple monthly payment – paid over a 12-month period – to cover their vehicle’s ongoing maintenance and provide support when it’s needed. While proving extremely popular among customers, retailers are also seeing wide ranging benefits, including opportunities for ongoing customer communications, boosting their retention and future sales prospects.
Car Care Plan’s industry-leading warranty programme saw the company named “Dealer Recommended for Warranty 2023” – the 13th consecutive year we have received the award. The AM Dealer Recommended programme allows readers to have their say about the companies they believe offer the best service across a range of aftersales products. After the dealer poll, Car Care Plan rose to the top among warranty providers.
We were also extremely proud to receive an “A-” (Excellent) financial strength rating and “a-” Long Term Issuer Credit Rating from AM Best – the world’s first credit rating agency and the largest specialising in the insurance industry. Car Care Plan’s financial stability means dealer and manufacturer partners can be confident the end-to-end warranty and add-on products offered to their customers are backed by a stable, dependable and UK based insurer.
As we entered the final month of 2022, we were delighted to welcome Simon Cook as the new Sales Director at Car Care Plan, who brings with him a wealth of experience and knowledge of the automotive affinity sector. He said: “I am thrilled at the prospect of joining the fantastic team at Car Care Plan and building on their successes, award winning products and services to ensure they are adapted for a rapidly changing world.”
Looking at the automotive industry more broadly, the market share for electric vehicles (EVs) has continued to grow rapidly. At the time of writing, battery electric vehicles alone rose by almost 40% year on year, according to figures from the Society of Motor Manufacturers and Traders. They accounted for around 15% of the market in 2022, with hybrids of varying kinds accounting for almost 40% combined. At Car Care Plan, we introduced EV specific wording into our warranty product to ensure protection for hybrid and electric vehicle (EV) components – even covering one of the biggest concerns customers have when purchasing an EV: range anxiety.
Looking ahead, as the EV market continues to grow, we at Car Care Plan are always looking for ways to meet customers’ changing needs. The launch of our EV Drivers Club brings together industry-leading EV products and services alongside a comprehensive annual vehicle health check for members. Benefits include EV Drivers Club Assist, Zoom EV membership, SmartFob and Keycare, Zap Map Plus, Bonnet charging app discounts, Dent Wizard Ventures discounts, and an annual vehicle health check. We’ve also been improving and developing new ways for customers to access our products digitally and through various platforms which are scheduled to go live in 2023.
The Consumer Duty is a “major shift” in the Financial Conduct Authority’s expectations of firms providing financial products to consumers. That includes Car Care Plan and its partners supplying vehicle owners with products ranging from Warranty to GAP insurance, MOT Test Cover to Roadside Assistance, Tyre and Alloy Insurance to Cosmetic Repair Insurance, and Service Plans, among others. As we get closer to 31st July 2023 – when the Consumer Duty comes into force – Car Care Plan will continue to provide our partners with vital information and will be openly communicating about implementation progress. We are committed to providing customers with the necessary information they need to make informed decisions about their products.
There is a lot more to look forward to in the coming year, more of which will be revealed in the coming months. So, if you haven’t already, make sure you’re signed up to our newsletter to ensure you don’t miss anything. You can also keep an eye on our regularly updated blog and our LinkedIn page for updates.