Until 2013, GM's F&I products were sold through Ally Financial and General Motors Acceptance Corp., its former captive finance arm.
When Chevrolet-Buick-GMC and Cadillac Protection entered the market under GM three years ago, Mac said, "we had to do everything very quickly and set a very high standard because many of those other companies who have been out there for 20, 30, 40 years, the more reputable ones are very good. We had a lot of catching up to do.
"That was part of our challenge coming into the marketplace: competing against the incumbents," he said. "It made us work very smart and very hard, quickly."
GM's F&I product business launched with e-contracting as a standard practice. Executives knew the F&I industry is "becoming paperless, and that's what dealers and their customers wanted," Mac said. "There may be a couple dealers that want a paper contract for a certain F&I product, but it's virtually 100 percent in terms of e-contracting in the F&I space for us, and our dealers love that."
Now, just more than half of GM's about 4,200 dealerships in the U.S. have signed up with GM's F&I products. Not having the offering under GM was "a missing gap," Mac said. "When you think of the vehicle being designed by General Motors, being built by General Motors, being sold by General Motors, being financed by GM Financial, being serviced by GM certified service and dealers, it fits in that continuum: design, build, sell, service, protected, financed," he said.
Contract volume has grown largely because of the overall GM connection, he said.
Unlike third-party F&I product providers, "we're built and missioned and chartered exclusively for GM dealers, and the value proposition that was built up for them is really compelling," Mac said.
Chevrolet-Buick-GMC and Cadillac Protection is the only F&I provider endorsed by GM, he said. "There are other GM differences that no one can copy or duplicate because they're not part of the GM family, and we are."
Most of the well-known F&I companies are strong, but they lack the access GM gives its F&I product business, he added.