Certified Hide Pre-Owned Protection Fills Industry Void & Drives Used Unit Sales
EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today that the company’s Certified Hide Pre-Owned Protection product has received a Powersports Business 2015 Nifty 50 Award. The winning products and services of the Nifty 50 are awarded annually based on their ability to increase dealer profit potential.
The Nifty 50 award winners were chosen by the editors of Powersports Business and their sister publications in the powersports industry, including Rider and Thunder Press.
Certified Hide Pre-Owned Protection makes a strong statement about the quality of a dealer’s inventory and the integrity of the dealer. The program drives sales, increases front-end gross, and differentiates dealers with the opportunity to provide complimentary extended coverage on all eligible used inventory in a traditionally under-served consumer market.
With a 106-point inspection and complimentary 30-day, 60-day, or 90-day unlimited mile options, Certified Hide provides limited powertrain coverage, including:
- engine;
- transmission;
- primary drive;
- drive axle; and,
- seals and gaskets.
In addition, dealerships can supplement their revenue by selling upgrades to EFG’s Hawg Hide VSC.
“The winners of the 16th annual Nifty 50 are considered the best of the best in the category of parts, accessories and service solutions for powersports dealers,” said Dave McMahon, Editor-in-Chief of Powersports Business. “We attracted a record number of entrants to the contest. That said, the innovative products we chose are meant to give dealerships an edge leading into the spring selling season. Certified Hide certainly fits that description.”
“CPO programs are plentiful in the automotive space, and are just beginning to evolve in the powersports space, driven by consumer demand,” said John Pappanastos, President & CEO, EFG Companies. “In the post-recession environment, consumers are just now starting to get back into the powersports business and considering used versus new. However, they still expect pre-owned bikes to have the same protection of a new bike.”
This fully-reinsurable product helps dealers build wealth over the long term and enhance profit margins. As an example, EagleRider, the world’s largest motorcycle travel company, saw a 19 percent increase in unit sales in the first 30 days since the program launched, and a 33 percent increase within the first 90 days.
“Our program, private-labelled EagleRider Certified, tangibly reinforces our market messaging related to the quality of the products we sell,” said Chris Clovis, Vice President of Sales, EagleRider. “Combined with our quality service, consumers have high confidence in buying their bike from us.”