Author: efgmarketing

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Economy EFG Companies Profit Participation Reinsurance

Have Confidence in Your Reinsurance Strategy

I love fall! As a native Midwesterner, I find that the crisp air and fall colors bring a sense of energy and enthusiasm for all things outdoors. But as a CPA and reinsurance expert, this time of year also brings another type of enthusiasm for some of us – it’s the time for strategic financial assessments and evaluations and aligning them with our short and long-term business goals.

For retail automotive dealer principals, fall means more time spent on number crunching (versus leaf crunching) to get a clearer picture of their actual personal wealth positions. Given the challenging business conditions this year, taking a closer look at those key positions is an important strategic move that could prove beneficial in the long run. Let’s look at a few factors that will impact overall wealth positions.

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Compliance

Knock, Knock…Auditor Calling

It’s the letter, email, phone call or physical visit that no one wants. An auditor from the Federal Trade Commission (FTC) is visiting your dealership to conduct a formal audit. Whether responding to a specific complaint or conducting an area-wide investigation, auditors mean business. Ignoring the notification – or downplaying the occurrence – is not an option.

But what got their attention in the first place? Most audits stem from unaddressed consumer complaints. For example, the Consumer Financial Protection Bureau (CFPB) states that it has increased its focus on regulations and enforcement actions in large part due to the increase in consumer complaints. Consumers submitted almost 500k complaints to the CFPB in 2021, 800k in 2022, and over 1 million in 2023.

While not every consumer complaint is the result of a compliance failure, agencies such as the FTC and CFPB do analyze the complaint data as an early warning system for potential regulatory issues. A large volume of specific complaints can influence policy decisions.

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EFG Companies

Tired of Your Cookie-Cutter Warranty Administrator?

Ken Moore Author

Beyond the Sales Pitch: The True Role of Your Warranty Administrator

In the fast-paced world of automotive sales, it’s easy to focus solely on numbers: how many warranties were sold, how much profit was made, and whether or not we can offer a cheaper price than the competition. However, if your view of a warranty administrator is limited to just selling products, you might be missing out on a crucial aspect of their role that could significantly impact your dealership’s success.

More Than Just a Salesperson

A warranty administrator should be more than just a conduit for selling warranty products. Their role is multi-faceted and vital to the overall health of your dealership. Here are several key areas where a proactive warranty administrator can make a difference:

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