-36-Year-Old Company Equips Dealerships to Address Critical Compliance Challenges-
DALLAS, TX (April 22, 2014) EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced its status today as the first F&I product provider of size to certify its entire field services team with the Association of Finance and Insurance Professionals (AFIP).
By certifying its entire team at once, EFG makes it possible for its client base to receive the immediate benefits of the company’s certification, whether through mentoring the dealer’s staff through AFIP certification, one-on-one coaching or completing dealer compliance audits.
Founded in 1989, AFIP is the nonprofit, non-aligned sanctioning body for in-store sales and financial services personnel and select lender and aftermarket vendor personnel in the United States. AFIP certification curriculum focuses solely on the federal and state laws that govern in-dealership financial services.
The retail automotive industry has always been one of the most highly regulated. With the recent increase in regulation oversight, non-compliance can create massive financial exposure for dealers, lenders, agents and vendors. “Our clients look to us to ensure that their teams have appropriate processes and controls in place to navigate more than a dozen federal laws and find their way through the many state and local laws that impact their operations,” said John Pappanastos, president and CEO, EFG Companies. “With that in mind, we took the initiative to get our entire field services team certified by the only regulatory compliance program that requires proctored exams under controlled testing conditions. Achieving AFIP certification across the entire team demonstrates our commitment to our clients.”
According to David Robertson, executive director of AFIP, “AFIP’s primary objective is to protect dealers by ensuring that in-dealership F&I practitioners and sales executives are fully aware of the applicable state and federal regulations – and take responsibility for their actions. Regulatory knowledge, coupled with personal accountability, keeps thousands of dealers out of harm’s way.”
With its field team 100 percent AFIP certified, EFG’s client representatives, trainers and recruiters can more effectively train, audit and support their clients, who will continue to see compliance with state and federal regulatory requirements as a critical priority in their business moving forward.
Find out how EFG can secure your dealership to continue to thrive in the ever-changing compliance and regulation environment today.