Tag Archive | "F&I product provider"

EFG Companies Launches Training Portal for F&I Managers


DALLAS — F&I product provider EFG Companies today announced the launch of a new dynamic digital portal designed to boost F&I producer knowledge, reinforce training learnings, and reduce the cost of a poor hiring decision for a dealership.

The EFG Learning Opps Through Virtual Engagement, or LOVE, was developed in response to complaints from dealers and general managers about the short-term impact of sending F&I producers to training. When training isn’t reinforced in the dealership, officials noted, improvements are quickly negated by diminishing returns.

“It’s clear that using multi-sensory learning methods with interactive tools better enables F&I managers to effectively deliver measurable results to a dealership’s bottom line,” said EFG Companies President and CEO John Pappanastos. “That’s why we developed EFG LOVE for our F&I class graduates.”

In addition to fortifying the lessons learned from EFG’s in-classroom training, EFG LOVE equips dealers with information and best practices on how to both sell to, and employ, the soon-to-be largest generation in the workforce with the most buying power — Millennials.

Numerous industry studies have shown that the automotive retail industry faces a recruiting and staffing crisis. The 2017 National Automobile Dealers Association (NADA) Workforce Study reported that retail automotive suffered from a 43% turnover rate, an 88% attrition rate among female new hires, and a below average rate of Millennial new hires when compared to other industries. Additionally, 65% of dealers state that recruiting and hiring is their No. 1 challenge — greater than customer acquisition or generating revenue.

Officials note the company has placed hundreds of top performers at automotive dealerships across the country in its more than 40-year history. This has resulted in the deliberate buildout of a core-competency sourcing model to identify the core qualities of top performers. EFG LOVE pairs this top performer profile with industry statistics and trends to better enable dealers to develop high-performing teams.

“EFG LOVE helps shorten the onboarding time for new hires, keeps employees motivated, and accelerates the knowledge growth needed for a successful career,” said Steve Roennau, vice president of training and compliance with EFG Companies. “We created the content to enable the user to self-select actionable lessons in multiple digital formats. The more a producer can easily select materials that help them overcome their daily challenges, the more they will display the successful behaviors that they learned in our training.”

Posted in Auto Industry NewsComments Off on EFG Companies Launches Training Portal for F&I Managers

Dent Wizard Names New CFO


ST. LOUIS — Dent Wizard International today announced the hiring of Jim Powers as the company’s new CFO. Powers officially assumed his new role on July 2 and reports to Dent Wizard CEO Mike Black.

Powers comes to Dent Wizard having served in various leadership roles. He most recently served as president and CEO for St. Louis-based UniGroup Inc. and its subsidiaries, including United Van Lines, Mayflower Transit and other relocation and logistics-related entities. Prior to UniGroup, Powers held executive management positions with Viasystems Technologies, Crain Industries, Berg Electronics and Moog Automotive.

“Dent Wizard’s on a tremendous growth path, which has been continuing for more than seven years,” said Black. “Jim brings the intellectual capital and experiences that will help us continue the trend. I’m excited to have him on the senior team, and look forward to his strategic support for years to come.”

Posted in Auto Industry NewsComments Off on Dent Wizard Names New CFO

EFG Companies: Dealers Must Embrace Industry Paradigm Shift


DALLAS, Texas — Staffing and customer engagement models are the top issues impacting the future health of the retail automotive industry, EFG Companies President and CEO John Pappanastos said today.

The F&I product provider’s chief executive delivered his comments as part of a state of the industry address the company posted on its website. Pappanastos encourage dealership principals and senior managers to quickly address those issues or risk becoming a dinosaur in today’s rapidly changing consumer car-buying mode, noting that digital buying habits, millennial and Gen Z consumers, and women are forcing industry change.

According to the National Automobile Dealers Association’s 2017 Workforce Study, retail automotive suffered from a 43% turnover rate — up two points from 2016. Additionally, the automotive industry experienced an 88% attrition rate among female new hires, and a below average rate of millennial new hires when compared to other industries.

Pappanastos said many retail automotive businesses lack a comprehensive plan to become an employer of choice, and instead rely heavily on traditional “bell-to-bell” hours, commission-only payment plans, and limited training. He urged them to immediately develop a strategy for hiring, training, and promoting the best and brightest employees to operate in a world where consumers are demanding a more digital process with a better customer experience.

The executive noted that a single poor hiring decision in F&I can easily result in up to $75,000 in lost profit due to onboarding costs and lost production, adding that the retail automotive industry’s focus on daily operations also hampers leadership development and obscures the growth path for millennial hires who, as a group, require opportunities for promotion.

The F&I product executive also touched on recent research from Cox Automotive, which showed that 80% of consumers want to complete at least half of the car-buying process digitally. He also cited a 2018 Deloitte study showing that “dealers create a fragmented and inconsistent approach to the customer,” which leads to inefficient customer contact, inconsistent messaging, and ultimately failure to sell and build loyalty.

“While I realize change is difficult, dealership principals must incorporate greater consumer-facing digital platforms into their dealerships,” said Pappanastos, adding that hiring employees who are experts in online customer engagement and digital sales approaches represents one solution. “Failure to do so will result in lost revenue. We must remember the old adage of ‘meet the customer where they are.’ And today’s customer is clearly online.”

Pappanastos also encouraged dealerships not to lose sight of compliance. “Job skills are easy to assess. What’s difficult is finding candidates who have solid character,” the executive said. “During these tumultuous times, dealerships must maintain a high degree of integrated compliance. The resulting fines, and damage to reputation, can result in significant business loss due to very clear and public online postings and reviews.”

Pappanastos remarks during his state of the industry address focused on the future health of the retail automotive industry and sounded a wakeup call to dealership principals to quickly embrace changing consumer buying preferences. He also encouraged future millennial and Gen Z employees to seek out careers in retail automotive, noting that exciting changes and their opportunity to make industrywide impact.

Posted in Auto Industry NewsComments Off on EFG Companies: Dealers Must Embrace Industry Paradigm Shift

APCO Adds Anne Bélec to Board of Directors


NORCROSS, Ga. — APCO Holdings Inc., the parent company of the EasyCare and GWC brands, announced the addition of Anne Bélec to its board of directors.

Bélec brings extensive experience in brand management. She spent 24 years with Ford Motor Co., where she served as director of Global Marketing for the automaker, as well as president and CEO of Volvo Cars of North America and president of sales operations for Volvo Car Corp. in Sweden.

“Anyone who is fortunate enough to have crossed paths with Anne knows her as one of the most highly-effective leaders and marketing experts in the automotive industry,” said APCO Holdings Chairman Larry Dorfman. “We are really excited and honored to have her join our board of directors. Her presence on the team will undoubtedly accelerate the fulfillment of the goals we have set for helping our customers succeed and our company continue to claim our place as a major player in the dealership solutions industry.”

Bélec added: “I bring experience in a variety of roles, including field experience, interacting with dealers and managing a global brand. The ultimate goal is growth, obviously, but it’s also positioning EasyCare, GWC, Covideo and SAVY, the APCO Holdings brands, as the preferred choices for consumers and dealers. We want the relationship with the dealership to be one where they want to work with us because they believe it is the best product for their customers.”

Posted in Auto Industry NewsComments Off on APCO Adds Anne Bélec to Board of Directors

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

Posted in Auto Industry NewsComments Off on EFG Named to Dallas Morning News’ ‘Top 100 Places to Work’ List

GWC Warranty Earns Two 2015 Automotive Communication Awards


WILKES-BARRE, Pa. — F&I product provider GWC Warranty was awarded two 2015 Automotive Communication Awards at Tuesday’s Women’s Board Reception during Automotive Aftermarket Industry Week in Las Vegas.

GWC’s company blog, Accelerate, took top honors in the business-to-business blog category, while the company’s “Behind the Wheel” dealer story series won in the in business-to-business “Business Use of a YouTube Video” category.

“To be honored by peers within the automotive community for the content we provide dealers is a true testament to GWC Warranty’s commitment to be the industry’s best-in-class provider of used vehicle service contracts,” said GWC CEO and President Rob Glander. “We are proud to accept these awards and will strive to continue to provide dealers with timely, helpful, informative and engaging communications.”

GWC Warranty’s Accelerate blog was launched in March of 2015. It was designed to provide used-car dealers with the news and know-how to be more successful. Accelerate features helpful best practices, news, trends and more to help dealers stay on the forefront of the used-car industry and better serve their customers.

Behind The Wheel was introduced in August of 2015 with the story of Zimmerman’s Automotive, a 20-year GWC dealer partner. The story center’s on the 50-year operation’s story of the community involvement and customer service. Behind The Wheel pulls back the curtain to unveil the people and communities that make independent dealers successful, officials said. Each story also delves into how GWC Warranty’s service, products, training and technology align with independent dealers’ missions to operate reputable, successful businesses.

The annual Automotive Communication Awards are sponsored by the Car Care Council Women’s Board and the Automotive Communication Council. The awards recognize companies and agencies that provide automotive information to consumers and the trade professionals who interact with them on a daily basis. All entries consisted of automotive advertising, marketing, merchandising and/or PR efforts targeting consumers or the trade between January 2014 and November 2015.

Posted in Auto Industry NewsComments (0)