Powersports Switchback

Documenting Processes: More than Just Compliance

Post author By efgmarketing
Post date March 28, 2018

Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

Over the past few years, you’ve probably heard a lot about the importance of documenting your processes. Even with the changes at the CFPB, this importance is not diminished. Remember, the CFPB does not have jurisdiction over most powersports dealerships. State Attorney Generals, the DOJ, and the FTC do. And, these government bodies haven’t undergone significant changes.

Therefore, if you haven’t already begun the process of documenting your processes, it’s time to get that project started. I’ve spoken with a lot of dealers who thought documenting processes would take an investment of thousands of dollars and a legal team. This does not have to be the case. It simply starts with taking a process that your team completes every day and writing down the steps.

Of course, with the numerous, ongoing processes in a dealership, not everyone knows where to begin. This is especially true for those processes that are simply just part of the routine. Many dealers haven’t even conceptualized how to define them beyond, “just do it”.

Just like with any big project, think about tackling this project one bite at a time. Start with the checklist on your deal jackets. Define and write down the process behind each item on the list. Each process should consist of three components:

What you do
Why you do it
How you do it

Tags CFPB, DOJ, FTC

Featured

EFG Companies 3x Winner of Nifty 50 Product Award with 1,000,000 Mile Limited Powertrain Protection

Post author By efgmarketing
Post date March 5, 2018

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.”

Tags EFG Companies, Glenice Wilder, John Pappanastos, Million Mile Limited Powertrain Protection, Nifty 50, Powersports Business

Business Growth

The Right Stuff!

Post author By efgmarketing
Post date February 14, 2018

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

We’re well into the second month of the year and for some of you, those New Year’s resolutions have already fallen by the wayside. Exercise more? Eat healthy? More quality time with family? Make more money? How? One of the first steps is to ensure your inventory meets the needs of your customer base.

Let’s face it. There are motorcycles we are in love with, and there are motorcycles our customers want to buy. Are you running a dealership that caters to the type of customer you want to have? Or, is your inventory based on the type of customer you actually have? Take a close look at your neighborhood and the types of customers who visit your dealership. We all have those customers who come in every week to talk about the latest and greatest. But, they aren’t in the market to buy – they’re in the market to talk. Stocking inventory for those customers is a losing proposition.

Is your neighborhood transitioning from Baby Boomers to Millennials?

Is there an influx of new transplants fresh out of college and saddled with debt?

If these are your potential customers, then your inventory should have a healthy mix of starter motorcycles, affordable new brands, and some certified pre-owned motorcycles. Of course, you should have a few bright, shiny fully-loaded motorcycles. After all, those Baby Boomer customers are still around and ready to ride. However, your biggest opportunity to make money lies with a generation that is swiftly outpacing Baby Boomers in terms of spending power. According to Forbes, as of this year, Millennials have the most spending power of any generation.