Complimentary protection proven to increase dealer profits
EFG Companies, announced today that its nationally award-winning 1,000,000 Mile Limited Powertrain Protection product for motorcycles has received a Powersports Business Nifty 50 Product Award. This marks the third time EFG has been recognized as a Nifty 50 product winner. For more information, visit http://bit.ly/2oKsd0R.
“The Nifty 50 award demonstrates the innovation and market intelligence that EFG brings to its powersports dealer clients,” said John Pappanastos, President and CEO, EFG Companies. 1,000,000 Mile Limited Powertrain Protection helps dealers differentiate themselves and act as a strong testament to the quality of the dealership’s inventory, as well as the level of customer service their customers can expect.”
The powersports industry recently concluded a second year of struggling to create year-over-year growth. Now, dealers are recognizing even more that they have to differentiate themselves from the competition to generate sales. 1,000,000 Mile Limited Powertrain Protection differentiates dealers with the opportunity to provide consumers with complimentary protection, on both new and used eligible inventory, that lasts as long as they own the motorcycle. In a market where pre-owned bike sales are outpacing new unit sales, this gives dealerships a way to maximize profitability on all inventory.
“In the pre-owned space, the key is value,” said Glenice Wilder, Vice President, EFG Companies. “On average, dealerships offering 1,000,000 Mile Limited Powertrain Protection have improved VSC penetration by 48 percent because consumers see the significant value in the coverage, and choose to extend and expand it.”
The 1,000,000 Mile Limited Powertrain Protection is designed to be offered complimentary on thoroughly-inspected, eligible bikes up to 10 years in age with less than 60,000 miles. The product provides coverage for the engine and transmission up to 1,000,000 miles, with flatbed towing benefits. Consumers are also given the opportunity to upgrade to exclusionary vehicle service contract (VSC) coverage.
The Nifty 50 Awards are presented annually to recognize products and services that to increase dealer profit potential. The recipients are chosen by the editors of Powersports Business and their sister publications, including Rider and Thunder Press. “The winners of the 19th annual Nifty 50 are considered the best of the best in the category of parts, accessories and service solutions for powersports dealers,” said Dave McMahon, Editor-in-Chief of Powersports Business. “The innovative products we chose are meant to give dealerships an edge leading into the spring selling season. The 1,000,000 Mile product certainly meets that criteria.”
In addition to providing powersports dealers with products designed to maximize customer retention, EFG Companies has also launched a series of videos designed to educate consumers on the value of vehicle protection products, such as vehicle service contracts, pre-paid maintenance, GAP, etc. The brief 2-minute videos are designed to appear on the dealer’s website, and in the showroom, augmenting F&I discussions. View the videos at http://bit.ly/2oKyn1e.