Tag: Hyundai Assurance

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EFG Companies Tapped Again as Nifty 50 Product Award Winner with WALKAWAY®

PrintWALKAWAY® for Motorcycle Dealers Boosts Unit Sales by Driving Consumer Purchase Confidence

EFG Companies, announced today that its nationally award-winning WALKAWAY® product has been named a 2016 Powersports Business Nifty 50 Award Winner. Based on the success of WALKAWAY in the automotive market, the product was extended to motorcycle dealers in 2015. This is EFG’s 2nd consecutive year to be recognized as a Nifty 50 recipient. For more information on WALKAWAY, visit http://bit.ly/1KfZUyP.

WALKAWAY provides motorcycle dealerships the ability to capitalize on consumer concerns that have prevented significant growth in the retail motorcycle space. Over the past few years, customers have postponed plans to purchase or lease a bike, after lessons learned from the Great Recession. WALKAWAY gives customers the confidence to purchase a new or used motorcycle by providing two options to protect their credit and investment, should a life-changing event occur.

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F&I Reputation Management

How are You Profiting from Addressing Subprime Consumer Needs?

Contributing Author: John Stephens

 

Contributing Author: John Stephens, Senior Vice President, Dealer Services, EFG Companies

As the nation continues to recover economically, we’ve seen the subprime market steadily expand. The debate rages on whether to slow or halt this expansion before a subprime bubble forms. Be that as it may, more people who experienced hardship over the last few years are returning to dealerships looking to replace their car, or get into a car for the first time.

For dealers, it’s easy to gain distance from the circumstances that drove more people into the subprime space and to only focus on numbers like PRU, penetration, sales volume, etc. But, as you evaluate your dealership’s future, it’s time to step back and take a deeper look at what consumers are dealing with.

Yes, the unemployment rate has dropped, but that does not mean everyone who lost their job in the recession have returned to a comparable position. The most recent report from the Bureau of Labor and Statistics states that 6.6 million Americans are classified as “involuntary part-time workers” – those working part-time jobs due to economic reasons.

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EFG Companies F&I

Auto Sales Rose 10% This Year. Want to Beat That?

According to a recent Bloomberg survey, auto sales are on pace to rise at least 10 percent for the third consecutive year. The U.S. sales rate exceeded the 14.5 million pace, which was the average estimate of 16 analysts in Bloomberg’s survey. This rate is the best industry sales pace since 14.95 million in March 2008, according to the Automotive News data center.

September highlights:

  • Chrysler sales rose 12 percent to 142,041 vehicles for its 30th straight gain
  • GM’s sales rose 1.5 percent
  • Toyota Motor Corp. led with the biggest gain, with sales surging 42 percent
  • Honda boosted sales by 31 percent

Does it sound like Americans are beginning to raise their heads and purchase the big-ticket items they’ve been holding off on? They might be. However, the pain and fear caused by the economic turmoil of the past few years translates to smarter purchasing decisions combined with wariness of job instability. For example, small cars with better gas mileage are on pace to capture the largest share of the U.S. auto market since 1993. Do you remember what was happening in 1993? Like today, we were on the tail end of a recession and on the precipice of new economic growth and 22 million new jobs.

So, what if you could empower consumers to take action – get over the hump and make a decision about a new vehicle purchase, while at the same time differentiate your dealership from the competition?

Now, you can with WALKAWAY® — the industry’s first and only debt cancellation vehicle return program. WALKAWAY® enhances customer satisfaction by empowering consumers to make their next vehicle purchase with confidence, knowing that if unforeseen life events occur, they are protected. This unique program also gives you a proactive way to manage risk by adopting a strategy that decreases repossessions and collection costs and strengthens margins and profitability by closing more sales and enhancing loan volumes.

Provided by EFG Companies, the innovators behind the renowned Hyundai Assurance program, WALKAWAY® has proven to help sell more cars, differentiate dealerships in a crowded market, save deals, and drive additional revenue with upgrade opportunities.

Contact EFG today for a complimentary analysis on how the program will impact your business.