{"id":443,"date":"2015-07-09T11:42:47","date_gmt":"2015-07-09T16:42:47","guid":{"rendered":"http:\/\/efgintelligence.com\/subprimepoint\/?p=443"},"modified":"2016-01-21T16:22:54","modified_gmt":"2016-01-21T22:22:54","slug":"consumer-communication","status":"publish","type":"post","link":"https:\/\/efgintelligence.com\/lendingcurve\/consumer-communication\/","title":{"rendered":"Consumer Communication"},"content":{"rendered":"<p><a href=\"https:\/\/i0.wp.com\/efgintelligence.com\/subprimepoint\/wp-content\/uploads\/sites\/4\/2013\/11\/Brien-Joyce-Blog-Headshot.jpg\"><img data-recalc-dims=\"1\" fetchpriority=\"high\" decoding=\"async\" data-attachment-id=\"202\" data-permalink=\"https:\/\/efgintelligence.com\/lendingcurve\/funding-riskier-loans-reduce-the-risk-with-your-fi-products\/brien-joyce-blog-headshot\/\" data-orig-file=\"https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2013\/11\/Brien-Joyce-Blog-Headshot.jpg?fit=213%2C338&amp;ssl=1\" data-orig-size=\"213,338\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Ellen E. Martin&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1383583709&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"Brien Joyce Blog Headshot\" data-image-description=\"\" data-image-caption=\"\" data-medium-file=\"https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2013\/11\/Brien-Joyce-Blog-Headshot.jpg?fit=189%2C300&amp;ssl=1\" data-large-file=\"https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2013\/11\/Brien-Joyce-Blog-Headshot.jpg?fit=213%2C338&amp;ssl=1\" class=\"alignright size-full wp-image-202\" alt=\"Contributing Author: Brien Joyce\" src=\"https:\/\/i0.wp.com\/efgintelligence.com\/subprimepoint\/wp-content\/uploads\/sites\/4\/2013\/11\/Brien-Joyce-Blog-Headshot.jpg?resize=213%2C338\" width=\"213\" height=\"338\" srcset=\"https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2013\/11\/Brien-Joyce-Blog-Headshot.jpg?w=213&amp;ssl=1 213w, https:\/\/i0.wp.com\/efgintelligence.com\/lendingcurve\/wp-content\/uploads\/sites\/4\/2013\/11\/Brien-Joyce-Blog-Headshot.jpg?resize=189%2C300&amp;ssl=1 189w\" sizes=\"(max-width: 213px) 100vw, 213px\" \/><\/a><\/p>\n<p>&nbsp;<\/p>\n<h3>Contributing Author: Brien Joyce, Vice President, Specialty Channels, EFG Companies<\/h3>\n<p>Ask yourself the following questions:<\/p>\n<ul>\n<li id=\"ulist\"><span class=\"black\">How often are your indirect auto loans <strong>refinanced within the first 30\/60\/90<\/strong> days?<\/span><\/li>\n<li id=\"ulist\"><span class=\"black\">Do you consider your offering <strong>equal to, or more competitive<\/strong> than, the competition?<\/span><\/li>\n<li id=\"ulist\"><span class=\"black\">What differentiation does your offering provide to cut through the clutter and <strong>drive auto loan growth<\/strong> and retention?<\/span><\/li>\n<\/ul>\n<p>With a dense auto lending environment from captives to credit unions, dealerships have had their pick when it comes to choosing which loans to push. In fact, <strong>dealerships have reduced the number of lenders they work with<\/strong>. According to a recent study from Dealertrack Technologies, the <strong>average number of lender relationships has dropped to between 6.9 and 10 lenders<\/strong>. With that in mind, lenders have vied to provide consumers with low rates and dealers with high margins. <!--more--> <\/p>\n<p>Meanwhile, in this post-recession economy, <strong>dealers are finding it more difficult to cultivate lasting consumer relationships<\/strong>. Consumers are more informed and are perfectly fine with switching brands, dealerships, vehicle types, and lenders based on how much value and service they feel they are receiving.<\/p>\n<p>For this reason, it\u2019s time for indirect lenders to consider <strong>shifting their focus from just what they provide at vehicle closing to enhancing customer service throughout the entire lifecycle of each loan<\/strong>. The fact is that if a consumer has a positive vehicle ownership experience, they will be much more likely to return to the selling dealership. In turn,<strong> if you demonstrate to dealerships how you are willing to help them achieve their goals, they will be much more likely to present your loans in the future.<\/strong><\/p>\n<p>One method of enhancing the vehicle ownership experience is to <strong>provide <a href=\"http:\/\/www.efgcompanies.com\/products.aspx\" target=\"_blank\">complimentary protection products<\/a><\/strong> as part of your loans. This gives you the opportunity to demonstrate your ability to identify with today\u2019s consumer lifestyle and needs, and instill a sense of confidence that they are making a decision based upon value. It also gives you<strong> more control over product pricing<\/strong> while giving dealerships<strong> the opportunity to increase their margin <\/strong>through the sale of upgrades.<\/p>\n<p>Complimentary products that have been successful include:<\/p>\n<ul>\n<li id=\"ulist\"><a href=\"http:\/\/www.efgcompanies.com\/products\/debt-protection-products\/walkaway-car-return-protection.aspx\" target=\"_blank\">Vehicle Return Protection<\/a><\/li>\n<li id=\"ulist\"><a href=\"http:\/\/www.efgcompanies.com\/products\/maintenance-plan-vsc\/maintenance-plan-powertrain-warranty.aspx\" target=\"_blank\">A Limited Powertrain Warranty<\/a><\/li>\n<li id=\"ulist\"><a href=\"http:\/\/www.efgcompanies.com\/products\/car-protection-products.aspx#SignatureFinishTireWheelProtection\" target=\"_blank\">Tire &amp; Wheel Protection<\/a><\/li>\n<li id=\"ulist\"><a href=\"http:\/\/www.efgcompanies.com\/products\/car-protection-products.aspx#SignatureFinishDentProtection\" target=\"_blank\">Paintless Dent Protection<\/a><\/li>\n<li id=\"ulist\"><span class=\"black\">Roadside Assistance<\/span><\/li>\n<li id=\"ulist\"><span class=\"black\">Lost Key Fob Replacement<\/span><\/li>\n<\/ul>\n<p>Additionally, the key to building a successful consumer relationship goes beyond APR or products to nurturing the consumer experience through continuous and value-driven communications.<\/p>\n<p>When implemented correctly, consumers are engaged throughout the lifecycle of their auto loan, <strong>gaining greater loyalty with both your institution and the selling dealership<\/strong>. This also gives you the opportunity to build a deeper one-on-one relationship with each consumer,<strong> increasing the opportunity to position other products and services that are relevant to their needs<\/strong>.<\/p>\n<p>In order to truly reap the full benefit of ongoing communication efforts, it\u2019s important to:<\/p>\n<ul>\n<li id=\"ulist\"><span class=\"black\">Align your marketing and lending teams<\/span><\/li>\n<li id=\"ulist\"><span class=\"black\">Create a cohesive, constant contact strategy<\/span><\/li>\n<li id=\"ulist\"><span class=\"black\">Provide content that mixes incentive emails with value-driven non-sales-related emails<\/span><\/li>\n<li id=\"ulist\"><span class=\"black\">Determine the metrics that become key indicators of success (Ex. Conversion metrics to other services)<\/span><\/li>\n<\/ul>\n<p>To fully understand ROI, compare loan volume and product penetration to previous quarterly or yearly results.<\/p>\n<p>With almost 40 years in administering consumer protection products and working hand-in-hand with dealers across the U.S., <a href=\"http:\/\/www.efgcompanies.com\/\" target=\"_blank\">EFG Companies<\/a> knows how to structure your loans to be more attractive in and out of the F&amp;I office with F&amp;I products and custom-tailored communication plans. <a href=\"http:\/\/www.efgcompanies.com\/about-efg\/contact-us.aspx\" target=\"_blank\">Contact us today<\/a> to learn how.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>&nbsp; Contributing Author: Brien Joyce, Vice President, Specialty Channels, EFG Companies Ask yourself the following questions: How often are your indirect auto loans refinanced within the first 30\/60\/90 days? Do [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[30],"tags":[61,27,97,28,159,121,51],"class_list":["post-443","post","type-post","status-publish","format-standard","hentry","category-business-growth","tag-brien-joyce","tag-consumer-protection-products","tag-dealertrack-technologies","tag-efg","tag-efg-companies","tag-vehicle-return-protection","tag-vehicle-service-contract"],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p7ht2K-79","jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/posts\/443","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/comments?post=443"}],"version-history":[{"count":7,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/posts\/443\/revisions"}],"predecessor-version":[{"id":518,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/posts\/443\/revisions\/518"}],"wp:attachment":[{"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/media?parent=443"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/categories?post=443"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/efgintelligence.com\/lendingcurve\/wp-json\/wp\/v2\/tags?post=443"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}