CADA 360 programs work in collaboration to reduce risks and costs to dealers

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Ensuring you have the right garage insurance in place to protect your dealership from a wide range of risks is a complex task — and with the growing threats of cyberattacks and vehicle thefts, the job isn’t getting any easier. 

That’s why CADA 360 Garage Insurance enlists the help of its CADA member dealers. Dealers serve on the program’s advisory board, and as people on the frontlines running dealerships every day, they provide invaluable ideas and feedback to the program’s administrators.

So when it was time for CADA to help dealers find a practical solution to help prevent garage insurance rates from rising in response to the stolen vehicle crisis across Canada, the Committee was called upon to review alternatives from several leading providers of lot management and theft recovery device providers. 

“Our dealers really helped us review and vet the leading products on the market in Canada,” said Michael Psotka, CADA’s CFO and Director of Member Services. “Dealers across the country are out there looking at these types of products now, to answer operational and garage insurance requirements. Our Garage Insurance Committee did a great job of helping us understand the key elements that would meet dealers’ needs. In the end, CADA made the decision to launch CADA 360 Security Services, and collaborate with RecovR® for lot management and vehicle theft recovery. We believe this product combines the best technology with the best business program for dealers, making RecovR a clear choice.”

Psotka said the parent company of RecovR, the Kudelski Group, is a large multinational, with the means to continue to invest in innovation and technology to continue to advance their products. 

He said the company also had the best technology, and a winning business plan for dealers who sign up with them. For dealerships who enroll with RecovR, the devices can be provided with no up-front cost, provided they are able to achieve a sell-through rate of 40 per cent to their customers. RecovR, in collaboration with CADA 360 Garage Insurance, is also offering CADA 360 Garage Insurance members a discount on any devices they do purchase until the end of 2024. 

“We believe this product combines the best technology with the best business program for dealers, making RecovR a clear choice.”

Michael Psotka, CFO and Director of Member Services, CADA

HUB International, the broker representing the CADA 360 Garage Insurance program, is supportive of this collaboration that is a significant tool that helps lower risks for their dealer clients. 

“Having inventory controls, lot management tools and stolen vehicle recovery technology in place is a huge consideration when carriers are looking at insuring a dealership,” said Paul Embrack, National Underwriting Manager at HUB International. “The carriers look at risk, and having these protective measures in place are viewed favourably when assessing a dealership’s risk profile.”

HUB is the CADA 360 Garage Insurance Program’s approved insurance broker. They work with the country’s largest commercial P&C insurance companies to provide coverage for dealers.

Embrack said one way to look at it is to consider how an insured might treat the premiums they can expect to pay for a building with a sprinkler system and one without it. It’s a key factor that weighs into the premium calculations. 

“Dealerships want to know exactly how their garage insurance premiums might be impacted by implementing the RecovR lot management and vehicle theft recovery system. Their HUB broker can talk with them and help them better understand that. There are a number of factors to consider, including of course where that dealership is located,” said Embrack. 

The CADA 360 Garage Insurance program offers a host of insurance products for dealers, and can be customized to fit the specific needs of a dealer or group. With more than 1,000 dealerships enrolled across Canada, it has become Canada’s preferred garage insurance program.

“The other great thing about our CADA 360 Garage Insurance is that proceeds go back to help fund CADA’s activities on behalf of member dealers. This helps us fund advocacy activities but also makes it possible for us to undertake the kind of extensive product review for a product like RecovR that then benefits our dealers,” said Psotka.

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