Tag: EFG Companies

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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Categories
Compliance

Consumer Privacy in Powersports

Steve Roennau Vice President Compliance EFG Companies
Contributing Author:
Steve Roennau
Vice President
Compliance
EFG Companies

Do you know someone who was affected by the Equifax data breach? How about the Verifone hack or, the breach within the Internal Revenue Service (IRS)? According to the Identity Theft Resource Center® (ITRC) and CyberScout®, 1,579 data breaches occurred in 2017, representing a 44.7 percent year-over-year increase.

A study of more than 10,000 consumers by Gemalto, a data security firm, stated 70 percent of consumers would stop doing business with a company if it experienced a data breach. And, 69 percent feel businesses don’t take security of consumer data very seriously.

Powersports dealers have been regulated on consumer privacy ever since the Gramm Leach Bliley Act was passed in 1999. Under Gramm-Leach Bliley, dealers are required to implement, and regularly audit, a written “Information Security Program,” to protect information about its customers. This is called the Safeguard Rule. However, in 1999, digital data breaches were not even a feasible consideration for most dealers.

To date, these “Information Security Programs” detailed how to physically secure private consumer data. It’s because of these programs that most F&I offices are locked, and dealership management pays very close attention to make sure no private consumer information can be displayed on a desk or computer screen for anyone to see.

While these procedures are important, they now need to be augmented to incorporate every possible way a consumer data breach could occur. From a physical standpoint, this includes training the sales team on how to properly manage private consumer information. For example, let’s say a salesperson made a copy of a driver’s license for a test drive and the consumer ended up leaving the dealership without purchasing. What does the salesperson do with that photocopy? Do they just put it in their desk trash bin, or do they put it in a secure shredding bin? If they just put it in their desk trash bin, that data is not secure. Anyone could come and take that photocopy out of the trash.

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