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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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Compliance

Product Provider Compliance Checklist

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

Did you know that automotive dealerships must comply with roughly 60 retail automotive regulations in addition to the regulations for employers, small businesses, advertisers, general retailers, and finance organizations?

These rules touch a broad range of issues, including environmental, tax and finance rules, and a host of other consumer protections. It’s no wonder that compliance seems overwhelming.

The good news is that there are services available to help dealerships tackle compliance by taking a very methodical, common sense approach.

You’ve probably seen agents and product providers step-up their service model to include more services around compliance. This is actually an objective and cost-effective way in which to tackle improving compliance in your dealership.

Ask yourself:

  • Beyond in-store engagement, what compliance services do they provide?
  • Does my product provider see compliance as important enough to include a head of compliance on their corporate leadership team?
  • What compliance certifications does my product provider have?
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Categories
Compliance

Catch-22 F&I Performance Objectives

Contributing Author: David Robertson, Executive Director, Association of Finance & Insurance Professionals
Contributing Author:
David Robertson, Executive Director, Association of Finance & Insurance Professionals

The number of F&I professionals laboring under impossible F&I performance bogies appears to be on the decline. However, enough still struggle to warrant addressing the inequity of this scenario – with a few tips on personally avoiding the catch-22 trick bag.

The story is always the same. You must meet two requirements to keep your job. First, you can’t cheat the customers – commit an illegal or unethical act – or you’ll get fired. Second, you must consistently hit your performance quotas – IPRU, product penetration thresholds or a combination of both – or it’s adiós as well.

On their face, both requisites appear to be reasonable demands by any employer, regardless of the industry. However, in our business, they can carry a sinister and unspoken twist. By design, it’s virtually impossible to achieve the production thresholds set by management without “cutting corners” at some point in the F&I process. 

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