![\"Power-x2-Logo\"](\"https:\/\/i0.wp.com\/efgintelligence.com\/dealershipcorridor\/wp-content\/uploads\/sites\/2\/2014\/05\/Power-x2-Logo-300x241.jpg?resize=300%2C241\"){kind=logo}
<\/a>EFG Companies<\/a>, the innovator behind the award-winning Hyundai Assurance program, announced today the launch of Power x2<\/a>, a powertrain protection vehicle service contract that doubles the benefit of the manufacturer\u2019s powertrain warranty.\u00a0 <\/b>The new contract delivers a vital dealer tool, proven by independent research indicating that 90 percent of surveyed consumers say extended warranties impact their purchase.<\/p>\nAccording to a recent EFG survey conducted by a third-party research firm, 62 percent of consumers said the manufacturer warranty significantly affects what make and model of vehicle they consider purchasing.<\/strong>\u00a0 New vehicles are exactly the same within a manufacturer brand from one dealer lot to the next, including MSRP and the manufacturer warranty. This underscores the need for dealers to give consumers a value-driven reason to come to their retail location versus the competitor down the street or across town. A recent statistic released by JD Power Automotive Internet Roundtable — that consumers now visit only 1.1 lots prior to purchasing a vehicle,<\/strong> down from three lots just five years ago — only amplifies the dealers\u2019 need to deliver \u00a0increased value to consumers.<\/p>\n As consumers continue to keep their cars longer than historical norms, ongoing maintenance costs are more top-of-mind when making purchasing decisions. \u00a0According to EFG\u2019s study, 48 percent of respondents expect to replace their cars every four to seven years<\/strong>, which could extend their ownership beyond 100k miles.\u00a0 By doubling the benefits of the manufacturer\u2019s warranty, dealerships have the opportunity to use this trend to their advantage. Seventy-two percent of the survey respondents stated that they would go out of their way to purchase a vehicle from a dealership that is less convenient to them if that dealership doubled the benefits of their manufacturer\u2019s powertrain warranty as a complimentary offering<\/strong>.<\/p>\n \u201cIn this highly competitive market, we know that dealerships need showroom traffic now, whether online or at their physical location, not six months to a year from now,\u201d said John Pappanastos, President and CEO of EFG Companies. \u201cPower x2 provides dealerships an immediate means of capturing market share<\/strong> based on current consumer wants and needs by moving past the price game to a more value-based conversation that motivates car shoppers to a transaction.\u201d Dealerships can also increase fee income by offering exclusionary coverage that wraps around Power x2 for a specified timeframe, which includes:<\/p>\n Power x2 gives dealers a valuable toolkit to address each customer\u2019s specific need when it comes to taking care of their vehicle and protecting their pocketbook. EFG also acts as a very strong extension of the dealer\u2019s customer service through its in-house claims administration<\/a> that operates according to above-industry standard target SLAs.\u00a0 This translates to enhanced customer retention and loyalty.<\/p>\n\n