Category: F&I

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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.

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EFG Companies F&I

Auto Sales Rose 10% This Year. Want to Beat That?

According to a recent Bloomberg survey, auto sales are on pace to rise at least 10 percent for the third consecutive year. The U.S. sales rate exceeded the 14.5 million pace, which was the average estimate of 16 analysts in Bloomberg’s survey. This rate is the best industry sales pace since 14.95 million in March 2008, according to the Automotive News data center.

September highlights:

  • Chrysler sales rose 12 percent to 142,041 vehicles for its 30th straight gain
  • GM’s sales rose 1.5 percent
  • Toyota Motor Corp. led with the biggest gain, with sales surging 42 percent
  • Honda boosted sales by 31 percent

Does it sound like Americans are beginning to raise their heads and purchase the big-ticket items they’ve been holding off on? They might be. However, the pain and fear caused by the economic turmoil of the past few years translates to smarter purchasing decisions combined with wariness of job instability. For example, small cars with better gas mileage are on pace to capture the largest share of the U.S. auto market since 1993. Do you remember what was happening in 1993? Like today, we were on the tail end of a recession and on the precipice of new economic growth and 22 million new jobs.

So, what if you could empower consumers to take action – get over the hump and make a decision about a new vehicle purchase, while at the same time differentiate your dealership from the competition?

Now, you can with WALKAWAY® — the industry’s first and only debt cancellation vehicle return program. WALKAWAY® enhances customer satisfaction by empowering consumers to make their next vehicle purchase with confidence, knowing that if unforeseen life events occur, they are protected. This unique program also gives you a proactive way to manage risk by adopting a strategy that decreases repossessions and collection costs and strengthens margins and profitability by closing more sales and enhancing loan volumes.

Provided by EFG Companies, the innovators behind the renowned Hyundai Assurance program, WALKAWAY® has proven to help sell more cars, differentiate dealerships in a crowded market, save deals, and drive additional revenue with upgrade opportunities.

Contact EFG today for a complimentary analysis on how the program will impact your business.

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EFG Companies F&I

EFG Companies Ranks as the Number One Provider of Vehicle Service Contracts

EFG Companies was recently recognized as number one of the top ten extended vehicle service contract providers by eHow. This recognition reflects our drive to provide world-class financial service products and administration. At EFG, our mission is to become a trusted performance management partner and market leader in the innovation, sales and administration of protection-oriented products and services and digital marketing solutions. We work to instill our values of dependability, respect, integrity, visionary and excellence in all that we do. This reflects in our product offerings and administration.

Our claims administrators come to work each day with the same goal: exceeding customer expectation. In 2010 that commitment contributed to $26 million paid in customer claims – and an invaluable impact in terms of promises kept.

We are honored that consumers have recognized our dedication to providing the best solutions for their needs.