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Dealership Training Industry Trends

Your Lender Relationship Checklist

Hollis Goode Regional Vice President EFG Companies
Contributing Author:
Hollis Goode
Regional Vice President
EFG Companies

In the last five to six years, lenders have been competing for your business. They’ve loosened credit requirements, extended loan terms, provided software solutions for automatic approvals, and been willing to advance more money for your F&I managers to sell consumer protection products.

With them doing all the work, you’ve been able to pick and choose which lenders with which to do business. That is slowly changing in 2017. According to the latest Senior Loan Officer Opinion Survey on Bank Lending Practices from the Federal Reserve, auto loan demand at banks is softening while lenders are tightening approval standards.

This means that you now have to put more effort into maintaining your lender relationships as lenders pull back on the amount of auto loans they are willing to fund.

So what does it take to develop strong lender relationships? When pondering this question, think beyond complete and accurate applications. It takes communication and the ability to manage expectations.

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EFG Companies 1st Administrator of Size to Provide Dealers with Automatic Claims Approvals through Self-Adjudication Technology

EFG Express Claims Automates Entire Claims Process with Instant Submissions and Approvals

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the launch of EFG Express Claims, one of the industry’s first claims automation systems enabling dealerships to self-adjudicate claims and receive automatic approvals. For more information, visit http://bit.ly/EFGClaims.

EFG Express Claims automates the claims adjudication process using self-service features within DRIVE, EFG’s client portal. Using EFG Express Claims, dealership service managers have the ability to:

  • search for open contracts on behalf of their customers and see exact coverage levels;
  • open and submit claims;
  • automatically adjudicate and approve claims meeting certain parameters set by dealership management and EFG; and,
  • receive automatic payment by corporate credit card within one hour of claim approval.
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Cultivating Tomorrow’s Business Leaders

Contributing Author: Keith Pretty President and CEO Northwood University
Contributing Author:
Keith Pretty
President and CEO
Northwood University

The innovative and global nature of the automotive industry is not unlike the world of business education in that it is constantly evolving to the needs of customers. Business is dynamic, and it requires critical thinking, personal effectiveness, and an emphasis on responsibility.

At Northwood University, our business acumen and long-standing relationship with the automotive industry places us at an important nexus for developing future leaders. This, and our shared values, are among the reasons the partnership between EFG and Northwood is one cultivated in our students before they graduate and join the workforce ready to be leaders, difference-makers and change agents.

One of the best examples of our collaboration is EFG’s F&I Innovator contest, started in 2015. The trailblazing project designed and sponsored by EFG is truly Northwood’s curriculum at work: real-world, experiential opportunities that have real implications on our student’s futures. Northwood seeks students with an entrepreneurial ethos, and the project allows them to apply their creativity to what they have learned about the finance and insurance applications of the automotive industry. It’s a project at the important intersection of industry, education and innovation, and one we are proud to partner with EFG to promote.

The F&I Innovator contest ignites in Northwood students what we know they all possess: a desire to make a difference in the world of business. They learn through our unique philosophy—the Northwood Idea—that a free-enterprise business world allows people to succeed at the highest level, and that ethics and integrity are the basis of a successful society. Our alumni leave Northwood with the knowledge and practical experience needed to shape the world.

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