Category: 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.

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

Business Growth

Do You Know What Makes Millennials Purchase Motorcycles?

Post author By efgmarketing
Post date August 12, 2016

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.

Tags Glenice Wilder, Millennials, Motorcycles, Powersports