Winning team to be awarded $25,000 – innovative F&I product launched into marketplace
EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced the launch of their second annual F&I Innovator of the Year Competition. Held during the fall semester each year, this competition leverages the out-of-the box thinking of today’s Gen Z college students, coupled with F&I industry leaders’ insight, to boost the F&I industry’s focus on innovation. Visit http://bit.ly/Inn0v8te to learn more about the contest, last year’s winners and the upcoming launch of the winning 2015 product.
“The automotive industry is going through a period of extensive change,” said John Pappanastos, President and CEO of EFG Companies. “Consumer expectations and buying habits have shifted towards a more value-conscious and long-term mindset. The Federal Trade Commission and Consumer Financial Protection Bureau are continuing to focus on transparent auto lending practices. Manufacturers are undergoing a shift with the rise of electric vehicles, connected cars and ride sharing services. Each of these aspects of a dealership’s operations is in a mutually effective relationship with F&I. As new, young talent has brought significant advancements to other areas of the auto industry, it makes sense for the F&I industry to avail itself with new ideas from fresh minds, as well.”
