Categories
EFG Companies F&I

2013 Pacesetter – EFG Client Star Family of Dealerships

Contributing Author: John StephensEach year, “F&I and Showroom” selects six F&I Pacesetters of the year based on their ability to balance performance with customer satisfaction.  These dealerships set the pace for the rest of the industry with their professionalism and integrity. This year, Star Dodge Chrysler Jeep Hyundai of Abilene, Texas was named as one of the six Pacesetters for 2013.

What sets this family-owned small-town dealership apart?

The Star Family of Dealerships generated maximum PRU and customer satisfaction by taking a customer-centric approach to training and presenting their F&I products with the help of EFG Companies.

In addition to annual compliance training at EFG’s headquarters in Irving, Texas, Star’s producers learned how understanding the customer’s needs and driving habits sets up the product presentation and benefit discussion, as well as providing a strategy for responding to customer concerns.

Hector Lebron, Account Executive, Dealer Services
Right: Hector Lebron, EFG Companies
Left: Jeff Zinsser, Star Family of Dealerships

Once back at the dealership, EFG’s client representative conducted onsite training, reinforcing the methods learned in the classroom. They also provided guidance and a sounding board to both the front lines and upper management. This continuous engagement ensures that the skills learned in the classroom setting stay sharp, generating a higher success rate and PRU with EFG’s dealership clients.

Since becoming an EFG client in 2010, Star has increased PRU from 105 units per month to over 200 units per month in 2013.

  • Average PRU for new vehicles: $1,500
  • Average PRU for used vehicles $1,250

This achievement would not have been possible if Star’s Dealer Principal, Mike Dunahoo, did not believe in treating everyone like family. This not only includes customers, but also employees. In fact, Star Dodge Chrysler Jeep was named “Best Dealership to Work For,” by Automotive News in 2012.

By pairing excellent training, products and engagement from EFG with Dunahoo’s passion for providing the best experience, Star significantly increased product performance to become a 2013 Pacesetter.

F&I and Magazine’s Pacesetters are nominated by dealership employees, general agents, F&I providers and dealership vendors based on their commitment to regulatory compliance, ethics, and to providing a customer-centric sales and F&I process.

Last year, two premier EFG clients were named 2012 F&I Pacesetters.

With EFG’s world class products like MAP and Drive Forever Worry Free (private labeled Maxwell Forever), Nyle Maxwell averaged two products per deal while maintaining a CSI score of 93.4 percent for financial arrangements in 2012. Maxwell also credited continual training from EFG’s Transcend Group for keeping his F&I sales high and his staff motivated and inspired.

The Robbins Auto Mall F&I team touted a 76 percent penetration with EFG’s MAP VSC, and 41 percent with our Signature Finish Appearance Protection products. Robbins attributed the connection between the F&I and sales departments as responsible for such great penetration levels. By placing Top Performers for Robbins Auto Mall and extensive training from the Transcend Group, the sales staff adequately presented F&I offerings at the right time to their customers.

Want to learn how EFG can help your dealership raise the bar? Contact us today!

Categories
Agency Services EFG Companies

Strategic Partner? Or, Parasitic Vendor?

In this day and age, you can’t afford to underestimate the difference.

Contributing Author: Eric FifieldThe year is half-way over and you are probably re-evaluating your business to pave the way to making your year-end goals. One of the areas of high focus for every dealership and agent is their product provider. You have probably felt the burn or know someone who’s business suffered from partnering with a parasitic product provider. You know the signs:

  • No personal relationship
  • No idea what your business goals are
  • A new representative drops by every so often to drop off collateral and leave.

When evaluating current or potential product providers, it is vital to understand how those business partners act as an extension of your agency. Ask yourself the following questions:

  1. Do they listen to my input and proactively innovate new products that serve emerging demands?
  2. Are they flexible and willing to adapt with me as my business model changes?
  3. Are they willing to get directly on the front lines with me?
  4. Do they take a tiered approach to executing their programs with all customers within the agency model?
  5. What do consumers say about them according to their Better Business Bureau (BBB) score?
  6. What are their claims statistics?

Contributing Author: Paul RobersGood product providers do much more than drop off collateral at your dealerships. Rather, they understand that there are four levels of customers they must address to ensure the success of your business. First, they work hand-in-hand with you to understand your needs and tailor their service to you and your dealers based on those needs. Then they work with your dealers to understand their market challenges and address how your products meet their needs.

While dealer buy-in is important, the products won’t ever reach the customer without employee buy-in. A good product provider doesn’t stop once a dealer signs on to sell your products. Instead they work to secure employee buy-in by spending time at the dealership, training on the benefits and selling techniques of your products to people actually selling them.

Lastly, good product providers develop products, collateral, and marketing strategies that incentivize the consumer to purchase their next vehicle with your dealership partners. And, they back up product development with claims adjusters who are committed to exceeding customer expectations every day. Their claims statistics and BBB scores should demonstrate their commitment to excellence in terms of claims paid, timeliness of processing claims, and risk assessment and analysis.

With over 35 years as a world class financial service product provider and administrator, EFG Companies is committed to the continuous development of innovative products, services and go-to-market strategies that make our agents successful. Learn why agents across the US choose EFG as their administrator today.

Categories
EFG Companies F&I

Is Your Gross Profit Not Where You Want It?

Your F&I Products could be the culprit.

Contributing Author: John StephensAs a dealership owner or general manager, you probably continually analyze your numbers and productivity to see how you can increase profit. You consistently review how many deals your sales team closes in a month, your product penetration, web traffic, etc. When it comes to analyzing your F&I products, are you taking a strategic approach to analyzing their benefits for your dealership?

Strong F&I products do much more than sell. They:

  • differentiate your dealership in the market;
  • help build customer relationships;
  • are designed with the customer experience in mind; and,
  • increase service retention.

When evaluating your mix of F&I products, think beyond product penetration to how your products enhance gross dealership profit by creating a customer experience that fosters lasting relationships and repeat sales.

John Stephens CalloutWith over 36 years of developing innovative consumer protection products, EFG Companies knows how to structure your F&I products to get the best results. For example, our dealership partners love our Drive Forever Worry Free program. Why?

Drive Forever takes the approach of building customer relationships to increase gross profit. This is backed up by messaging tailored to a very specific market of people looking for used cars. The messaging and the brand speak to practicality and the necessity of protecting finances from the potential breakdown of the most expensive components on a used vehicle.

Drive Forever provides real protection and is structured to pay legitimate claims. While this means it’s not the cheapest product available, it is one of the more comprehensive and reliable products in the market. This provides dealerships a tangible payoff to their marketing efforts and messaging about being there for their customers. It goes from being lip service to that of tangible value to the customer and brand believability.

Lastly, Drive Forever directs customers back to the dealership for service appointments. When a customer’s vehicle breaks down, they are more likely to return to the dealership to facilitate the entire claims and maintenance process. This increases the likelihood of selling the customer another vehicle up to 80 percent.

Excellent F&I products help drive greater traffic to all aspect of your dealership. From sales through F&I to service, EFG knows how to structure your products to put your dealership in the best light with your customers, and thereby increase retention and gross profit.

To learn how our innovation, dealer engagement and focus on increasing profits can benefit your dealership, contact us today!