Author: efgmarketing

EFG Companies Launches 1,000,000 Mile Limited Powertrain Protection

Post author By efgmarketing
Post date January 18, 2017

Cultivating Consumer Confidence to Increase Motorcycle Sales

EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the launch of a 1,000,000 Mile Limited Powertrain Protection program for motorcycles. This program is designed to foster increased customer loyalty, referrals, and unit sales by addressing pressing motorcycle consumer needs.

While the powersports industry is currently experiencing a period of year-over-year growth, everyone in the industry has an eye on the horizon for the next economic downturn. Dealers are looking to maximize sales while they last and fortify their operations for the future.

“Today’s customers are already in the mindset of being very careful with where they spend their money, and are looking for the best value for the dollar. This has resulted in an enhanced pre-owned bike market over the last few years,” said Glenice Wilder, the vice president of EFG Companies Powersports Division. “By offering 1,000,000 Mile Limited Powertrain Protection, motorcycle dealers have the ability to differentiate their operations, and increase customer loyalty and new customer sales, by providing customers complimentary protection for their bikes.”

Tags Chris McIntyre, EagleRider, EFG Companies, Glenice Wilder, Powersports Dealers

Powersports Market

Meeting in the Middle – Part 2

Post author By efgmarketing
Post date January 11, 2017

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

In last month’s column, we introduced the topic of bolstering dealer relationships with lenders in the spirit of gaining more business for both parties, with a focus on lender challenges. This month, I’d like to focus on the dealer side of the desk.

So let’s consider the challenges facing dealers when working with their lender partners and steps dealers can take now to address those challenges. In February, I’ll talk in-depth about how both sides “meet in the middle” to build a productive and financially beneficial relationship for both lenders and dealers in the powersports market.

Change is here to stay

The powersports customer is changing. Today’s customer is younger, smarter, and faster. The millennial buyer has spent hours on the Internet researching the dealership, the bike, and often the financing options – before he or she ever sets foot in the showroom. Requiring labor-intensive paperwork and data entry won’t be tolerated by today’s customer. With this in mind, consider talking with your lender to evaluate how to work together to implement technology solutions that work on the dealership level. You’d be surprised how robust their technology can be.

Business Growth

Building Relationships with Lenders – Part 1

Post author By efgmarketing
Post date December 14, 2016

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

Given the changing political climate, many powersports dealers are taking a “wait and see” approach to their 2017 planning. Whether you believe the market will grow or shrink, there is one area of your business you can improve – the relationship between dealer and lender.

During a recent powersports dealer conference panel, dealership owners and lenders shared their challenges when working with their counterparts. For many dealers, offering financial options is new territory. There is much to learn and every lender markets their products differently. Without a background in banking or finance, many dealer team members are uncomfortable with the financial side of the business. And then, there is the compliance minefield to consider. Compliance regulations indicate that a dealership must offer every product to every customer. If your team does not understand the F&I products themselves, explaining them to customers is challenging.

How can you bolster your relationship with your lender…and boost your financial acumen at the same time? In the spirit of bringing dealers and lenders together in the middle, I’d like to share some of the key issues and careabouts facing lenders today. Next month, I’ll address the challenges facing dealers. Then in February, I’ll talk about how both sides can meet in the middle to build a productive and financially beneficial relationship for both lenders and dealers in the powersports market.

Tags credit history, credit score, Dodd-Frank, EFG Companies, FICO, Glenice Wilder, lender relationships, Vantage Score