Tag Archive | "F&I"

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.

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So God Made a Farmer …


These words summarized what was arguably the best commercial of the Super Bowl XLVII in 2013. I have been a longtime fan of the man whose words graced the two-minute ad: Paul Harvey. Here is a short section of the ad:

God said, “It had to be somebody who’d plow deep and straight and not cut corners. Somebody to seed, weed, feed, breed and rake and disc and plow and plant and tie the fleece and strain the milk and replenish the self-feeder and finish a hard week’s work with a five-mile drive to church. So God made a farmer.”

Like farmers, independent agents must continually adapt and change to moving markets to succeed. I have many relatives in Alabama who are potato farmers. To adapt to new challenges, they became creative. They now utilize a GPS system that will plot the tractor’s course, allow it to drive itself and never waver more than an inch in planting row after row of potatoes. In doing so, they lowered their production cost and increased their overall profit.

The challenge for agents is to look for the most innovative products that appeal to a multigenerational market of customers. F&I managers must be trained to integrate technology into their presentation to provide customers a time-efficient and value-building process. Like farming, cars and customers’ buying motivations are changing at breakneck speed. Farmers that previously harvested cotton now grow another crop because conditions and markets changed.

The ability to recognize market changes early and pivot to more innovative products and training to support their sale gives you a competitive edge. Each year, every farmer and agent has to ask the same question: What do I need to change, update or adjust to yield a better outcome?

The training product you provide for the dealer is as important as any product they offer to their customers!

Growing profits for dealers depends largely on growing their people. Agents are strategically positioned to facilitate growth opportunities for their teams. The quality of the training you provide has a direct impact on F&I profits just as the quality of the seed affects the yield per acre of a farmer!

Providing product insights, consistent training and something as simple as monthly role-playing sessions providing input on strengths and opportunities for improvement will help grow the skills of each F&I manager.

Dealerships need an independent agent who can vet and update product offerings, provide monthly training for their staff, track performance, grow product sales and profits while maintaining high employee and customer satisfaction. Someone who can help motivate their staff, bring out the best in them and see that they are consistent in their production. That requires someone who works long hours, drives many miles and doesn’t cut corners. So God made a farmer … and independent agents. Thank God for both. Sell on!

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Mechanical Breakdown Protection, Inc. Partners with Provider Exchange Network


LEE’S SUMMIT, Mo. – Mechanical Breakdown Protection, Inc. (MBPI), a top rated administrator, is pleased to announce a partnership with Provider Exchange Network (PEN). This innovative technology cuts costs, increases efficiency, and adds a new element of customer satisfaction. This partnership will help the F&I office increase sales penetration and improve dealer and customer satisfaction by decreasing customer delivery time.

PEN is an electronic data exchange that streamlines the sales process by integrating the F&I product provider with the dealer’s point-of-sale system, whether through a menu or directly with the dealership management system (DMS) desking software. This unique integration approach eliminates the need for separate applications to enable eContracting for aftermarket products. Functions include electronic ratings, forms preparation and contract origination.

“MBPI’s new partnership with PEN will allow dealerships a new and effective way to offer our wide range of F&I products to the consumer. It will also eliminate the need for double entry, which makes life easier for F&I Managers.” – Barry Kindler, MBPI National Sales Manager

To learn more about MBPI, visit the website at mbpnetwork.com.

To learn more about PEN, visit the website at www.providerexchangenetwork.com.

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RoadVantage Unveils Free F&I Video to Dealerships Nationwide to Help Educate Consumers


AUSTIN – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, today unveiled a new video illustrating the value of ancillary programs, available to dealerships nationwide, to drive customer interest in F&I protection when purchasing a vehicle.

RoadVantage created the 2-minute video (available on the RoadVantage YouTube channel at http://bit.ly/2fWigrR) in response to recent industry studies indicating that a greater awareness and understanding of F&I products correlates with a higher receptiveness to hearing about them in the F&I manager’s office, and a stronger likelihood of buying them.

“It’s become clear that in the world of F&I, low consumer awareness is a major obstacle to sales, making education hugely important and in everyone’s best interest,” said Garret Lacour, CEO of RoadVantage. “Customers have indicated a strong desire to learn about F&I programs in advance. Addressing the need for consumer education helps all of us – the providers, the dealers, and the consumers.”

The RoadVantage video is available for use by all dealerships and explains the value of F&I programs. Dealers can link to the video, or download it for use on dealers’ websites, to run on showroom TVs, or to use as part of a presentation in the F&I manager’s office. The RoadVantage-branded video features coverage offered by RoadVantage, but can be used by any dealership selling F&I products.

“As an automotive dealer who’s been in this industry for 35 years, I think this video serves an important need – not only for dealers, but for F&I in general,” said Randy Ross, Senior Vice President of Sales for RoadVantage and owner of Ross Chrysler Jeep Dodge in Boone, NC. “I’m using this video in my dealership now. It removes one of the biggest obstacles to selling F&I programs by driving awareness and interest in F&I programs.”

RoadVantage created the video in response to recent industry studies, including the 2015 Maintenance and Repair Study conducted by Cox Automotive, looking at consumer attitudes, awareness and behavior regarding F&I programs. The RoadVantage video can be used both on dealerships’ websites and in the dealership to raise consumer awareness of F&I programs and to drive customers to request F&I protection when they go into the dealership to purchase their vehicle.

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Mechanical Breakdown Protection, Inc. Partners with F&I Express


LEE’S SUMMIT, Mo.  Mechanical Breakdown Protection, Inc. (MBPI), a top rated administrator, is pleased to announce a partnership with F&I Express. This innovative technology cuts costs, increases efficiency, and adds a new element of customer satisfaction. This partnership will help the F&I office increase sales penetration and improve dealer and customer satisfaction by decreasing customer delivery time.

“MBPI’s new partnership with F&I Express will allow dealerships a new and effective way to offer our wide range of F&I products to the consumer. It will also eliminate the need for double entry, which makes life easier for F&I Managers.” – Barry Kindler, MBPI National Sales Manager

To learn more about MBPI, visit the website at mbpnetwork.com.

To learn more about F&I Express, visit the website at fandiexpress.com.

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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.

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