Dealership Corridor
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EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today it has been awarded the Blue Seal of Excellence by the National Institute of Automotive Service Excellence (ASE), based upon the required certification level of its claims organization. This certification exemplifies EFG’s commitment to customer service excellence while also enhancing the company’s ability to negotiate quality vehicle repairs on behalf of contract holders.
EFG continuously strives to raise the industry bar when it comes to providing superior products, administration and compliance. Earlier this year, EFG achieved 100 percent field team certification from the Association of Finance and Insurance Professionals (AFIP). With these two certifications, the company sets the industry example for leadership in effectively training, auditing and administering their clients’ business to whom these services are a critical priority.
“Our clients rely on our expertise when it comes to negotiating quality repairs for their customers,” said Barry Carter, Chief Operating Officer. “Our claims administration reflects back on their business and brand. By demonstrating our high level of expertise with this certification, we are giving our clients even greater confidence that all claims will be handled expertly, efficiently and respectfully, promoting a positive overall customer experience and driving greater customer loyalty for their business.”
Established in 1972, the National Institute for Service Excellence (ASE) seeks to improve the quality of vehicle repair and service by testing and certifying automotive professionals, the ASE National Institute exists to protect the automotive service consumer, shop owner and automotive technician. This certification provides legitimacy to both the repair shop and the claims administrator by signifying their level of expertise and recognized standard of their technical knowledge.
Throughout its 37-year history, EFG has continually demonstrated their commitment to exceed customer expectations. Customer service and claims administration standards and real-time performance is continuously projected on the company’s walls as a constant measure of performance. 95.88 percent of claims calls are answered within 90 seconds, and 96 percent of all claims are paid by corporate credit card within one hour of receipt of invoice.
EFG believes longevity and success is ultimately measured by a simple premise: keeping a promise to a customer at a time when they need it most. EFG prides itself on being a claims-honoring third-party administrator and this certification only enhances the company’s ability to fulfill that promise.
EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the launch of Power x2, a powertrain protection vehicle service contract that doubles the benefit of the manufacturer’s powertrain warranty. The new contract delivers a vital dealer tool, proven by independent research indicating that 90 percent of surveyed consumers say extended warranties impact their purchase.
According to a recent EFG survey conducted by a third-party research firm, 62 percent of consumers said the manufacturer warranty significantly affects what make and model of vehicle they consider purchasing. New vehicles are exactly the same within a manufacturer brand from one dealer lot to the next, including MSRP and the manufacturer warranty. This underscores the need for dealers to give consumers a value-driven reason to come to their retail location versus the competitor down the street or across town. A recent statistic released by JD Power Automotive Internet Roundtable — that consumers now visit only 1.1 lots prior to purchasing a vehicle, down from three lots just five years ago — only amplifies the dealers’ need to deliver increased value to consumers.
As consumers continue to keep their cars longer than historical norms, ongoing maintenance costs are more top-of-mind when making purchasing decisions. According to EFG’s study, 48 percent of respondents expect to replace their cars every four to seven years, which could extend their ownership beyond 100k miles. By doubling the benefits of the manufacturer’s warranty, dealerships have the opportunity to use this trend to their advantage. Seventy-two percent of the survey respondents stated that they would go out of their way to purchase a vehicle from a dealership that is less convenient to them if that dealership doubled the benefits of their manufacturer’s powertrain warranty as a complimentary offering.
“In this highly competitive market, we know that dealerships need showroom traffic now, whether online or at their physical location, not six months to a year from now,” said John Pappanastos, President and CEO of EFG Companies. “Power x2 provides dealerships an immediate means of capturing market share based on current consumer wants and needs by moving past the price game to a more value-based conversation that motivates car shoppers to a transaction.” Dealerships can also increase fee income by offering exclusionary coverage that wraps around Power x2 for a specified timeframe, which includes:
Power x2 gives dealers a valuable toolkit to address each customer’s specific need when it comes to taking care of their vehicle and protecting their pocketbook. EFG also acts as a very strong extension of the dealer’s customer service through its in-house claims administration that operates according to above-industry standard target SLAs. This translates to enhanced customer retention and loyalty.
Contact EFG today for more information on this new product and how it can benefit your business.
