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EFG Companies, the innovator behind the award-winning Hyundai Assurance program, and the National Association of Minority Automobile Dealers (NAMAD), today announced the establishment of an annual, private donor scholarship that will fund the four-year tuition of a minority student attending the Automotive Marketing and Management Program at Northwood University.
The annual scholarship, funded by EFG Companies, will be awarded each year to a freshman entering the program, and represents a four year investment of $100,000 per student. Applicants will be identified through NAMAD’s membership, they must satisfy NAMAD affiliation requirements, and will be reviewed based upon both academic merit and financial need.
“At NAMAD, we seek to ensure the presence of a meaningful representative of minority entrepreneurs and employees in the automotive retail sales, supplier and service sectors” said Damon Lester, NAMAD President. “Our partner, EFG Companies, has a successful history of innovation and clearly recognizes the vital role minority dealers play in the industry. Together, we will provide a greater means to impact future leadership opportunities and success for minorities.”
“It is truly an honor for EFG to bring two stalwart partners together in the form of NAMAD and Northwood to join us in affecting meaningful progress in one of the most critical industries in America,” said John Pappanastos, President and CEO, EFG Companies. “We’ve seen in just this year alone that the rate of change in which dealers are operating is only increasing. We feel we have a personal responsibility to bring diverse ideas and the brightest minds to the table so the industry may achieve maximum potential.”
“At Northwood University, one of our greatest distinctions is the personalized attention we offer each student to prepare them as leaders, not just professionals” said Keith Pretty, President and CEO, Northwood University. “Northwood has a strong minority student population, and this scholarship bolsters our efforts to ensure all students are afforded the opportunity to drive innovation and succeed in the retail automotive marketplace.”
The NAMAD scholarship will be available to students applying for the 2015-2016 school year. Scholarship applications and guides to scholarships currently being offered are available on the Northwood University website after December 1, 2014. http://www.northwood.edu/financial-aid/scholarships-and-grants.aspx
Northwood University and EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today a national partnership to drive greater opportunity and development of tomorrow’s retail automotive leaders.
Under this new agreement, EFG and Northwood University will pave the way for future generations to leverage the hard-fought learnings of today and evolve business practices to successfully navigate the changing dealership landscape of tomorrow. These two award-winning organizations will host thought leadership forums, develop specialized continuing education programs, conduct joint industry research, and cross-publish content. Northwood University has also granted EFG Companies a seat on its National Automotive Marketing Advisory Board to represent the Finance & Insurance sector of the automotive industry.
“During this time of increased compliance oversight and economic recovery, it is imperative that we provide the auto retail industry with individuals equipped with leadership capabilities, and who can analyze current market trends to evolve their business for future success,” said Keith Pretty, President and CEO of Northwood University. “Our partnership with EFG Companies adds to Northwood University’s ability to prepare our students for a career in this critical U.S. industry.”
This partnership will allow both organizations to leverage the experience and knowledge of Northwood University’s dealer alumni, and EFG’s national dealer network for the benefit of the university’s student base. As the industry continues to rapidly evolve, this essential think tank will help drive innovation and cultivate adept leaders to challenge the retail auto industry to new levels of growth and profitability.
“Since 2008, the industry has gone through rapid, and, at times, painful change,” said John Pappanastos, President and CEO of EFG Companies. “The Great Recession forced dealers to significantly improve their operations, adopt new technologies and become much more analytical. There is no question that dealers today face an entirely different level of complexity than previous generations. Our partnership with Northwood will help our future industry leaders tackle growing issues like the evolving sales processes, the optimal management of digital assets, the increasing role of consumer protection products in the dealership profit model, and heightened regulation.”
Both the EFG leadership team and the Northwood University faculty will provide input and guidance to ensure that Northwood students experience the continued benefit of the most relevant and thought-provoking retail automotive curriculum available in the U.S. In addition, EFG will provide internship and employment opportunities within its franchise dealer base as students seek to apply their classroom experience to the real world.
