Categories
Training

Aligning Dealer and Consumer Needs

Dave Gibbs Training Manager EFG Companies
Dave Gibbs
Training Manager
EFG Companies

The results of a new poll released in May by The Associated Press-NORC Center for Public Affairs Research state that two-thirds of Americans would have difficulty coming up with the money to cover a $1,000 emergency. According to the poll, this spans all income brackets with 75% of people in households making less than $50,000 a year, 67% of those in households making between $50,000 and $100,000, and 38% of households making more than $100,000 all stating they would have difficulty coming up with $1,000 to cover an unexpected bill.

The poll also states that one of the main reasons for this lack of savings is lack of wage growth. 46% of workers said their wages remained stagnant in the last five years, and 16% said they’ve seen salary cuts. During this time, costs for basic needs such as food, housing and health care have risen.

Furthermore, the poll found that a third of Americans would borrow from a bank, friends, or family, or put the bill on a credit card to pay for the unexpected expense. 13% would skip paying other bills and 11% would not pay the bill at all.

Categories
Economy

Watching the Economic Pendulum?

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

The retail automotive industry has been riding a five year high with average 8.30 percent year-over-year increase in unit sales from 2011 to 2015 according to data from Wards Auto. With the rapid pace of automotive industry growth lending requirements loosened, longer term loans became the norm and more customers who had been holding off on purchasing a vehicle returned to dealerships.

Just like within any economic cycle, after a period of expansion, the pendulum swings to a period of economic reduction. And, everyone is avidly watching the signs to see when that pendulum will start to swing.

Experian’s latest State of Automotive Finance Market Report listed  average new vehicle loan terms increased to 67 months in 2015, while used vehicle loan terms increased to 63 months. This has resulted in a significant growth of negative equity on car notes.

Categories
Featured

EFG Companies Boosts F&I Provider Clout at 2016 American Business AwardsSM

EFG Honored with a Silver Award in Reputation and Brand Management

The American Business Awards Reputation & Brand ManagementEFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today it has received a American Business AwardSM in the Communications or PR Campaign of the Year – Reputation/Brand Management category in the 14th Annual American Business Awards. EFG’s entry highlighted the company’s first F&I Innovator of Year competition, in conjunction with Northwood University.

Receiving more than 3,400 entries this year, the American Business Awards are the nation’s premier business awards program. More than 250 professionals worldwide participated in the judging process to select this year’s award winners. These judges found EFG’s campaign to be compelling, innovative, and a unique use of video, social media and traditional print media.

“For close to 40 years, EFG Companies has advanced the bar in providing superior client service with the belief that quality service leads to quality growth,” said John Pappanastos, President and CEO, EFG Companies. “Together with our partner, Northwood University, this student competition demonstrates our efforts to advance the industry in terms new strategies around dealership profitability and driving relevancy with growing, new segment of vehicle purchasers.”  

“EFG Companies and the F&I Innovator of the Year competition touched all of our key mission statements – incorporating the lessons of the American free-enterprise society in the college classroom to develop future leaders, managers, and entrepreneurs,” said Keith Pretty, President, Northwood University. “With changing market demographics, increased compliance, and an evolving dealership model, everyone is asking what new developments will be made in the F&I space. This competition puts our students at the forefront of that evolution, giving them the unique opportunity to mold the industry at the start of their careers.”

“The judges were extremely impressed with the quality of entries we received this year. The competition was intense and every organization that has won should be proud,” said Michael Gallagher, president and founder of the Stevie Awards. Details about The American Business Awards and the list of 2016 Stevie winners are available at www.StevieAwards.com/ABA.

For more information about the F&I Innovator of the Year Competition, visit http://bit.ly/EFGNWInnovators