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What are Defaqto Ratings?

Are you selling the best financial add-ons alongside your vehicles? If you take pride in your forecourt make sure you’re not letting yourself down when the customer comes to the paperwork. A range of quality aftercare products demonstrates your commitment to keeping customers safe when they drive away.

Aftercare products are a great way to increase customer retention rates and satisfaction. But how do customers differentiate from the numerous products on the market? How do they find the best products for them? Defaqto ratings are becoming an increasingly popular sign of product quality and design.

What is Defaqto?

Defaqto is an industry-recognised independent researcher of financial products, covering banking, pensions and insurance services. Their ratings system – ranging from 1 to 5 stars – was introduced to help consumers when they make financial decisions on the quality of a product.

Defaqto’s rigorous analysis and assessment process analyses the key features, benefits and terms and conditions of every star-rated product or policy. They look at between 40 and 100 features or benefits, which are categorised and given a rating based on their quality and extent of cover.

  • 1 star – a basic product with a low level of features and benefits
  • 2 stars – a product typically offering a below average range of features and benefits
  • 3 stars – a standard product providing an average level of features and benefits
  • 4 stars – a product with a good level of features and benefits
  • 5 stars – an excellent product with a comprehensive range of features and benefits.

Having a high quality Defaqto rating can have a huge impact on sales and your bottom line. Find out how much: The difference between a 5* product and a 3* product.

Not all about the rating

You might have the best products on the market but without the right sales approach it won’t count for anything. The Financial Conduct Authority (FCA) is introducing a number of changes to the way financial products can and should be sold, including the abolition of opt-out processes and more rigorous standards for staff incentives.

Download our FREE eBooks to find out more about the FCA regulation changes. They are:

  • How the FCA changes will affect you – here
  • How FCA changes will affect your staff incentives – here

Car Care Plan offers FREE Dealer Health Checks to help ensure you are doing everything you can for your customers. Going that extra mile can make a big difference to your bottom line and we can show you how. To find out more sign up here.

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