Tag Archive | "Hyundai Assurance Program"

EFG Companies Launches Enhanced Lifetime Wrap Coverage to Complement Drive Forever Worry Free Limited Lifetime Powertrain Protection

DALLAS – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today announced the launch of the Drive Forever Worry Free Lifetime Wrap, an enhancement to the company’s market-differentiating limited powertrain protection. For more information, visit http://bit.ly/2lUkufY.

The Drive Forever Lifetime Wrap is designed to help dealers close more deals at a higher gross with improved product pricing, expanded eligibility, and an underlying complimentary coverage component.

The wrap is a second coverage upgrade option for dealers to utilize when providing customers with complimentary Drive Forever Worry Free Limited Powertrain Protection. Until now, dealers had the option to upgrade customers to a full vehicle service contract with terms up to 96 months/120,000 miles. The Drive Forever Lifetime Wrap provides expanded coverage options with no mileage or time limits.

With the Drive Forever Lifetime Wrap, cost-conscious consumers will be better able to preserve their vehicle’s value and their savings. Beyond the benefits related to vehicle repairs, the coverage is fully transferrable, further enabling consumers to negotiate beyond just the value of their vehicle at resale.

Drive Forever Worry Free is a limited lifetime powertrain program for dealers to offer complimentary as a way to differentiate themselves from the competition. The Drive Forever Lifetime Wrap is a exclusionary coverage that matches the lifetime term of the complimentary product. The coverage upgrade includes roadside assistance, rental reimbursement, and a standard $100 deductible for the first three years.

Interest rates are expected to rise three times in 2017 and analysts are predicting lower used-car values as off-lease vehicles enter the market. With an uncertain economic outlook, dealers are looking for programs that create more foot traffic and help to close more deals at a higher margin.

“With dealer profit margins being squeezed in recent years, we’ve taken an in-depth look at how we at EFG can measurably facilitate dealer profitability, and customer retention.” said John Pappanastos, President and CEO of EFG Companies. “In our ongoing contract holder research, we evaluate our protection products with regard to the value perceived by the consumer. In the case of Drive Forever, on average, 82 percent of the time, contract holders rank it as a top 3 reason as to why they chose to purchase from a participating dealer. Based on this extensive research and ongoing feedback from dealers, we created the Lifetime Wrap as a natural extension of a program that provides distinct benefits to both dealers and consumers.”

Beyond the market-differentiating benefits of EFG’s complimentary Drive Forever Worry Free program, dealers have a better opportunity to stay ahead of the competition with an upgrade that gives customers enhanced coverage for the life of their vehicle, not just their loan.

This product gives dealerships an immediate means of capturing market share and increasing profit margins by turning the sales process into a more value-based conversation.

As always, EFG backs this new product offering with its strategic engagement model from an AFIP-certified field team, and a nationally award-winning claims administration team that is ASE-certified and recognized as a Center of Excellence by Benchmark Portal.

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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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Empire Dealer Services Awarded Top Agent Award by EFG Companies

DALLAS, Tex. – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, recently hosted its 7th National Agent Council, and honored Empire Dealer Services with the Annual Top Agent Award. This marks the second time the Principal Owners and Founders of Empire Dealer Services, John Kane and Edward Adamson, have won the award.

“This award underscores the collaborative relationship between EFG and Empire Dealer Services,” said John Kane, Cofounder of Empire Dealer Services. “By working with EFG to implement effective dealer solutions, as well as proactively train our people and our dealership clients, we’ve increased PRU by $200 to $250, with a VSC production increase of 10 percent and an appearance protection production increase of 25 percent.”

EFG Companies’ Annual Top Agent Award is determined by overall product production performance, effective training, and comprehensive achievements throughout the year.

Hosted in the spring and fall of each year, EFG’s National Agent Council is designed to provide a collaborative environment in which agents can formalize their strategies to better serve their dealer clients, improve F&I performance, and increase dealer profit.

This year, EFG’s premier agents from across the United States attended a two-day hunting excursion at the High Lonesome Ranch in Melvin, TX, owned by renowned dealer – Nyle Maxwell, to discuss current industry trends and challenges, share best practices and discuss new product innovation.

“Our agent council emphasizes our core support of our agents’ long-term strategies,” said Eric Fifield, Executive Vice President, EFG Companies. “By stepping back to dissect market trends and map agent progress on hitting their goals, we can effectively evaluate how to better contribute to their success and build their business.”

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EFG Companies and F&I Express Expand Digital Solutions for Automotive Dealerships

DALLAS – EFG Companies, the innovator behind the award-winning Hyundai Assurance Program, and F&I Express, the largest automotive F&I aftermarket product network, announced today a partnership to better serve their dealership clients by fully integrating their eContracting capabilities.

“At EFG Companies, we understand that no two dealers are the same,” said John Pappanastos, President and CEO of EFG Companies. “Each dealer operates with different goals, success metrics, and systems, and we pride ourselves in acting as a strategic partner in their success. In our effort to further that initiative, we partnered with F&I Express to augment our growing list of e-contracting solutions with one of the most utilized eContracting platforms in the market.”

“For almost 40 years, EFG Companies has been leading innovation within the automotive industry,” said Brian Reed, President and CEO of F&I Express. “We have been eagerly anticipating their addition to our F&I eContracting network and look forward to bringing their products to our dealer customers.”

Currently, F&I Express works with many auto retailers across the U.S. to improve F&I processes. The company has aggregated a network of more than 100 automotive aftermarket insurance providers in an online portal accessible by its dealers.

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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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Interstate National Inks Deal to Administer New Hyundai Assurance Program

ATLANTA – Interstate National Dealer Services, one of the nation’s largest independent providers of vehicle service contracts and F&I products, has successfully completed a strategic alignment with Hyundai Motor America to administer the Hyundai Assurance Trade-In Value Guarantee, the newest addition to the Assurance suite of programs.

The new Hyundai Assurance program eliminates concern about depreciation by giving Hyundai owners a guaranteed value for their vehicle in months 24 through 48 of ownership. The program is a direct result of Hyundai and Interstate’s confidence of Hyundai’s strong residual value.

The Hyundai Assurance Trade-In Value Guarantee is administered by Interstate’s Atlanta, GA and Charlotte, NC offices. Interstate will manage all call center, customer service and administrative operations for the more than 500,000 new Hyundai cars and SUVs sold each year through more than 800 dealerships nationwide.

Every new vehicle comes with the Hyundai Assurance Trade-In Value Guarantee administered by Interstate at no additional cost to the consumer.

“The strategic alignment for this program is another example of Interstate’s strong and stable industry standing as well as Hyundai’s confidence in our ability to administer a program of this magnitude,” Interstate’s Chairman, Gene Becker said during the announcement.

“We partnered with one of the most innovative OEM’s in the industry to design, test and execute an evolution in customer loyalty with this program,” Interstate Chief Marketing Officer, Ricky Wolfe added.

“Hyundai Assurance is our way of partnering with our owners in their vehicle purchase, so it’s important that our business partners share our customer-centric values,” said Trea Reedy, senior group manager, Dealer Marketing & Resource Management, Hyundai Motor America. “Interstate National Dealer Services has impressed us with its thoughtful approach to this program, which ensures that the outstanding customer experience we strive for at the point of sale continues throughout ownership.”

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