Tag: EFG Companies

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EFG Companies Launches 1,000,000 Mile Limited Powertrain Protection

Cultivating Consumer Confidence to Increase Motorcycle Sales

Million Mile Limited Powertrain ProtectionEFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the launch of a 1,000,000 Mile Limited Powertrain Protection program for motorcycles. This program is designed to foster increased customer loyalty, referrals, and unit sales by addressing pressing motorcycle consumer needs.

While the powersports industry is currently experiencing a period of year-over-year growth, everyone in the industry has an eye on the horizon for the next economic downturn. Dealers are looking to maximize sales while they last and fortify their operations for the future.

“Today’s customers are already in the mindset of being very careful with where they spend their money, and are looking for the best value for the dollar. This has resulted in an enhanced pre-owned bike market over the last few years,” said Glenice Wilder, the vice president of EFG Companies Powersports Division. “By offering 1,000,000 Mile Limited Powertrain Protection, motorcycle dealers have the ability to differentiate their operations, and increase customer loyalty and new customer sales, by providing customers complimentary protection for their bikes.”

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Business Growth

Building Relationships with Lenders – Part 1

Glenice Wilder Vice President EFG Companies
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.

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Compliance

Will You Pass the Compliance Auditor’s Review?

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

Compliance is becoming a bellwether topic. Don’t believe me? Consider these three specific points. The Department of Defense released new guidelines in August regarding the Military Lending Act, which could have specific impact on powersports lending. And government agencies are known for looking out for their communities. Secondly, this year has seen a flurry of lenders entering the powersports market. Compliance is a requirement for all lenders – and new lenders will only partner with those dealers who have a compliance process. Thirdly, compliance was one of the hot topics at this year’s Powersports Finance Summit. So like it or not…compliance is here to stay for powersports dealers.

That being said, it’s time to ask yourself:

  • Are my F&I practices up to speed in the event of a compliance audit?
  • Is my team prepared for a detailed review – without sacrificing productivity?

How can you prepare your team for a compliance audit?

Let’s review a few pointers.

Organize your deal documentation. Create a checklist to put in the front of each jacket, and organize the paperwork according to the checklist. You’ll quickly see what’s missing – before the auditor spots the error.

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