Tag: Dealership

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EFG Companies

Why AFIP Compliance Training Matters

Recent changes by the federal administration to the Consumer Financial Protection Bureau and the Federal Trade Commission might signal some retail automotive franchise and independent dealers to let down their F&I compliance training guard. That’s a really risky move. While federal compliance enforcement might be handcuffed at the moment, state and local compliance regulations are in full force. Why risk your valuable revenue to compliance risk?

At EFG, we believe compliance is everyone’s responsibility. That’s why we created Common Sense Compliance training for all employees. Broken down into clear, actionable language, we work hard to take the complicated legalese out of compliance.

As a dealer principal or general manager, compliance ultimately lands on your desk. A daily 10-minute walk around your shop can pinpoint simple fixes that could become compliance gotchas. Unsecured files or documents left on a copier are just a few examples. Our Deal Checklist is a handy tool to reinforce good compliance habits.

Train for Compliance

The Association of Finance and Insurance Professionals (AFIP) offers a multi-tiered certification ladder for financial services professionals and certified F&I professionals to stay up to date on the minute and ever-changing details of this complicated field. EFG recommends taking compliance training one step further and designating a compliance officer on your dealership team.

There are measurable benefits to training compliance managers and dedicated F&I team members. Your F&I team is tasked with protecting your dealership every day from compliance risk. You can lessen your risk of running into legal problems during the sales and F&I process as well as reduce the money you have to spend  on legal settlements, fines, and similar matters. Compliance training also reduces the number of customer  when employees are properly trained  to close deals without cutting corners or misleading the customer.

AFIP Compliance Training on Us

AFIP training comes with a cost which is multiplied if you have several rooftops. At EFG, we offer AFIP certification training, administered by our own AFIP-certified compliance experts. This training not only maximizes client profitability but provides the latest information on federal, state and local regulations.

This month, EFG is offering an AFIP Certification Voucher, valued at $8,000, for one employee to complete our AFIP compliance training course for qualified dealers. With all of the changes happening in compliance these days, don’t risk your profitability. Compliance still matters. Click here to see if you qualify.

You can see an example of the depth of training offered in our Common Sense Compliance booklet. Our goal is to keep your people trained, your dealership secure, and your revenue safe from compliance mistakes.

At EFG Companies, we’re more than an F&I provider, we’re your business partner in the retail automotive industry. Together, let’s MAKE MORE this year.

Connect with our Training Director, Anthony Olivieri on LinkedIn, or contact him directly via email with any questions you have about compliance training. He can also be reached at 682-206-8528.

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Dealership Training EFG Companies F&I

Connect with More Customers, Make More in 2025.

Welcome to the New Year rush! At your dealership, you’re trying to move out those older units while negotiating for new models. You’re also connecting with key business partners to review and finalize plans and projections for 2025. And last – but not least – you have a calendar chock full of social commitments with friends and family! But what if I told you that you could connect with more customers and make more in 2025? Let me explain.

Continue reading “Connect with More Customers, Make More in 2025.”

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Marketing Analytics

Buying a rooftop? How’s their image?

Jenny Rappaport, Chief Marketing Officer, EFG CompaniesWith 2014 looking up, many dealership groups are moving beyond survival to focus on expansion. While some are building new rooftops, others are actively looking to acquire existing stores. Acquisition may seem like a better fiscal option for your assets, but it does pose certain risks. Beyond traditional research, how deep do you look into a potential acquisition’s reputation?

A good market and a good financial statement can often hide underlying problems within a dealership. It’s very easy to keep sales up for a window of time while neglecting customer relationships. When conducting your research, and mystery shopping their store, evaluate their responsiveness to online inquiries. One of the most important take-aways with mystery shopping is determining whether the customer’s questions are ever directly answered. If not, the dealership is putting itself in a questionable light with the customer from the outset, making it an uphill battle to ensure a positive experience, much less a sale.

In addition, according to a 2014 DealerTrack study, consumers now visit 1.2 showrooms before making a decision. This represents a paradigm shift in the way today’s consumers shop for a vehicle. Gone are the days of consumers spending their weekends visiting one dealership after another before a final decision is made. Now, the majority of that research is conducted online.

A “2013 Online Customer Review Study” from Maritz Research stated that Edmunds.com and Yelp are in the top five most trusted sites by consumers. Google +, Four Square, City Search and Dealer Rater also made the top twelve list. With the majority of customers browsing dealership websites and customer review sites before walking into a showroom, it’s vital that any dealership you acquire has a healthy reputation. When evaluating their online reputation, ask yourself:

  • Do these reviews look fake or real?
  • Does the dealership respond to positive reviews thanking the reviewer for their time?
  • Does the dealership respond to negative reviews and if so, do their responses work to resolve the situation or displace blame?

A good online reputation relies on the active management of customer review sites. While gaining positive reviews is the immediate goal with these sites, the second most important aspect is responding to negative reviews. Negative reviews don’t necessarily have to give dealerships a negative image. By addressing the customer’s concern and taking the conversation offline, dealerships have a great opportunity to turn that negative review into a positive experience. Customers expect to see negative reviews on these sites, but what they pay the most attention to is how the dealership handles them.

Beyond customer review sites, it is also important to review their social media assets. Facebook and Twitter have become two of the biggest platforms for consumers to directly interact with companies. Big or small, companies from all industries utilize these sites to inform the public about new products, receive feedback, conduct product promotions, etc. If you’re looking into a dealership with a social media presence, pay attention to their interaction with their fans:

  • Do they simply push out information?
  • Do they encourage comments?
  • Do they respond to comments to further engage the audience?
  • Is their content focused solely on the dealership or they post about community involvement or engaging questions?

A well-developed social media presence is much more than creating a page and posting content. It involves engaging the audience with content that’s relevant to them, encouraging discussions, and responding to their inquiries or concerns.

It can be very difficult to overcome a negative image. And, you would be surprised how much a negative online presence can affect sales volume. When researching potential acquisitions, pay attention to their online presence and consider whether you want their image associated with your dealership group. Once the deal is done, their reputation will forever color yours.

With over 36 years of experience in the dealership space, EFG Companies knows how to equip you with consumer insights and marketing analytics to complete your due diligence when bringing on a new rooftop. Contact us today to find out how to take your business to the next level.