Category: F&I

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EFG Companies F&I

Add Uncle Sam to Your Revenue Stream

With tax season in full force, you’ve probably seen a plethora of articles describing what consumers plan to do with their refunds. The majority of those articles state that consumers plan to use their money from Uncle Sam to shop.

According to a recent survey from PriceGrabber®, a leading online shopping site:

  • 54 percent of consumers expect to receive a tax refund this year;
  • 24 percent expect more money than last year; and,
  • 56 percent plan to splurge and give themselves a break from the constant saving cycle from the recession.

Normally, tax refunds are used for big-ticket items like cars and vacations. However, this year consumers are saying they prefer to spend their money on clothing, household items and electronics. So, how can you incentivize them to use that extra money for the new car they’ve been lusting over?

It’s simple, give them more for their money. Consumers have sat on aging vehicles for four years as they waited out the recession. They want to move on. They are ready to move on. But, they are still wary of the shaky economy.

EFG Companies conducted independent research in 2011 and 2013 to gain further insight into the consumer mindset. The second study showed no change in consumer perception about the economy. Both studies found:

  • 89.9% of consumers surveyed are concerned about the health of our economy
  • 30.9% of consumers surveyed are not confident in their job security

Relieve their stress and get them in the vehicle they want by packaging your loans with consumer protection products that protect their finances from those unforeseen circumstances, such as:

  • Job loss
  • Mechanical break-down
  • Total-loss

It’s time to remind your customers why now is the time to make a smart investment in a new vehicle.

Contact EFG today and we can create an F&I assessment to determine whether your product portfolio meets the needs of your target market and how to better allocate your time and money to generate greater returns.

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EFG Companies F&I

Open Up New Streams of Green

moneyAs gas prices continue to rise and consumers implement more wary buying practices, it’s clear that the transition seen in 2012 will only continue in 2013. Is your team prepared to sell new models ranging from horsepower-heavy models to groundbreaking fuel efficient models to the recession-hardened consumer?

The one thing all consumers are looking for is a way to save a buck! Whether they are looking for higher-end vehicles, or standard commuter cars, they all care about the impact on their wallets. And, with a fiscal cliff continuing to gain press coverage, they are still wary about the potential for job loss.

How can you overcome their reservations? With strategic F&I products that keep their savings intact when unexpected circumstances occur, such as:

  • Major mechanical breakdown
  • Involuntary unemployment
  • Paint & upholstery damage
  • Body panel damage
  • Tire & Wheel damage
  • Total Loss

These products not only benefit your dealership with increased revenue and upsell opportunities, they help your sales-force provide the final hook to close a sale. With pent-up demand, consumers are looking to buy. Give them a reason to buy from you by offering products that keep their finances secure.

With over 35 years in administrating consumer protection products, EFG Companies is committed to the continuous development of innovative products, services and go-to-market strategies that differentiate our clients from the herd. Find out how we can help you transition to a more profitable future.

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EFG Companies F&I

Show Your Customers Some Love

iStock_000018300149_MediumAccording to ISR economist, Richard Curtin, Director of the Thomson Reuters/University of Michigan Surveys of Consumers, American consumers have become much more optimistic about future economic prospects. In fact, they have become so optimistic that most economists think the economy is incapable of delivering the rapid pace of growth consumers expect.

What does this mean?

This means that while consumer spending is up for the moment with increases in consumer credit and personal disposable income, as the fiscal cliff looms, spending can be cut short dramatically. Even with personal income slowly rising, people are still searching for ways to save money. Coupon clipping became a necessity during the recession and consumers today pay much more attention to competing discounts.

The dealerships and financial institutions that survived the recession and are positioned to thrive today are the ones who took the position that cars can’t sell themselves. These dealers and financial institutions understand that gaining love and trust from their customers directly translates to increased revenue with fewer drop-offs in service and increased repeat vehicle loans.

For this reason, lenders and dealers alike are working to give customers more for their money and build stronger relationships with bundled F&I products. Bundling differentiates your dealership or lending institution among competitors by demonstrating that:

  1. you understand your customers’ needs and concerns; and,
  2. you are willing to build trust and loyalty.

In doing so, you generate the opportunity to gain greater income with upsell opportunities.

With over 35 years in consumer finance, EFG Companies, knows how to build profitable relationships with customers by giving them another way to save. EFG has developed several F&I products that can be bundled or sold separately. Two of the most successful products include Drive Forever Limited Lifetime Powertrain and WALKAWAY®, the program behind the award-winning Hyundai Assurance.

By saving their customers money and providing quality service with EFG, dealerships and financial institutions are primed to make their customers, customers for a lifetime.