Tag: EFG Companies

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EFG Companies F&I

The Importance of Product Knowledge

dealHave you ever had a finance manager or loan officer complain about being burned out?

We all know that dealerships and lending institutions alike are trying to find ways to lessen the burden  when it comes to selling consumer protection products. After rapid expansion of menu’s, F&I managers and loan officers are struggling to comply with the 100%-100%-100% rule and keep their penetration numbers up.

Whether your menu is large or small, product knowledge is the most obvious yet least recognized key to keep managers from being overwhelmed and generate success. In addition, it helps managers craft questions for the beginning of the process to better understand which products best fit their consumer’s needs. When based on product knowledge, these questions are the key to creating logic hooks that turn “no’s” into “yes’s.”

Furthermore, product knowledge:

  • Increases comfort level with the product presentation process
  • Makes it easier to present different angles or benefits based on the consumer’s needs
  • Hastens recovery from curve balls

Consider your product penetration rate in your dealership or lending institution. According to Auto Finance Magazine, the average penetration rate for consumer protection products sold in the United States is approximately 40%. What would you do to increase your rate?

With over 35 years in consumer finance, the experts at The Transcend Group, a division of EFG Companies, know how to train your team to consistently meet and/or exceed performance goals by focusing on filling consumer needs in order to sign more loans, increase margins and foster consumer loyalty.

We provide management consulting and advisory services in the areas of corporate growth strategy, innovation and growth processes, organizational transformation, and talent management and development strategies.

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EFG Companies

New Customers. Same Dealership?

On the other end of a harsh economic recession, it’s become very clear that the Americans of today are drastically different from Americans in 2008. People not only tightened their belts over the past four years, they also completely changed their relationship with retail. From iPods to Cadillacs, Americans research online for the products that provide the most for their money and quality customer service.

Poring over blogs, engaging with friends on Facebook and Twitter, reading review sites, Americans are more knowledgeable about the products they purchase than ever before. And, as Generation Y continues to increase their purchasing power, they are leading the movement in the digital retail space.

Considering that consumers are making decisions online before even hitting a dealership floor or credit union office, how adept is your dealership or lending institution at directing the conversation? When asking your team to promote online reviews do you often hear the following?

  • Bad reviews will hurt my reputation.
  • My boss will see the negative feedback and I’ll be in trouble.
  • I’ve already asked them to do SO MUCH, I don’t want to ask for something else.
  • My customers aren’t online.

Training your team to overcome these common myths and ask for the review is essential in directing more and more customer traffic. One of the best ways to create an environment that fosters positive reviews is to choose a team member with a good foundation on review sites and use them as a spokesperson. As they reap the benefits of positive reviews, have them share their experiences and teach team-members the different ways they ask for reviews.

In addition, you can use your team’s competitive nature to increase reviews by posting weekly scorecards in the back office or break room, where everyone can see who received the most reviews and who received the least. It is also a learning opportunity as to what customers are more sensitive to or interested in.

You teach your sales people every day to ask for the sale. Asking for an online review should be a no brainer.

With over 35 years of consumer insights, EFG Companies and The Transcend Group know how to train your team to foster growth, innovation and transformation both online and off.  Learn how we can help you take control of your reputation today.

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Economy EFG Companies

Good Economy? Bad Economy? It Doesn’t Matter!

Contributing Author: John StephensWith all the news about the government shutdown, national default, government furloughs, finger pointing and crisis talk; everyone is avidly watching Wall Street to gauge how badly the economy will be affected.

Consumers are concerned with keeping their savings intact while dealerships are concerned with fortifying their business to survive a potential economic plunge. Isn’t it time to get off the rollercoaster and stop being thrown for a loop?

So, let’s stop and think about the retail automotive industry for a second.

Whether the economy is good or bad, consumers will still be in the market for a car. Their needs for said vehicle may change depending on the economy. For example, with the latest recession, we saw the trend of consumers purchasing cars that last longer with better gas mileage. They didn’t stop buying, they just changed what they bought and how often they bought it. They also became less brand-loyal.

On any given day, your dealership is competing with at least two other businesses to close a sale. It doesn’t matter whether that day falls in a good or bad economy. The difference between a good and bad economy, is that sale means more in a down economy. So, how do you fortify your business for a more volatile economy?

You go back to basics:

  • Hire Top Performers that consistently deliver results on the sales floor and in the F&I office.
  • Place those Top Performers in roles where they will thrive and train them to maximize their strengths.
  • Focus on customer service, not just the sale. The best sales people see themselves as advisors. They listen to the customer and address their needs with courtesy and respect.
  • Position your dealership as providing value beyond low interest rates. This ties back into customer service and bridges into the F&I office. Consumers are paying more attention to their return on investment just like businesses. Provide products and service that reflect their need to keep their savings intact.

With over 36 years working with dealerships to develop their people and their products to achieve the best results, EFG Companies knows how to take your business off the rollercoaster and chart a course for success. Find out how our recruiting, training and product development will enable you to not only survive in a volatile economy, but also thrive!