Tag Archive | "EFG Companies"

EFG Companies Launches 1,000,000 Mile Limited Powertrain Protection


DALLAS, TX – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the launch of a 1,000,000 Mile Limited Powertrain Protection program for motorcycles. This program is designed to foster increased customer loyalty, referrals, and unit sales by addressing pressing motorcycle consumer needs.

While the powersports industry is currently experiencing a period of year-over-year growth, everyone in the industry has an eye on the horizon for the next economic downturn. Dealers are looking to maximize sales while they last and fortify their operations for the future.

“Today’s customers are already in the mindset of being very careful with where they spend their money, and are looking for the best value for the dollar. This has resulted in an enhanced pre-owned bike market over the last few years,” said Glenice Wilder, the vice president of EFG Companies Powersports Division. “By offering 1,000,000 Mile Limited Powertrain Protection, motorcycle dealers have the ability to differentiate their operations, and increase customer loyalty and new customer sales, by providing customers complimentary protection for their bikes.”

The 1,000,000 Mile Limited Powertrain Protection is designed to be offered complimentary on thoroughly-inspected, eligible bikes up to 10 years in age with less than 60,000 miles. The product provides coverage for the engine and transmission up to 1,000,000 miles, with towing assistance.

Customers then have the opportunity to enhance the coverage with an extended vehicle service contract, expanding the covered components and providing additional benefits including roadside assistance, rental reimbursement and unlimited number of claims. By upselling customers to the extended coverage, powersports dealers have the ability to increase their profit per unit during a time when every sale counts.

“As our market has grown into a more competitive space, powersports dealers need more than generic customer service promises to differentiate their business,” said Chris McIntyre, the CEO of EagleRider. “A program like the 1,000,000 Mile Limited Powertrain Protection from EFG helps dealers build a stronger brand message around customer service to drive more traffic and customer loyalty.”

Posted in Auto Industry NewsComments Off on EFG Companies Launches 1,000,000 Mile Limited Powertrain Protection

EFG Companies and Northwood University Announce F&I Innovator of the Year Competition Winner


DALLAS – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced the selection of Team Vigilance as the winner of the 2016 Innovator of the Year Award competition, and the recipient of $25,000.

Team Vigilance utilized their millennial mindset, ongoing dealership research, and F&I mentor input to create “401Karrs”. The product addresses Millennial and Gen Z concerns around financial security, and delivers on dealership goals around customer retention. In addition to the team’s monetary reward, they will potentially see 401Karrs developed by EFG for market availability. Team Vigilance is made up of three team members:

  • Alec Bond from Lindin, MI
  • Houston Huff from Tuscon, AZ
  • Lucas Myrhe from Austin, TX

“We want to thank all the teachers and mentors from this competition and across Northwood who’ve been a huge inspiration and motivation throughout this project,” said Lucas Myrhe. “With their guidance, we were able to deliver a product that is beneficial to customers and dealerships, increasing dealership profit, retention, and customer satisfaction.”

During the semester-long contest, team members leveraged time spent with their mentor, Craig Drew, the general manager of Central Maine Motors Auto Group in Waterville, ME. “Team Vigilance hit the ground running from day one, and they weren’t afraid to go back to the drawing board. Their dedication and perseverance to create a useful and beneficial product won them this award,” said Drew.

401Karrs – Pairing Evolving Consumer and Dealer Needs

Team Vigilance developed 401Karrs to address a concern among Millennials and Generation Z – financial stability. According to the Federal Reserve, to date, 44.2 million Americans owe nearly $1.26 trillion in student loan debt. In 2016 alone, student loan debt increased by 6 percent. The generations that will soon make up the bulk of the auto retail consumer market are entering adulthood with the largest debt load in history. With 401Karrs, this new generation of car buyers will have a tool to help manage their money by reducing or eliminating their out-of-pocket expense by putting a down payment on a vehicle.

401Karrs is essentially a down-payment savings product. Dealership customers will have the opportunity to add as little as $20 to their monthly payment, which will be used for a down payment on their next vehicle. When they return to the selling dealership to purchase their next vehicle, the dealer will match up to 20 percent of the amount saved, or $1000. In this way, the product acts as a customer retention tool, since they must return to the dealership to take advantage of the match.

The last part of 401Karrs is a reinsurance opportunity. As with vehicle service contracts, dealers can participate in reinsurance on the 401Karrs product, accruing interest on the money set aside for the down payment. This balances out the dealership match and has the potential to generate greater reinsurance profit.

Contest pairs students with F&I industry leaders.

In addition to experienced team mentors, the contest was judged by F&I industry leaders. The eight-member panel brought more than 100 years of F&I expertise from automotive dealerships and corporations from across the country, encompassing all major automotive brands. Several of the judges commented that the student product entries provided a fresh perspective and challenged their thinking about their own dealerships and operations.

“This competition offers students the unique opportunity to take their education beyond the classroom and individual dealership rooftops to create an industry impact,” said Keith Pretty, President and CEO, Northwood University. “Each of the participating students will be able to learn from their experiences from this semester and apply them to their future success as leaders.”

The contest winners were announced on Thursday, December 8, during a ceremony at Northwood University.

F&I Innovator contest designed to boost development, reach consumers

Each year during Northwood’s fall semester, the F&I Innovator of the Year Award competition pits six teams of Northwood undergraduate automotive marketing and management students against one another to conceptualize and build a new F&I product, while earning course credit. EFG and Northwood created the F&I Innovator of the Year competition to stimulate another level of innovation in the F&I space.

“With changing market demographics, increased compliance, and an evolving dealership model, everyone is looking at how the F&I space will evolve in the coming years,” said John Pappanastos, President and CEO, EFG Companies. “This competition exemplifies the need to develop new ways of capitalizing on these market changes by taking into account fresh sources of inspiration to meet new demands.”

Posted in Auto Industry NewsComments Off on EFG Companies and Northwood University Announce F&I Innovator of the Year Competition Winner

EFG Companies Receives Top Client Satisfaction Recognition in National Research Study


DALLAS – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today released the results of its most recent dealer services client satisfaction study, in which EFG’s net promoter score* ranked higher than Nordstrom, USAA Banking and Insurance, Ritz Carlton, JetBlue, Apple Laptops, Amazon and Netflix.

Among the key findings of EFG’s client satisfaction survey conducted by national research firm Troubadour Research and Consulting, EFG’s performance was rated highest in those areas that are considered the most important among the company’s client base: compliance oversight, engagement, and F&I training. On a scale of one to ten, where ten is the highest for attributes in a given area, dealers ranked EFG as:

  • 6 for account representative engagement;
  • 7 for compliance oversight; and,
  • 2 for F&I training.

Research study participants noted the high quality and depth of EFG’s account service team as one of the company’s greatest strengths, describing EFG as a true partner with “skin in the game” who cares about their account and is focused on maximizing compliant profitability. Training and compliance were deemed as the most critical service provided, along with reinsurance. On a ten point scale, EFG was rated:

  • 98 percent of EFG’s clients stated that EFG representatives are F&I education and compliance leaders.
  • 96 percent of clients regarded EFG overall as an expert of the F&I landscape.
  • 96 percent of dealers stated that EFG understands the performance drivers of their F&I organization.
  • 95 percent believed that EFG has expert knowledge about government regulations and economic trends that affect their business.

“Once again, results were impressive. From our interviews with dealer principals, EFG is universally viewed as a partner, not a vendor,” said Stephanie Vance, Troubadour’s Chief Research Officer.   “This is also reflected in the customer service metrics, which are not only outstanding overall, but are strongest in the areas that are most important to dealers.”

Troubadour Research and Consulting conducts national research with brands such as USAA, JetBlue, Apple and Netflix. In administering EFG’s client satisfaction study, they analyzed qualitative and quantitative metrics from dealer principals, finance managers, general managers, and F&I directors.

“Our partners’ feedback is an invaluable driver in the evolution of our business as we constantly work to provide the most effective engagement at the executive level to directly impact our partners’ profitability and growth,” said John Pappanastos, President and CEO, EFG Companies. “We are constantly asking ourselves if there is a better, more proactive way to accomplish our partners’ goals. This requires a commitment to empirically measuring our efforts by soliciting direct, objective input on our effectiveness as a whole.”

In the qualitative analysis, recurring comments from dealer principals said the following about EFG:

“I have a very proactive relationship with my rep and VP. It’s an open door all the way up to John P. Anything we need, EFG is here for us. There’s not one thing I’ve asked for that EFG hasn’t supplied.”

“We don’t want to be the guy on the 10 o’clock news fined for non-compliance. EFG is a good partner in that area. They keep us informed and we don’t finalize a deal until every piece of paperwork has been done perfectly.”

“I would hate to think I had to run these two stores without EFG in the deal. I could do it cheaper, but it doesn’t matter what the rates are. These people are class acts. They’re the kind of people I want to go to dinner with, and just have a real partnership.”

For close to 40 years, EFG has set the example in servicing its clients. EFG is the only product administrator awarded the ASE Blue Seal of Excellence, and the only administrator to be certified as a Center of Excellence by Benchmark Portal – a customer service designation that less than 10% of companies evaluated achieve. EFG’s field team is 100% AFIP-certified and is the only product administrator with a vice president with a Consumer Credit Compliance Certification from the National Automotive Finance Association. The company’s stalwart commitment to superior client engagement is delivered through its proprietary portfolio of products and services that increase penetration, fortify compliance, and drive maximum F&I profitability.

Posted in Auto Industry NewsComments Off on EFG Companies Receives Top Client Satisfaction Recognition in National Research Study

EFG Companies and Northwood University Announce F&I Innovator of the Year Competition Judges


DALLAS, Texas – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced the judging panel in the 2016 F&I Innovator of the Year competition. Representing all automotive brands spanning across the country, the 8-member blue-ribbon judging panel brings extensive experience and expertise in understanding consumer drivers in the F&I space to the competition. For more information on the competition, visit http://bit.ly/Inn0v8te

The judges will select a winning F&I product idea from one of six teams currently competing in the F&I Innovator of the Year competition, which will conclude Friday, November 11. The winning team and product will be announced on Thursday, December 8 at Northwood University.

2016 Competition Judges

Judge Title Auto Group/Company
Alvin Heggs Dealer Principal Superstition Springs Chrysler Jeep Dodge Ram
Kurt Hornung Vice President of F&I Operations AutoNation, Inc.
John Kane Co-Founder Empire Dealer Services
Tiger Lester Regional Finance and Insurance Director Group 1 Automotive
Anthony Patterson Vice President of Operations Patterson Auto Group
Claudia Sands Director of Financial Services Penske Automotive Group
Fernando Somoza Executive Manager Central Houston Cadillac, Central Houston Nissan, & Baytown Nissan
John Stephens Senior Vice President Dealer Services, EFG Companies

“The judges selected for this panel have developed reputations as change agents within the automotive industry on both regional and national levels,” said John Pappanastos, President and CEO, EFG Companies. “Their ability to raise the bar in innovation, backed by their years of experience, gives them the unique ability to determine what F&I product has the most potential to benefit consumers, dealerships, and the industry as a whole.”

About the competition

The F&I Innovator of the Year competition is designed to foster breakthrough ideas in the F&I space. It includes six competing teams from Northwood University that have been tasked with developing a business case for a new F&I product. The students must research, rationalize and demonstrate market viability of their new product, and its potential to facilitate F&I product sales in franchise dealerships.

At the conclusion of the competition, EFG Companies will award the winning team $25,000. The company will also develop the winning F&I product for the retail automotive marketplace, and return a percentage of the product’s revenues to Northwood University.

Visit http://bit.ly/Inn0v8te to learn more about the F&I Innovator of the Year Contest, watch this year’s Innovator video submissions, and follow @EFG_NWInnovator on Twitter for the latest competition news.

Posted in Auto Industry NewsComments Off on EFG Companies and Northwood University Announce F&I Innovator of the Year Competition Judges

EFG Companies and Northwood University Announce Student Competitors and F&I Mentors in 2016 F&I Innovator of the Year Competition


DALLAS, Texas – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced the student competitors and F&I mentors participating in the second annual F&I Innovator of the Year competition. Vying for $25,000 in prize money, this year’s 18 contestants hail from Arizona, California, Illinois, Indiana, Michigan, New Jersey, Pennsylvania, and Wisconsin. For more information on the competition, visit http://bit.ly/Inn0v8te

The credit-based competition pits six teams of Northwood’s automotive students to conceptualize and build a new F&I product. Each team is mentored by an F&I director, and the competing teams develop a business case for their new F&I product that incorporates industry research, market viability, and the product’s potential to facilitate F&I product sales in franchise dealerships. The teams will also keep weekly, YouTube video diaries of their progress, challenges and breakthroughs.

“The mentors’ industry experience is invaluable in guiding the competitors on the real-world challenges facing dealerships today,” said John Pappanastos, president and CEO of EFG Companies. “From changing consumer purchasing behaviors, to increased FTC and CFPB compliance oversight, and a call for enhanced transparency, these mentors will impart a wealth of knowledge that spurs innovation among the students.”

The teams and mentors include:

Team Name Team Members/Hometown Mentor/Dealership
Angular Momentum Charles Elledge, Coal City, IL
Charles Wheatley, Rancho Santa Margarita, CA
Harry Collins, Franklinville, NJ
Ben Hagan
Bob Moore Auto Group
Oklahoma City, OK
Envision Alex Rogers, Lancaster, PA
Ali Nasrallah, Dearborn, MI
Zach Peters, Philadelphia, PA
Caleb Hargreaves
Hanlees Auto Group
Davis, CA
Groundbreakers James Skop, Petoskey, MI
Tori Mason, Detoit, MI
Zach Luchenbill, Pinkney, MI
Sam Levin
Nyle Maxwell Auto Group
Austin, TX
Triple Clutch Amanda Poriefka, Midland, MI
Harrison Ervin, Chesaning, MI
Mollie Arnold, Lowell, IN
Dena Moore
Davis-Moore Auto Group
Wichita, KS
Team Turbo Cody Davidson, Green Bay, WI
Kendra Taylor, Flushing, MI
Mark Ruhle, Royal Oak, MI
Greg Grimes
Rohrich Auto Group
Harrisburg, PA
Team Vigilance Alec Bond, Lindin, MI
Houston Huff, Tuscon, AZ
Lucas Myhre, Austin, TX
Craig Drew
Central Maine Motors Auto Group
Waterville, ME

Each year, Northwood selects the best and brightest students from the Automotive Marketing and Management Program to participate in the F&I Innovator of the Year competition. To be eligible for participation, each student must maintain a 3.0 GPA, and hold internships or extracurricular activities in the automotive industry.

The competition runs through November 11, 2016, when a panel of leading dealer principals and EFG executives will judge each team’s business case. EFG Companies will award the winning team $25,000, and will develop the winning F&I product for the retail automotive market. The company will also return a percentage of the product’s revenue to Northwood University.

Visit http://bit.ly/Inn0v8te to learn more about the F&I Innovator of the Year Contest, watch this year’s Innovator video submissions, and follow @EFG_NWInnovator on Twitter for the latest competition news.

Posted in Auto Industry NewsComments Off on EFG Companies and Northwood University Announce Student Competitors and F&I Mentors in 2016 F&I Innovator of the Year Competition

EFG Companies and Northwood University Launch 2nd-Annual F&I Innovator of the Year Competition


DALLAS, Texas – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced the launch of their second annual F&I Innovator of the Year Competition. Held during the fall semester each year, this competition leverages the out-of-the box thinking of today’s Gen Z college students, coupled with F&I industry leaders’ insight, to boost the F&I industry’s focus on innovation. Visit http://bit.ly/Inn0v8te to learn more about the contest, last year’s winners and the upcoming launch of the winning 2015 product.

“The automotive industry is going through a period of extensive change,” said John Pappanastos, President and CEO of EFG Companies. “Consumer expectations and buying habits have shifted towards a more value-conscious and long-term mindset. The Federal Trade Commission and Consumer Financial Protection Bureau are continuing to focus on transparent auto lending practices. Manufacturers are undergoing a shift with the rise of electric vehicles, connected cars and ride sharing services. Each of these aspects of a dealership’s operations is in a mutually effective relationship with F&I. As new, young talent has brought significant advancements to other areas of the auto industry, it makes sense for the F&I industry to avail itself with new ideas from fresh minds, as well.”

The Annual F&I Innovator of the Year Competition pits six teams of Northwood’s junior and senior automotive students against one another to conceptualize and build a new F&I product, while earning course credit. With an F&I director as a mentor and guide, the competing teams develop a business case for their new F&I product that incorporates industry research, market viability, and the product’s potential to facilitate F&I product sales in franchise dealerships. The teams will also keep weekly, YouTube video diaries of their progress, challenges and breakthroughs.

“This competition puts Northwood University students at the forefront of the innovation that will forever change the dealership landscape,” said Keith Pretty, President of Northwood University. “Through this competition, our students have the opportunity to provide a never-before-seen solution to current dealership challenges and drive dealership profitability. This exemplifies our philosophy of hands-on learning and developing the leadership skills and talent necessary to bring the automotive industry into the future.”

A panel of leading dealer principals from across the nation and EFG executives will judge the business case competition in late November, and crown the newest champion in early December. The winning team will take home $25,000, and more importantly, EFG Companies will develop the winning F&I product and launch it to the retail automotive marketplace. The company will donate a percentage of the profits from the sale of the product back to Northwood University.

Last year’s winning team, Quantum Integration, applied consumer research, industry and mentor input and millennial sensibilities to create an F&I product for the connected car. Their product utilizes a mobile application to provide consumers a convenient way to stay current on vehicle maintenance, prevent theft, or recover their vehicle. EFG Companies will roll out the product in Q4 of 2016. Richie Durso, from Quantum Integration, had this advice for this year’s competitors, “Think of real world problems and see how you can solve them to make people’s lives easier. Also, remember that your product can be a service and not just a tangible item. Even if you don’t win, the experience is priceless!”

Posted in Auto Industry NewsComments Off on EFG Companies and Northwood University Launch 2nd-Annual F&I Innovator of the Year Competition

Page 2 of 812345...Last »