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Is Generation Y Worth Hiring?

Post author By efgmarketing
Post date June 6, 2018

Contributing Author:
Amber Hash
Recruiting Manager
EFG Companies

Disloyal, arrogant, selfish, overindulgent, high-maintenance, frivolous, image-driven, impatient, over-confident and spoiled – Generation Y has heard it all. And, now the generation that everyone thought would never grow up is starting to make up the bulk of the workforce. But, will they be successful in the powersports industry? Are they worth hiring?

Honestly, powersports dealerships can’t afford NOT to hire this challenging generation. The consumer purchase model is rapidly changing – driven in large part by the digital proclivity of Generation Y. Who better to engage with these new customers than people who speak their language – online and via text?

Raised in the era of digital technology, members of Generation Y can quickly prove their worth in the dealership workplace. But, some adjustments must be made to reach an equitable compromise with this generation. Here are some recommendations for dealerships seeking to successfully employ Generation Y.

They work to live

The members of Generation Y are committed to achieving work–life balance. While their career is highly important to them, they believe that working hard does not equate to working long hours. This can be a hard pill to swallow for dealership managers who live by the “sun-up to sun-down” model.

Tags Gen Y, Generation Y

Compliance

Say Goodbye to Disparate Impact Theory

Post author By efgmarketing
Post date May 23, 2018

Contributing Author:
Dave Gibbs
Training Manager
EFG Companies

On Monday, President Donald J. Trump signed into law the Congressional S.J. 57 resolution repealing the Consumer Financial Protection Bureau’s (CFPB) guidance on dealer markup. Originally issued in March, 2013, the auto lending guidance quickly received negative feedback. In fact, the ruling caused several finance sources to either switch to a flat-fee compensation model or enforce lower caps on dealer markups. The ruling also prompted the CFPB to impose consent orders with several institutions resulting in millions of dollars in fines.

The retail automotive industry is cheering this move, which began five months ago when the Government Accountability Office said Congress had the power under the Congressional Review Act (CRA) to overturn the CFPB guidance. But, before you start thinking the good old days are back, consider what started the industry on this path.

The CFPB’s original guidance was designed to inform lenders that it would begin enforcing the fair lending requirements of the Equal Credit Opportunity Act (ECOA) using a theory on disparate impact. This theory refers to practices that adversely affect protected classes of individuals, even though employer rules and practices are meant to be neutral. The CFPB used this theory to make the argument that dealer markup practices could result in unintentional discrimination during the credit process, and must therefore be reined in.

While the CFPB can no longer use disparate impact theory to force lenders to reduce dealer markup, the ECOA and its fair lending requirements remain in full effect. Other federal, state and local compliance regulations also remain, which prompts me to remind our clients that remaining in compliance is still in the dealership’s best interest. And, it’s highly unlikely that lenders who invested millions of dollars into comprehensive compliance platforms will suddenly reverse all those process changes.

Business Growth

eLeads = Opportunity!

Post author By efgmarketing
Post date May 10, 2018

Contributing Author:
Glenice Wilder
Vice President
EFG Companies

EFG Companies recently completed its second national consumer research study regarding consumer buying habits. The data from 1,457 respondents clearly showed the importance of an online presence when it comes to selling powersports. Specifically,

50 percent of customers check a dealer’s online customer reviews prior to considering them for a potential vehicle purchase.
71 percent compare dealership website prices before deciding which dealership to visit.
83 percent expect a response from the dealership within 24 hours of sending an online inquiry, and 16 percent want information immediately or within the hour.
43 percent say the more information you can provide online, the more apt they are to visit the dealership.
45 percent rank poor spelling, grammar and punctuation as a top three reason to eliminate a dealership from consideration.

These data points should come as no surprise, especially if you consider your own online shopping habits. But one question should arise. Do you have the right team with the right skills to convert these eLeads into sales?

Selling in a Digital World

We’ve all been coached on email etiquette and hopefully have mastered professional online communication. But, converting a basic inquiry to a dealership visit, and a sale, involves more than an automated email response.