Tag: EFG

Categories
F&I

Automotive News – Consistent F&I Pricing Key to Compliance

Jim-Henry

 

Contributing Author: Jim Henry, Automotive News Special Correspondent

As regulators scrutinize auto lending practices, companies in the F&I space have made compliance with state and federal rules a priority too.

F&I product administrator EFG Cos., of Dallas, is one such company. About a year ago, it appointed Karen Klees to fill the new role of compliance specialist. Klees recently amended her title to certified consumer credit compliance specialist after completing the Consumer Credit Compliance Certification Program from the National Automotive Finance Association.

Klees explained to Automotive News Special Correspondent Jim Henry how she would put her training to work at dealerships in 2015.

Capture

The talk at auto finance industry conferences centers on compliance as the growing arena in the CFPB era. Is that your experience, too?

Everyone I’ve come into contact with recently has identified … stresses they are under from the Consumer Financial Protection Bureau and other regulators. It’s been a huge kind of coordinating task.

At the same time, the industry says it didn’t just discover compliance, right?

Continue reading “Automotive News – Consistent F&I Pricing Key to Compliance”
Categories
F&I

Tips to Shorten Time in the F&I Office

Contributing Author: John Stephens

 

Contributing Author: John Stephens, Senior Vice President, Dealer Services, EFG Companies

As dealerships look into tightening operations and shortening the time it takes to buy a car, one of their biggest challenges is shortening the time spent in the F&I office. After all, there’s a lot to do there. There’s getting all the information to present to lenders, finding the right lender for the customer, working with the lender to secure the loan, discussing F&I products, signing paperwork, the list goes on. However, there are some very simple things dealerships can do to shorten this process.

First, let’s look at F&I compliance. This is probably your number 1 hurdle when it comes to shortening the F&I process. Although, it doesn’t have to be. For example, knowing that F&I managers are required to present 100% of your F&I products to 100% your customers 100% of the time, consider the number of products you have on your menu. Is it more than 6? Are you using the quantitative approach of including as many products as possible on your menu with the hope that one or two stick?

How often do you see customers watching the clock during the F&I product presentation? The best way to maximize your opportunity for profit and the customer’s time is by stepping back and analyzing your target consumer base. Then tailor your menu to achieve the best possible product penetration with a qualitative approach of outfitting it with between 4 and 6 products that match the wants and needs of your consumers. This alone makes your F&I managers’ jobs easier, faster and more pleasant for your consumers.

Continue reading “Tips to Shorten Time in the F&I Office”
Categories
EFG Companies Featured

EFG Companies Hits the Trifecta at the Stevie® Awards

Silver in Field Sales Team of the Year – Bronze in Contact Center of the Year (Up to 100 Seats) – Bronze in Business Development Achievement of the Year

Stevie2015_Logo_S

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today that the company was recognized at the 9th Annual Stevie® Awards for Sales and Customer Service, a feature of the American Business AwardsSM, the USA’s top business awards program. EFG was presented with awards in three categories: a Bronze award in Contact Center of the Year (Up to 100 Seats), a Silver award for Field Sales Team of the Year, and a Bronze award in Business Development Achievement of the Year.

These awards are the latest example of EFG’s continued efforts to set a high bar in the consumer protection product industry for client engagement and overall customer experience. For example, EFG partnered with Troubadour Research and Consulting, who conducts national research with brands such as Kaiser Permanente, Toyota, and Samsung Mobile, to administer a client satisfaction study, analyzing both qualitative and quantitative metrics.  Among the key findings, EFG’s net promoter score ranked higher than Apple iPhone, Southwest Airlines, USAA Banking and Insurance, and Nordstrom.   In addition, EFG is the only product provider awarded the Automotive Service Excellence (ASE) Blue Seal of Excellence, with EFG’s claims adjusters averaging 15 years of experience; and, EFG is also 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.

Continue reading “EFG Companies Hits the Trifecta at the Stevie® Awards”