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Featured

EFG Companies Tapped Again as Nifty 50 Product Award Winner with WALKAWAY®

PrintWALKAWAY® for Motorcycle Dealers Boosts Unit Sales by Driving Consumer Purchase Confidence

EFG Companies, announced today that its nationally award-winning WALKAWAY® product has been named a 2016 Powersports Business Nifty 50 Award Winner. Based on the success of WALKAWAY in the automotive market, the product was extended to motorcycle dealers in 2015. This is EFG’s 2nd consecutive year to be recognized as a Nifty 50 recipient. For more information on WALKAWAY, visit http://bit.ly/1KfZUyP.

WALKAWAY provides motorcycle dealerships the ability to capitalize on consumer concerns that have prevented significant growth in the retail motorcycle space. Over the past few years, customers have postponed plans to purchase or lease a bike, after lessons learned from the Great Recession. WALKAWAY gives customers the confidence to purchase a new or used motorcycle by providing two options to protect their credit and investment, should a life-changing event occur.

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Featured

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

NPA_Logo_Lg-web95% of pre-owned motorcycle purchasers say a CPO program would impact where they buy their next motorcycle

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.

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Compliance

Prepared for an FTC Investigation?

Karen Klees, Certified Consumer Credit Compliance Professional, EFG Companies

 

Contributing Author: Karen Klees, Certified Consumer Credit Compliance Professional, EFG Companies

Earlier this month, the Federal Trade Commission (FTC) announced a planned study on the auto buying and financing experience. Since 2011, the FTC has brought more than 25 cases challenging illegal practices in the area of dealership business. These cases, combined with the Consumer Financial Protection Bureau’s (CFPB) investigation into auto financing, have most likely caused the FTC to take a close look at the retail automobile industry.

While the CFPB does not have jurisdiction over auto retail, it has created waves in the industry through auto finance regulations. Now that an agency with authority over the industry is taking a deeper look at dealership practices, it’s more important than ever to recognize and act upon the fact that it’s time for more transparency in the auto buying process.

The good news is the FTC is still in the exploratory phase of the study, asking for public comments and feedback from interested parties on how the study should be conducted. Meaning, they have a ways to go before they conduct the study, compile the results, and formulate an action plan based on those results. Dealers have time to take a closer look and tighten their processes before a large-scale investigation ensues.

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