Author: efgmarketing

Adapt lending strategies to stay ahead of the trends

Post author By efgmarketing
Post date April 18, 2017

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

Recently, Federal Reserve Chairman Janet Yellen signaled that the Federal Reserve would likely raise rates multiple times this year. Just last month, interest rates bumped a quarter of a point from between 0.25 and 0.5 percent to between 0.5 to 0.75 percent. While this is a very small increase, the change indicates that the Federal Reserve will make good on its promises.

Yellen’s recent statements and Federal Reserve action signal an end to its economic stimulus campaign that was put in place over eight years ago during the financial crisis. In fact, these changes, according to Yellen, are expected to bring the benchmark borrowing rate close to neutral.

So what does this mean for consumers? So far, we’ve seen modest short-term implications. Interest rates on auto loans and some credit card debt have experienced increases; however they remain at low levels compared to historical norms. 30-year mortgage rates have also remained consistent for the most part.

Business Growth Powersports Market

Are You Primed To Capture Refund Sales?

Post author By efgmarketing
Post date March 22, 2017

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

For many of us, the April 15 tax filing deadline looms large whether we have to pay or we expect a refund. This time of year, powersports dealers have a promising opportunity to significantly increase sales volume.

According to the Conference Board, the Consumer Confidence Index^® increased in February and remains at a 15-year high.
A recent report by Bloomberg on the Consumer Comfort Index, respondents viewed the buying climate as the most favorable in nearly 15 years.

But consumer confidence does not automatically translate into a spending spree. According to Princeton Research Survey Associates, 46 percent of Americans plan to receive a tax refund this year. But only 26 percent plan to spend the refund on a purchase. Now is the time for smart powersports dealers to fine tune their marketing to capitalize on this spending window.

Tags Bloomberg, Conference Board, Consumer Comfort Index, Consumer Confidence Index, EFG Companies, Glenice Wilder, Princeton Review

Business Growth

Meeting in the Middle – Part 3

Post author By efgmarketing
Post date February 7, 2017

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

While the presidential election is over, the business climate remains murky. I have spoken to numerous powersports dealers and lenders over the past two months and the “wait and see” attitude remains. While some see lots of positives on the horizon in terms of fewer regulations, others voice concerns about rumors of rising interest rates and tighter credit. While we cannot directly impact government action, we do have control over how we conduct our own business.

As we have discussed in the past two columns, there are some shared challenges faced by powersports lenders and dealers when working with their counterparts that truly impact the powersports industry. The good news is – we can address these challenges by meeting in the middle to build productive and financially beneficial relationships, for both lenders and dealers in the powersports market.

As we step carefully into 2017, let’s make the commitment to communicate more frequently, listen more intently and improve where we can. Regardless of which side of the fence you’re on, let’s see how both dealers and lenders can meet in the middle.