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EFG Training Graduates Contribute $205K in Additional F&I Revenue Per Year

LOVE (Learning Opps Through Virtual Engagement) Supports F&I Producers After Training and Helps Maintain Performance Improvements

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today announced that the average EFG trainee generates an additional $204,605 per year in F&I income through a 22 percent performance increase. To help sustain this performance increase, EFG Companies also announced the launch of EFG Learning Opps Through Virtual Engagement (LOVE), a dynamic digital portal designed to boost F&I Producer knowledge, reinforce training learnings, and reduce the cost of a poor hiring decision for a dealership. To see one of the many training videos featured on EFG LOVE, visit http://bit.ly/2LgOnVY.

Many dealer principals and general managers complain that their past experience in sending F&I producers to training only impacts per-month results in the short term. In addition, when training is not reinforced in the dealership, improvements are quickly negated by diminishing returns. EFG Companies conducted a six-month analysis of the true impact of its industry-leading, behavior-based F&I training combined with its award-winning, in-store engagement model. The company compiled a series of metrics, both pre- and post-training, with both the trainees and their dealership management. EFG trainee performance showed:

  • EFG’s guided-discovery training represented $204,605.00 in additional F&I income per producer per year, based on 80 turns per producer per month
  • Average trainee F&I performance increased 22 percent
  • PRU increased from $967 to $1,180 on average
Continue reading “EFG Training Graduates Contribute 5K in Additional F&I Revenue Per Year”
Categories
Compliance

We’ve Been Down this Path

Contributing Author: Steve Roennau Vice President Compliance EFG Companies
Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

The Consumer Financial Protection Bureau (CFPB) has been in the news a lot lately.

From Acting Director Mick Mulvany’s decommissioning of the Advisory Committee, to a federal district judge ruling its structure is unconstitutional, some might think that the CFPB’s days are numbered.

But history has a lesson to offer, compliments of the Federal Trade Commission (FTC). The FTC was created on September 26, 1914, when President Woodrow Wilson signed the Federal Trade Commission Act into law. The regulatory agency opened its doors in 1915, with a mission to protect consumers and promote competition. The FTC building was finished in 1938, with President Franklin D. Roosevelt stating, “May this permanent home of the Federal Trade Commission stand for all time as a symbol of the purpose of the government to insist on a greater application of the golden rule to conduct the corporation and business enterprises in their relationship to the body politic.”

Currently, the FTC houses three bureaus:

  1. the Bureau of Consumer Protection
  2. the Bureau of Competition
  3. the Bureau of Economics

Each bureau has a set of mandates to guide its work. In the early 1970s, the agency became more aggressive in its prosecutions and sanctions. The business community and Congress criticized the FTC’s activism, claiming it had become too powerful, was insensitive to the needs of the public and business, and operated with little oversight from Congress or the president. During President Ronald Reagan’s first term, control of the FTC was moved under the president. Its direction was modified to become more cooperative with business interests, while continuing its consumer protective functions.

A Matter of Checks and Balances

Continue reading “We’ve Been Down this Path”
Categories
Economy

Guarding Against the $400 Emergency

Contributing Author: John Stephens Executive Vice President EFG Companies
Contributing Author:
John Stephens
Executive Vice President
EFG Companies

The economic picture has certainly looked relatively good for the last few years. Unemployment is at record low levels and companies report continued hiring. However, wages remain mostly flat and the Federal Reserve just issued a quarter-point interest rate hike. A potential trade war could also bring a serious cloud to our sunny economy.

In addition, there lies a very troubling and widening gap in wealth in this country. According to data from the Pew Research Center, the median upper-income family (those who make more than $127,600) now holds 75 times the wealth of the median low-income family (those who make less than $42,500). To give some historical perspective, in 2007 the upper-income family was worth 40 times as much as the lower income family. In 1989, the multiple was 28. To put it another way, the top 1% of US wage earners now holds 38.6% of the nation’s wealth, up from 33.7% in 2007. The bottom 90% now holds only 22.8% of the nation’s total wealth, down from 28.5% in 2007.

Some in retail automotive might perceive this widening gap as good news. More wealth can mean more auto sales, or at least more luxury vehicle sales. But, let’s add some perspective to those numbers.

According to FORBES, despite being the largest generation in the workforce today, Millennial salaries are 20 percent lower than Baby Boomers’ salaries when they were the same age. Their unemployment rate is twice the national average, and according to CNBC, their student loan monthly payment hovers just under $400.

Continue reading “Guarding Against the 0 Emergency”