Tag: EFG Companies

Categories
Compliance Powersports Market

Don’t Skip Steps

While the country is still in the grips of the pandemic, sales of powersports vehicles, led by ATVs and other recreational units, have been going gangbusters. In May, the average major unit sales were up 60.7 percent and overall revenue increased 51.2 percent.

Going into the third quarter, inventory constraints could put a significant damper on sales gains. Polaris and other companies were forced to close manufacturing facilities due to COVID-19 outbreaks. Analysts from BMO Capital Markets report that inventory shortages across all brands could impact sales for the remainder of the year. However, with more consumers entering the market, and more units being financed, the overall forecast for sales remains cautiously optimistic.

With many powersports dealers surpassing sales records throughout the summer, one could surmise it is Christmas in July, except for one small data point. Identity fraud has reared its ugly head. While fraud has always been an area of focus in the powersports world, a couple of unique pandemic situations have exacerbated the situation.

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Categories
Business Growth

Now More Than Ever – Powersports Dealers Need WALKAWAY

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

Clearly, we are in the midst of challenging times. Due to shelter-in-place orders, many in the U.S. are either working from home or furloughed, and thousands have lost their jobs. And for those who perform essential functions that we rely on, it is business as usual with a whopping dose of added stress. Whatever the situation, everyone is burdened in some way.

In the powersports industry, we’ve been through hard times before. Most recently, the Great Recession taught the industry a lot about running a financially sound business through both economic ups and downs. Since then, the industry has drastically changed with the progression of online retailing. As dealers ramp up online retailing efforts to stay engaged with consumers stuck at home, EFG has once again brought to market its traffic-driving, market differentiator – WALKAWAY Vehicle Return Protection.

WALKAWAY allows consumers the option to return their motorcycle in the event any of these unforeseen life events occur:

  • Involuntary unemployment
  • Physical disability
  • Loss of driver’s license due to medical impairment
  • Self-employment personal bankruptcy
  • Accidental death
  • International employment transfer
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Categories
Featured

EFG Companies 3x Winner of Nifty 50 Product Award with 1,000,000 Mile Limited Powertrain Protection

Complimentary protection proven to increase dealer profits

Nifty 50EFG Companies, announced today that its nationally award-winning 1,000,000 Mile Limited Powertrain Protection product for motorcycles has received a Powersports Business Nifty 50 Product Award. This marks the third time EFG has been recognized as a Nifty 50 product winner. For more information, visit http://bit.ly/2oKsd0R.

“The Nifty 50 award demonstrates the innovation and market intelligence that EFG brings to its powersports dealer clients,” said John Pappanastos, President and CEO, EFG Companies. 1,000,000 Mile Limited Powertrain Protection helps dealers differentiate themselves and act as a strong testament to the quality of the dealership’s inventory, as well as the level of customer service their customers can expect.”

The powersports industry recently concluded a second year of struggling to create year-over-year growth. Now, dealers are recognizing even more that they have to differentiate themselves from the competition to generate sales. 1,000,000 Mile Limited Powertrain Protection differentiates dealers with the opportunity to provide consumers with complimentary protection, on both new and used eligible inventory, that lasts as long as they own the motorcycle. In a market where pre-owned bike sales are outpacing new unit sales, this gives dealerships a way to maximize profitability on all inventory.

“In the pre-owned space, the key is value,” said Glenice Wilder, Vice President, EFG Companies. “On average, dealerships offering 1,000,000 Mile Limited Powertrain Protection have improved VSC penetration by 48 percent because consumers see the significant value in the coverage, and choose to extend and expand it.”

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