Dealership Corridor
It’s only February, and 2025 has already brought a whipsaw of headlines and a host of actions that could have a significant impact on the retail automotive industry. From talk of tariffs against supply chain critical countries like Canada and Mexico to the cease-and-desist order levied toward the Consumer Financial Protection Bureau, 2025 has started with a bang.
With all the news about the government shutdown, national default, government furloughs, finger pointing and crisis talk; everyone is avidly watching Wall Street to gauge how badly the economy will be affected.
Consumers are concerned with keeping their savings intact while dealerships are concerned with fortifying their business to survive a potential economic plunge. Isn’t it time to get off the rollercoaster and stop being thrown for a loop?
Whether the economy is good or bad, consumers will still be in the market for a car. Their needs for said vehicle may change depending on the economy. For example, with the latest recession, we saw the trend of consumers purchasing cars that last longer with better gas mileage. They didn’t stop buying, they just changed what they bought and how often they bought it. They also became less brand-loyal.
On any given day, your dealership is competing with at least two other businesses to close a sale. It doesn’t matter whether that day falls in a good or bad economy. The difference between a good and bad economy, is that sale means more in a down economy. So, how do you fortify your business for a more volatile economy?
You go back to basics:
With over 36 years working with dealerships to develop their people and their products to achieve the best results, EFG Companies knows how to take your business off the rollercoaster and chart a course for success. Find out how our recruiting, training and product development will enable you to not only survive in a volatile economy, but also thrive!
Each year, “F&I and Showroom” selects six F&I Pacesetters of the year based on their ability to balance performance with customer satisfaction. These dealerships set the pace for the rest of the industry with their professionalism and integrity. This year, Star Dodge Chrysler Jeep Hyundai of Abilene, Texas was named as one of the six Pacesetters for 2013.
The Star Family of Dealerships generated maximum PRU and customer satisfaction by taking a customer-centric approach to training and presenting their F&I products with the help of EFG Companies.
In addition to annual compliance training at EFG’s headquarters in Irving, Texas, Star’s producers learned how understanding the customer’s needs and driving habits sets up the product presentation and benefit discussion, as well as providing a strategy for responding to customer concerns.
Once back at the dealership, EFG’s client representative conducted onsite training, reinforcing the methods learned in the classroom. They also provided guidance and a sounding board to both the front lines and upper management. This continuous engagement ensures that the skills learned in the classroom setting stay sharp, generating a higher success rate and PRU with EFG’s dealership clients.
Since becoming an EFG client in 2010, Star has increased PRU from 105 units per month to over 200 units per month in 2013.
This achievement would not have been possible if Star’s Dealer Principal, Mike Dunahoo, did not believe in treating everyone like family. This not only includes customers, but also employees. In fact, Star Dodge Chrysler Jeep was named “Best Dealership to Work For,” by Automotive News in 2012.
By pairing excellent training, products and engagement from EFG with Dunahoo’s passion for providing the best experience, Star significantly increased product performance to become a 2013 Pacesetter.
F&I and Magazine’s Pacesetters are nominated by dealership employees, general agents, F&I providers and dealership vendors based on their commitment to regulatory compliance, ethics, and to providing a customer-centric sales and F&I process.
Last year, two premier EFG clients were named 2012 F&I Pacesetters.
With EFG’s world class products like MAP and Drive Forever Worry Free (private labeled Maxwell Forever), Nyle Maxwell averaged two products per deal while maintaining a CSI score of 93.4 percent for financial arrangements in 2012. Maxwell also credited continual training from EFG’s Transcend Group for keeping his F&I sales high and his staff motivated and inspired.
The Robbins Auto Mall F&I team touted a 76 percent penetration with EFG’s MAP VSC, and 41 percent with our Signature Finish Appearance Protection products. Robbins attributed the connection between the F&I and sales departments as responsible for such great penetration levels. By placing Top Performers for Robbins Auto Mall and extensive training from the Transcend Group, the sales staff adequately presented F&I offerings at the right time to their customers.
Want to learn how EFG can help your dealership raise the bar? Contact us today!
