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EFG Client Davis-Moore Automotive Receives Dealer of the Year Award

Dealer of the Year PhotoF&I and Showroom Magazine recognizes Davis-Moore for the auto group’s commitment to compliance in driving F&I profit

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, is proud to recognize Davis-Moore Automotive for receiving the F&I and Showroom Magazine’s Dealer of the Year and Pacesetter Awards. The annual F&I Dealer of the Year award is given to a dealership or dealer group with a highly profitable F&I department that demonstrates a commitment to regulatory compliance.

Founded in 1955, Davis-Moore is a six-rooftop dealership in Kansas, with five stores in Wichita and the Clint Bowyer Autoplex in Emporia. Earlier this year, Davis-Moore won the Better Business Bureau Integrity Award, as well as a variety of Reader’s Choice awards from Wichita’s local newspaper, The Wichita Eagle.

“We are so proud to count Davis-Moore as part of our family of clients,” said John Stephens, Senior Vice President, Dealer Services, EFG Companies. “Davis-Moore has always been a dealer group with high integrity and an eye toward the future. Their recognition of the importance of compliance and serving the customer’s best interest has helped Davis-Moore raise the bar in this new era of F&I profitability.”

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Featured

EFG Companies and Northwood University Announce F&I Innovator of the Year Student Competitors and F&I Mentors

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced student competitors and F&I mentors participating in the first annual F&I Innovator of the Year Award competition.

The competition will pit six teams of Northwood’s junior and senior undergraduate automotive marketing and management students against one another to conceptualize and build a new F&I product while earning course credit. 

Each team includes an F&I director who will serve as a mentor and provide beneficial insight into the daily inner workings of automotive F&I.

“Because of their practical experience within dealerships, the mentors’ knowledge will be invaluable to the teams,” said John Pappanastos, President and CEO, EFG Companies. “The directors will help the teams understand compliance and its increasing impact on F&I, the changing profile of consumers, and the focus on client retention.”

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Compliance

Are You Prepared for Expanding CFPB Influence?

Karen Klees, Certified Consumer Credit Compliance Professional, EFG Companies

 

Contributing Author: Karen Klees, Certified Consumer Credit Compliance Professional, EFG Companies

For the past few months, the Consumer Financial Protection Bureau (CFPB) has made headlines with the implementation of their Larger Participant Rule. Now that more lenders are feeling the pressure, dealers can expect the shadow of the CFPB to creep over their operations, starting with documentation.

If you haven’t implemented a version of the National Auto Dealer Association’s (NADA) Fair Credit Compliance Guidelines, now is the time to do so. Expect to have banks, captives, finance companies, etc. asking for your written policies and procedures, as well as documented training, within the next few months as they prepare for CFPB investigations.

The CFPB initially preferred the establishment of a flat rate that does not change from one customer to the next, resulting in a flat fee or a fixed percentage of the amount financed for dealership compensation. However, in their recent settlement with Honda, they allowed for NADA’s guidelines to be implemented.

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