Dealership Corridor - Dealership Corridor

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

Post author By efgmarketing
Post date April 12, 2016

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.”

Tags Brian Reed, F&I Express, John Pappanastos

Compliance Dealership Training

Juggling the Compliance Acronym Soup: CFPB, ECOA, FCRA

Post author By efgmarketing
Post date March 30, 2016

Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

Compliance has been a hot topic going on three years in the auto finance space. Lenders, such as Ally Financial, Toyota Motor Credit, and the American Honda Finance Corporation, have reached resolutions with the CFPB based upon dealership practices. We’ve all known that the CFPB has been trying to regulate dealerships through lenders. With this heightened sensitivity to compliance, other regulatory bodies that have jurisdiction over automotive dealerships, such as the FTC, are now turning their gaze to dealership practices.

While everyone is frustrated with the ambiguity of the CFPB, there are some well-defined actions dealerships can take to ensure compliance with entities like the FTC. With this in mind, now is the time for dealers to brush up on their F&I practices to ensure compliance, starting with this simple question: When a dealership sells a car and secures financing, who is the creditor at the time of sale?

If you said the dealer is the creditor, you would be correct. However, many F&I managers often think that the lender is the creditor. This mindset opens the door for non-compliant behavior as the F&I manager could think that their actions have fewer repercussions. As a dealer who knows about the legal repercussions, wouldn’t you rather have an informed staff that takes accountability for their actions?

Tags Ally Financial, American Honda Finance Corporation, CFPB, Compliance, ECOA, FCRA, FTC, Toyota Motor Credit

Featured

EFG Companies Pushes the Industry Again with Technology Innovation

Post author By efgmarketing
Post date March 22, 2016

EFG’s Parts Wizard Streamlines, Automates Claims Administration for Sourcing Parts

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today launched Parts Wizard, a new technology platform that reduces dealer reinsurance exposure, streamlines claims administration and increases customer satisfaction. For more information about EFG’s claims administration, visit: http://bit.ly/EFGAdmin

EFG’s Parts Wizard automates the manual process of sourcing OEM, aftermarket, remanufacturered, and used parts for vehicle repairs. In addition, sourcing parts through the Parts Wizard enables dealerships to reduce future claims risk with a longer warranty than the standard OEM parts provided by the manufacturer.

All parts sourced through the Parts Wizard, come with an “end of contract” warranty covering the deductible, labor and cost of replacement parts. If any part sourced through the Parts Wizard malfunctions during the term of a customer’s contract, the cost to repair or replace that part will be completely covered without dipping into reinsurance reserves.

Tags EFG, EFG Companies, Parts Wizard