Tag Archive | "EFG Companies"

EFG Companies Powersports Research Reveals New Motorcycle Dealer Profit Opportunity

DALLAS – EFG Companies revealed key market insights to drive dealership profitability through a third-party research survey of 1,000 consumers who purchased a pre-owned motorcycle within the last 24 months on their perceptions surrounding Certified Pre-Owned programs.

Key Findings:

95% said the availability of a CPO program would impact the dealer from which they purchased their motorcycle.

85% of respondents said they would find a complimentary CPO valuable as a benefit provided by the dealer.

Survey respondents placed a high dollar value on the complimentary program benefit – 63% valued the program between $500 – $1,000.

56% of survey respondents would drive over 30 miles, and 33% would drive over 50 miles to buy a motorcycle that included a complimentary CPO package.

71% of respondents had familiarity with CPO programs due to past purchases of cars and trucks.

65% of those respondents said the CPO program made a difference in their past purchasing decision.

Top 3 factors in deciding which bike to purchase:

  • Price
  • Condition of bike
  • Bike mileage

About the Respondents:

2016 nationwide survey of 1,000 consumers who purchased a pre-owned motorcycle within the last 24 months

51% of respondents purchased their motorcycle directly from a dealership.

59% of the respondents paid cash for their motorcycle.

7% of respondents financed through the dealership to purchase for their motorcycle.

3% of respondents financed through an outside lender to purchase their motorcycle.

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EFG Companies Launches Certified Pre-Owned Program Through National Powersport Auctions

DALLAS, Tex. – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today announced the launch of a Certified Pre-Owned Program designed specifically to grow powersports dealer business and drive loyalty through National Powersport Auctions (NPA), the number one provider of auction and remarketing services in the powersports industry. For more information on the Certified Pre-Owned program, visit http://bit.ly/1PD7ory

Ninety-five percent of respondents in a recent third-party research survey said the availability of a program like this would impact their choice of dealer from which they would purchase their next pre-owned motorcycle. In addition, 56 percent said they would drive more than 30 miles to purchase a motorcycle covered by a CPO program.

EFG’s CPO program provides consumers with complimentary limited powertrain protection on name-brand pre-owned motorcycles. As an added benefit, motorcycles purchased by dealers from NPA with an overall NPA Condition Report score of 75 or higher will automatically be eligible for the program (brand, year, mileage, engine, transmission and frame score limits apply). These advantages will meet an expressed customer need, while driving potential revenue and buyer traffic for dealers.

How It Works

Dealers purchasing a CPO-eligible motorcycle from NPA can simply opt-in to EFG’s CPO program to retail the motorcycle as Certified Pre-Owned. As a result, dealers will have the opportunity to market used inventory with quality CPO motorcycles, of which 63 percent of survey respondents place a higher dollar value between $500 and $1000.

“This CPO program supports powersports dealers’ dedication to providing their pre-owned motorcycle customers a value-driven customer experience, which is necessary for growth and profitability,” said Jim Woodruff, chief operating officer of NPA. “This new program reflects NPA’s mission to better support dealers by offering the easiest, most cost-effective way to build and manage pre-owned vehicle inventory that sells.”

“As the powersports market continues to recover, we know dealerships need showroom traffic now,” said Glenice Wilder, vice president of powersports, EFG Companies. “Our CPO program provides dealerships with an immediate means of capturing market share based on current consumer drivers. We are motivating customers to make a purchase based on value that they can only get with a strong CPO program, and our relationship with NPA makes it easy for dealers.”

When a dealer opts in to EFG’s CPO program, they will have the opportunity to upsell to a full vehicle service contract. This covers the cost of the CPO program for the dealer entirely, and gives them another opportunity to generate higher F&I profit.

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EFG Named to Dallas Morning News’ ‘Top 100 Places to Work’ List

DALLAS — F&I product provider EFG Companies was named to the Dallas Morning News’ list of Top 100 Places to Work, marking the ninth national award the company has earned this year for excellence and customer service.

“EFG’s awards and certifications reflect our intense focus on operating in our clients’ best interest at all times. You don’t always see that in our industry,” said John Pappanastos, president and CEO of EFG Companies. “EFG’s most powerful asset is its client engagement model that requires uniquely qualified and motivated professionals. Our values drive us, and we welcome and expect measurement of our impact on our clients’ profitability and success.”

According to company officials, a recent Troubadour Research and Consulting client satisfaction survey showed EFG’s net promoter score ranked higher than Southwest Airlines, USAA Banking and Insurance, and Nordstrom.

In addition to being named a Top 100 Places to Work, EFG Companies’ other notable recognitions and awards this year include:

  • F&I and Showroom magazine’s F&I Dealer of the Year Award for EFG client, Davis-Moore Automotive
  • First product provider certified as a Center of Excellence by Benchmark Portal
  • First product provider awarded the National ASE Blue Seal of Excellence
  • One of the first hundred companies in the US to achieve Consumer Credit Compliance Certification from the National Association of Automotive Finance
  • Three Stevie Awards for Top Field Sales Team, Contact Center of the Year, and Business Development Achievement of the Year
  • Powersports Business Nifty 50 Product Award winner
  • SubPrime Auto Finance News Top 125 Most Influential Firms

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‘Processes and Controls’ Panel Members Named

AUSTIN — Organizers of Texas Compliance Summit have announced that “Where the Rubber Meets the Road,” a panel discussion led by Brian Crisorio of United Development Systems (UDS), will include experts from the dealership, technology and products space. It will be the third panel of the event, which will be held Nov. 16–17, 2015, at the Hilton Austin Airport Hotel.

“Brian has assembled a panel representing three important facets of regulatory compliance,” said David Gesualdo, show chair and publisher of Auto Dealer Today and F&I and Showroom. “I can’t wait to hear what they have to say.”

Crisorio, who serves as UDS’s vice president of marketing, will be joined by Alessandro Meloni, a finance manager at Transwest Buick GMC Isuzu in Henderson, Colo.; Karen Klees, credit compliance specialist for EFG Companies; and Brian Reed, president and CEO of F&I Express.

“I’m excited to have Al reporting from the front lines and Brian and Karen adding their perspective from the technology and product sides,” Crisorio said. “Our multipronged attack on compliance issues will prove invaluable to the audience.”
The panel is part of the “Easy-to-Implement Processes and Controls” part of the agenda and will begin at 4:35 p.m. on Tuesday, Nov. 17.

More information about Texas Compliance Summit, including registration, can be found at the event’s website. Attendees who register on or before Oct. 26 will enjoy a $100 discount. For sponsorship and exhibition opportunities, contact Eric Gesualdo via email or at 727-612-8826.

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EFG Companies’ Karen Klees to Speak at Texas Compliance Summit

DALLAS — EFG Companies, the innovator behind the award-winning Hyundai Assurance program, is pleased to announce that certified credit compliance specialist Karen Klees will speak on a panel entitled, “Where the Rubber Meets the Road” at the Texas Compliant Summit, Tuesday, November 17. In addition to her compliance leadership at EFG, Klees serves as the reinsurance instructor at Northwood University and was recently a featured speaker at the National Association of Minority Auto Dealers Association (NAMAD) national convention. She is AFIP Certified and was one of the first 100 professionals to be certified by the National Automotive Finance Association as a Certified Consumer Credit Compliance Specialist.

“Rules and regulations are changing at a rapid pace, and few guidelines exist from the Consumer Financial Protection Bureau (CFPB),” said Klees. “Issues ranging from advertising to pricing to paperwork can raise numerous questions – and trouble spots. We will provide guidance that automotive dealers, general managers, compliance officers, and sales and F&I professionals can use to ensure compliance. EFG Companies is pleased to serve as a Premier Sponsor for this important event.”

What: Texas Compliance Summit for Sustainable Front End Operations, Easy-to-Implement Processes and Controls session, “Where the Rubber Meets the Road” panel

When: Tuesday, November, 17

Where: Hilton Austin Airport Hotel, Austin, TX

Who: Automotive dealer principals, general managers, compliance officers, sales and F&I principals

More information: http://dealercompliancesummit.com/registration/

EFG Compliance resources: http://www.efgcompanies.com

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

DALLAS – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced an F&I competition designed to jolt the automotive industry into a higher standard of innovation.

The F&I Innovator of the Year Award, to be held annually, will pit six teams of Northwood’s junior and senior undergraduate automotive marketing and management students against one another to conceptualize and build a new F&I product while earning course credit. A panel of leading dealer principals, EFG executives, and Northwood’s automotive program educators will judge each team’s business case in November. EFG Companies will award the winning team $25,000, and, more importantly, will develop the winning F&I product for the retail automotive marketplace. The company will also return a percentage of the product’s revenues to Northwood University.

The competing teams will be tasked with developing a business case for their new F&I product. Each team will be assigned an F&I director as a mentor to act as a sounding board and guide for one hour per week. The students must research, rationalize and demonstrate the market viability of the new product, and it’s potential to facilitate F&I product sales in franchise dealerships. In addition, the teams will keep video diaries of their progress, challenges, breakthroughs, etc., that will be uploaded to YouTube each week. The competition will run from September 7, 2015 – November 13, 2015.

“Since the 1980’s, F&I products have been developed from a dealer/F&I perspective outward, versus a consumer perspective inward,” said John Pappanastos, President & CEO, EFG Companies. “The increasing compliance and customer retention pressure, and the challenge of appealing to a new and highly informed generation, have predicated the need for the industry to turn innovation on its head. These students represent a fourth of the U.S. population with $200 billion in annual buying power. Our hope is that other F&I providers will follow suit in finding new ways to innovate and drive value for dealers.”

The F&I Innovator of the Year competition will provide Northwood junior and senior students with a deeper understanding of F&I’s importance for dealer profit and customer satisfaction. Currently, dealers generate 35 to 40 percent of their profit from the sale of F&I products. The pace of change in this area of dealership profitability is evolving rapidly due to continuing pressure on lenders, and consequently, on the dealer’s finance reserve from the Consumer Financial Protection Bureau (CFPB).

“This competition exemplifies the Northwood University philosophy of hands-on learning. It provides our students the unique opportunity to see first-hand how entrepreneurism and leadership can impact the industry as a whole,” said Keith Pretty, President, Northwood University. “Through this competition, we are providing students with an up close and personal opportunity to assess the challenges facing dealerships today and create a product or solution that has never been done before, and can viably drive profit margin for a dealer.”

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