Author: efgmarketing

Categories
Compliance

Will You Pass the Compliance Auditor’s Review?

Glenice Wilder Vice President EFG Companies
Contributing Author:
Glenice Wilder
Vice President
EFG Companies

Compliance is becoming a bellwether topic. Don’t believe me? Consider these three specific points. The Department of Defense released new guidelines in August regarding the Military Lending Act, which could have specific impact on powersports lending. And government agencies are known for looking out for their communities. Secondly, this year has seen a flurry of lenders entering the powersports market. Compliance is a requirement for all lenders – and new lenders will only partner with those dealers who have a compliance process. Thirdly, compliance was one of the hot topics at this year’s Powersports Finance Summit. So like it or not…compliance is here to stay for powersports dealers.

That being said, it’s time to ask yourself:

  • Are my F&I practices up to speed in the event of a compliance audit?
  • Is my team prepared for a detailed review – without sacrificing productivity?

How can you prepare your team for a compliance audit?

Let’s review a few pointers.

Organize your deal documentation. Create a checklist to put in the front of each jacket, and organize the paperwork according to the checklist. You’ll quickly see what’s missing – before the auditor spots the error.

Continue reading “Will You Pass the Compliance Auditor’s Review?”
Categories
Uncategorized

Recipe for Powersports Success with a Generational Melting Pot

Glenice Wilder Vice President EFG Companies
Contributing Author:
Glenice Wilder
Vice President
EFG Companies

For the first time in U.S. history, today’s American workforce includes four generations of employees – Traditionalists, Baby Boomers, Gen X’ers, and Millennials – each with preferred styles of communication. Each generation brings unique strengths, qualities and even requirements to the powersports dealership. The downside – managing the different expectations of each generation is a challenge.

According to a recent Ernst & Young survey, 75 percent of managers reported that managing multi-generational teams is a challenge, and 77 percent said that different work expectations among generations is a leading challenge they face. Let’s look at what motivates each generation.

Continue reading “Recipe for Powersports Success with a Generational Melting Pot”
Categories
Business Growth

Do You Know What Makes Millennials Purchase Motorcycles?

Glenice Wilder Vice President EFG Companies
Contributing Author:
Glenice Wilder
Vice President
EFG Companies

Millennials, born between 1980 and 2000, are becoming the most sought-after generation by businesses. At the end of 2015, they had spent $2.45 trillion. By 2018, they’ll spend greater than $3.4 trillion – more than the previously coveted baby boomer generation. Each day, over 10,000 people turn 21. But here’s the rub. Millennials possess a very different purchasing mindset versus previous generations. If you want to sell to them, you must understand them – and likely change how you sell. Heads up powersports dealers – the times they are a’changing!

What Motivates Millennials?

Numerous labels have been attached to the millennial generation. But just as the Depression formed the World War II generation, the Millennials are a product of the 80s, 90s and 00s sociology. Let’s consider a few traits that should impact your sales efforts.

Millennials have the highest education rate of any generation to date. They’re smart and focused on research, taking nothing at face value. For a powersports dealer, this means you better have the facts to substantiate the claim that bike X is better than bike Y.

Continue reading “Do You Know What Makes Millennials Purchase Motorcycles?”