Students 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.”