EFG Companies - Business Development Achievement of the Year
Company: EFG Companies
Company Description: As the innovators of the award-winning Hyundai-Assurance program, EFG Companies brings almost 40 years of industry-leading consumer & vehicle protection programs to the retail automotive market. EFG's commitment to superior client engagement is delivered through a proprietary portfolio of products & services that increase penetration, fortify compliance, and drive maximum F&I profitability.
Nomination Category: Business Development Awards Categories
Nomination Sub Category: Business Development Achievement of the Year - Financial Services Industries
Nomination Title: EFG Companies Runs the Tables for Second Year
Tell the story about this organization's business development achievements since the beginning of July 2015 (up to 650 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Since 1977, EFG Companies has advanced the bar in providing superior client service with the belief that quality service leads to quality growth. For 2016, this was demonstrated with a strong core business, allowing three of EFG’s newest market channels, focused on new industries for product sell through, to significantly beat their projected growth, achieving 133%, 25%, and 23% growth respectively.
This strong business development is attributed to EFG’s most powerful asset, its engagement model. EFG’s clients and customers have at their disposal a finely-tuned servicing and support team, agile product innovation, and a suite of technology capabilities to improve their daily productivity.
For the second year, EFG has received 9 national awards in 12 months, including being named to the Dallas Top 100 in November, 2015. EFG’s other notable 2016 recognitions and awards include:
• F&I and Showroom Magazine 2016 Pacesetter Award for EFG client, Hub Hyundai Mitsubishi
• F&I and Showroom Magazine 2016 Pacesetter Award for EFG client, Star Dodge Chrysler Jeep Ram Hyundai
• Only product provider named to the BenchmarkPortal “Top 100” call centers for 2016
• Awarded the National ASE Blue Seal of Excellence for the second year in a row
• Achieved Consumer Credit Compliance Certification from the National Association of Automotive Finance
• Powersports Business Nifty 50 Product Award winner
• AutoRemarketing Power 300 Most Powerful Companies in the Pre-Owned Business
• Achieved the Service Organization Control 1 (SOC 1) Certification under the Statement of Standards for Attestation Engagements 16 (SSAE 16) guidelines from the American Institute of Certified Public Accountants (AICPA)
EFG prides itself on operating as an extension of client management teams to achieve industry leading results, as demonstrated by two core EFG clients.
In September, 2016 EFG’s clients Hub Hyundai Mitsubishi and Star Dodge Chrysler Jeep Ram Hyundai were recognized by F&I and Showroom Magazine at 2016 Pacesetters. This annual award is given to dealers with highly profitable F&I departments that demonstrate a commitment to regulatory compliance and customer service. EFG helped these dealera set the industry pace by performing monthly compliance audits, providing ongoing, monthly F&I training, as well as one-on-one reviews of best practices and recommendations. While both dealer groups sell a full menu of EFG products, they also utilize EFG’s servicing support, including recruiting, training and F&I development.
Lastly, EFG once again partnered with Troubadour Research and Consulting, who conducts national research with brands such as USAA, JetBlue, Apple & Netflix, to administer EFG’s bi-annual client satisfaction study, analyzing both qualitative and quantitative metrics.
Among the key findings, EFG’s net promoter score ranked higher than Nordstrom, USAA Banking and Insurance, Ritz Carlton, JetBlue, Apple Laptops, Amazon and Netflix. In addition, dealers rated the account representative, compliance oversight, and F&I training as the highest priority capabilities of F&I providers. On a scale of one to ten, where ten is the highest for attributes in a given area, dealers ranked EFG’s consulting:
• 9.6 for account representative engagement;
• 9.7 for compliance oversight; and,
• 9.2 for F&I training.
EFG’s clients also noted the high quality and depth of EFG’s account service team as one of the company’s greatest strengths, describing EFG as a true partner with “skin in the game” who cares about their clients and is focused on maximizing compliant profitability.
• 98 percent of EFG’s clients stated that EFG representatives are F&I education and compliance leaders.
• 96 percent of clients regarded EFG overall as an expert of the F&I landscape.
• 96 percent of dealers stated that EFG understands the performance drivers of their F&I organization.
• 95 percent believed that EFG has expert knowledge about government regulations and economic trends that affect their business.
“Once again, results were impressive. From our interviews with dealer principals, EFG is universally viewed as a partner, not a vendor,” said Stephanie Vance, Troubadour’s Chief Research Officer. “This is also reflected in the customer service metrics, which are not only outstanding overall, but are strongest in the areas that are most important to dealers.”