Category: EFG Companies

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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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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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EFG Companies

Adding a Spark to EV Sales

The latest Gallup report sheds light on the current state of the electric vehicle (EV) market. Currently, only 16 percent of Americans are engaged with the EV market, either as owners or potential buyers, a figure that has remained stable over the past two years. This small number has prompted some automakers to scale back their EV investments while dealers struggle with moving units off their lots.

There has been slight momentum in 2024. According to Kelley Blue Book, nearly 269,000 electric vehicles were sold in the U.S. in the first quarter, a 2.6 percent increase from the same period last year, but a 7.3 decrease from the final quarter of 2023.

What’s behind this lackluster adoption? Industry analysts agree on three specific roadblocks: price, infrastructure concerns, and range anxiety. According to the Kelley Blue Book Report, EV ownership is currently skewed towards upper-income Americans with 14 percent owning an EV and 61 percent of lower-income respondents expressing disinterest in EVs.

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