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2016 Innovator of the Year Competition

EFG Companies and Northwood University Announce Student Competitors and F&I Mentors in 2016 F&I Innovator of the Year Competition

2016 Innovator of the Year AwardStudents compete for $25,000 and the chance to see their F&I product in the market

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced the student competitors and F&I mentors participating in the second annual F&I Innovator of the Year competition. Vying for $25,000 in prize money, this year’s 18 contestants hail from Arizona, California, Illinois, Indiana, Michigan, New Jersey, Pennsylvania, and Wisconsin. For more information on the competition, visit http://bit.ly/Inn0v8te

The credit-based competition pits six teams of Northwood’s automotive students to conceptualize and build a new F&I product. Each team is mentored by an F&I director, and the competing teams develop a business case for their new F&I product that incorporates industry research, market viability, and the product’s potential to facilitate F&I product sales in franchise dealerships. The teams will also keep weekly, YouTube video diaries of their progress, challenges and breakthroughs.

“The mentors’ industry experience is invaluable in guiding the competitors on the real-world challenges facing dealerships today,” said John Pappanastos, president and CEO of EFG Companies. “From changing consumer purchasing behaviors, to increased FTC and CFPB compliance oversight, and a call for enhanced transparency, these mentors will impart a wealth of knowledge that spurs innovation among the students.”

The teams and mentors include:

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Featured

EFG Companies and Northwood University Announce F&I Innovator of the Year Student Competitors and F&I Mentors

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, today announced student competitors and F&I mentors participating in the first annual F&I Innovator of the Year Award competition.

The competition will pit six teams of Northwood’s junior and senior undergraduate automotive marketing and management students against one another to conceptualize and build a new F&I product while earning course credit. 

Each team includes an F&I director who will serve as a mentor and provide beneficial insight into the daily inner workings of automotive F&I.

“Because of their practical experience within dealerships, the mentors’ knowledge will be invaluable to the teams,” said John Pappanastos, President and CEO, EFG Companies. “The directors will help the teams understand compliance and its increasing impact on F&I, the changing profile of consumers, and the focus on client retention.”

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EFG Companies Featured

EFG Companies Receives Top Client Satisfaction Recognition in National Research Study

– 92 Percent of Dealer Clients Would Proactively Recommend EFG –

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, today released the results of its most recent dealer services client satisfaction study, in which EFG’s net promoter score ranked higher than Apple iPhone, Southwest Airlines, USAA Banking and Insurance, and Nordstrom.

Among the key findings, dealers rated the account representative, compliance oversight, and F&I training as the highest priority capabilities of F&I providers. On a scale of one to ten, where ten is the highest for attributes in a given area, dealers ranked EFG as:

  • 9.4 for account representative;
  • 9.3 for compliance;
  • 9.2 for F&I training; and,
  • 92 percent likelihood to recommend.
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