– 92 Percent of Dealer Clients Would Proactively Recommend EFG –
EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today released the results of its most recent dealer services client satisfaction study, in which EFG’s net promoter score ranked higher than Apple iPhone, Southwest Airlines, USAA Banking and Insurance, and Nordstrom.
Among the key findings, dealers rated the account representative, compliance oversight, and F&I training as the highest priority capabilities of F&I providers. On a scale of one to ten, where ten is the highest for attributes in a given area, dealers ranked EFG as:
- 9.4 for account representative;
- 9.3 for compliance;
- 9.2 for F&I training; and,
- 92 percent likelihood to recommend.
“At EFG, we are obsessive about performance measurement and accountability,” said John Pappanastos, President and CEO, EFG Companies. “Soliciting direct, objective input through a national client satisfaction survey augments the ongoing measurement of our effectiveness against the commitments we make to our partners. Our partners’ feedback is an invaluable driver in the evolution of our business, and they seized the opportunity to also identify areas of their business where we have not traditionally engaged, but where they believe our engagement could meaningfully impact their business performance.”
Research study participants noted the high quality and depth of EFG’s account service team as one of the company’s greatest strengths, describing their service as an extension of the dealership’s management team. EFG’s clients found the company’s expert knowledge regarding government regulations and industry trends highly beneficial to their business, as well as EFG’s proactivity in offering new ideas and recommendations:
- 97 percent of EFG’s clients stated that EFG representatives are F&I education and compliance leaders.
- 98 percent of clients regarded EFG overall as an expert of the F&I landscape.
- 95 percent believed that EFG has expert knowledge about government regulations and economic trends that affect their business.
- 95 percent of dealers stated that EFG understands the performance drivers of their F&I organization.
Troubadour Research and Consulting, who conducts national research with brands such as Kaiser Permanente, Toyota, and Samsung Mobile, administered EFG’s client satisfaction study, analyzing qualitative metrics from dealer principals and quantitative metrics from general managers and F&I directors.
“The results of the study weren’t just excellent, they were aspirational,” said Dale Gilliam, CEO, Troubadour Research and Consulting. “It’s our goal to be the EFG of the research industry.”
In the qualitative analysis, recurring comments from dealer principals said the following about EFG:
“The onsite training is invaluable. Our account rep is training the entire time he’s here, every time.”
“EFG is proactive and ahead of the curve on compliance compared to most F&I providers.”
“Ultimately, we have great F&I numbers and I attribute that largely to EFG.”
EFG has striven for close to 40 years to set an example and raise the bar in servicing its clients. Earlier this year, EFG announced their number one national ranking when Automotive News listed EFG’s client, Bob Moore Auto Group, as the national leader of F&I revenue per retail unit among the top 125 U.S. auto groups.
“EFG’s objective, professional counsel has enabled us to evolve and strengthen our business processes with innovative solutions and products,” said Curtis Hayes, Chief Financial Officer, Bob Moore Auto Group. “Their engagement model is not replicable by any other product provider.”
Additionally, EFG is the only product provider of size whose dealer services field team is 100% AFIP certified, as well as the only administrator to be certified as a Center of Excellence by Benchmark Portal – a customer service designation that less than 10% of companies achieve. In 2014, EFG was also the only product provider awarded the Automotive Service Excellence (ASE) Blue Seal of Excellence, with EFG’s claims adjusters averaging 15 years of experience.
* Net Promoter Score (NPS) is a metric based on one question – How likely would you be to recommend [Company] to a friend or colleague. Customers respond on a 0 or 1 to 10 point scale and are categorized as follows:
- Promoters (scores 9-10) are loyal enthusiasts who will keep buying and refer others, fueling growth
- Passives (scores 7-8) are satisfied but unenthusiastic customers who are vulnerable to competitive offerings
- Detractors (scores 0/1-6) are unhappy customers who can damage your brand and impede growth through negative word of mouth
The top 10 NPS leaders as measured in Satmetric 2013 Net Promoter Industry Benchmark research include:
- USAA – Insurance =80%
- USAA – Banking = 78%
- Costco = 78%
- Apple – Laptop = 75%
- Dillards = 75%
- Nordstrom = 75%
- Apple – iPhone = 70%
- Amazon = 69%
- Southwest Airlines = 66%
- Apple – iPad = 65%