Category: Uncategorized

New Personal Watercraft Protection from EFG Diversifies Powersports Dealer Profits

Post author By efgmarketing
Post date September 30, 2021

School may be back in session but summer lingers for many parts of the country. In fact, autumn is a preferred time to be on the water for many, with fewer crowds and more pleasant temperatures to spend valuable time with family. Your customers are still clamoring to get on the water – but do you have the inventory to meet demand?

Personal watercraft sales have skyrocketed during the pandemic, and the trend shows no signs of slowing. According to 360MarketResearch, the market will register a 6.2 percent compound annual growth rate in terms of revenue, with a global market size of $2059.2 million by 2025. But powersports dealerships are struggling to stock inventory, sticker prices for units on the lot are rising, and supply chain challenges have impacted manufacturing timelines. Whether looking for new or used vehicles, the squeeze is real.

Tags 360MarketResearch, EFG Companies, Personal Watercraft Protection

Uncategorized

Data Lockdown

Post author By efgmarketing
Post date January 29, 2020

Contributing Author:
Maurice Hamilton
Vice President
EFG Companies

According to their the 2019 MidYear QuickView Data Breach Report published by Cyber Risk Analytics, 3,800 publicly disclosed data breaches occurred in the first six months of 2019, exposing up to 4.1 billion records. This represented a 50% increase over the last four years.

Last week, Experian issued their Data Breach Industry Forecast for 2020, reflecting on the state of cyber security. Their primary takeaway – while a data breach is probably inevitable, companies must prioritize prevention as well as response.

Regardless of the industry, as companies increase their reliance on technology to house personal, confidential information, data breach attempts are expected to increase as well.

For the last 10 to 15 years, dealers have steadily increased the role technology plays in the dealership. Now, they not only use technology to preserve digital records of every piece of paperwork generated in the dealership, but dealers also rely on sophisticated platforms to submit and receive loan applications, rate products, process claims, and more.

Tags AICPA, Cyber Risk Analytics, data breach, data security, Experian, SOC 2, SSAE 16, SSAE 18

Uncategorized

A New Approach to Menu Presentations

Post author By efgmarketing
Post date December 12, 2018

Contributing Author:
Dave Gibbs
Training Manager
EFG Companies

It’s a common practice in most F&I offices to utilize menus of various types to present F&I products to customers. They can help to maintain compliance and ensure that every customer knows their choices when it comes to protecting their purchase. However, few subjects inspire more debate than how to effectively utilize menus to enhance the customer experience and effectively present F&I products.

While most F&I Managers still use menus to sell F&I products, there is another approach or philosophy that can be even more effective than using them as step-selling tools. I would encourage you to consider the menu as a natural conclusion to a benefits presentation and discussion, tailored to the needs of your customer that have been identified.

I do not recommend only using a menu to present and sell your F&I products. Many of your customers have most likely been through a similar presentation and are conditioned to reject any proposition you may have for them immediately. Most of us have experienced the “No thanks, I will pass” response that comes as soon as you begin to review the menu. The wall goes back up and the customer stops listening to you. Many times, all they can see is the cost of the products and they aren’t even hearing the benefits you may be trying to convey.

A better approach would be to identify the customers’ needs through conversation prior to presenting a menu. Utilizing the information that both you and the sales associate gathered from them, you can then transition to a product discussion and a review that is tailored to their individual and unique needs. This can help the customer see areas where they may have risks during their time of ownership and cultivate a value-based proposition.