Company: EFG Companies
Company Description: For almost 50 years, EFG Companies has provided consumer protection programs for vehicles and residences across seven market channels. The company’s strategic intent is to build sustainable market differentiation and profitability for its clients and partners, including dealers, lenders, manufacturers, independent marketers and agents.
Nomination Category: Thought Leadership Categories
Nomination Sub Category: Best Use of Thought Leadership in Business Development
 Nomination Title: Wealth Builder Profit Participation Suite
- Which will you submit for your nomination in this category, a video of up to five (5) minutes, explaining the thought leadership achievements since July 1, 2022 of the nominated organization, OR written answers to the questions? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video. If you are submitting written answers to the questions for this category, provide them in the spaces below.
- Briefly describe the nominated organization: its history and past performance (up to 200 words):
Total 199 words used.
EFG has served as a business partner to retail automotive industry clients for nearly 50 years, focused on helping dealer principals achieve their revenue and wealth-building goals. With its nationally award-winning field engagement process, training, technology, and claims administration teams, the company has a guaranteed, proven model of delivering profit, especially during challenging economic times.
Reinsurance is a key component of a dealer principal’s wealth management strategy, creating a profit stream beyond just selling vehicles. By providing finance and insurance (F&I) products and establishing a reinsurance entity, dealers can own and control customer experience while generating income from product premiums. However, the retail automotive industry has suffered through four years of economic challenges impacting dealers’ ability to meet profitability goals.
The company realized that it was uniquely positioned to support its dealers’ wealth-building strategies despite the economic conditions they faced through its unique ability to guarantee a lift in profit per retail unit sold (PRU) through its client engagement model and proven training with a decade of empirical measurement of notable increases in F&I profit per trainee, per year. EFG's deep knowledge of the issues facing retail automotive dealers enabled the company to set itself apart from the competition.
- Outline the organization's thought leadership achievements since July 1 2022 that you wish to bring to the judges' attention (up to 250 words):
Total 250 words used.
While every F&I provider offers reinsurance, EFG is the only one to provide guaranteed results. Responding to economic and sales challenges, EFG launched its Wealth Builder Profit Participation Suite in April 2024, delivering on the GUARANTEED+PROVEN=PROFIT premise: a guaranteed PRU increase, coupled with proven training that empirically delivers an F&I profit increase of $206,400 per producer per year equaling more revenue ceded into the dealer’s reinsurance position.
In addition to the premise that EFG’s differentiated engagement can drive reinsurance profit, EFG’s award-winning DRIVE portal provides in-depth reinsurance reporting, enabling dealers to capture missed revenue opportunities and make strategic business decisions.
A dedicated team of EFG experts works with each client to ensure their staff is trained to deliver the highest profit potential from each sale, explain reinsurance reporting nuances, provide quarterly reinsurance reviews, and help the dealer make F&I product adjustments resulting in significant up-front profit and downstream profit potential. EFG’s engagement model enables clients to dynamically manage risk with increased clarity in the ever-changing retail automotive landscape.
To bring the Wealth Builder Profit Participation Suite to market, a dedicated swat team of account managers equipped with EFG’s Business Development Assessment (BDA) process and PRU performance target development proformas engaged with a curated list of target clients. EFG equips its clients with profitability tools to apply across their business, including current F&I talent, F&I product mix, training agenda, pay plan development, lender spread analysis, income development, and compliance. EFG has proven its ability to earn millions in reinsurance profits.
- Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 41 words used.
The attached presentation and links outline the in-depth research, partnerships, and communications tools deployed to inform and convince that EFG Companies Wealth Builder Profit Protection Suite was the best option to deliver wealth to retail automotive dealers in challenging economic times.
- Explain why the achievements you have highlighted are unique or significant. If possible compare the achievements to the performance of other players in your industry and/or to the team's past performance (up to 250 words):
Total 250 words used.
After focused competitor research, EFG constructed its program to address current economic conditions impacting dealers: inventory fluctuations, rising interest rates, and high inflation. Our PRU Guarantee program reflected that even with unexpected events and financial downturns, owners could still build wealth. This differentiated approach addressed each client’s needs and objectives.
Unlike other providers’ programs, EFG is the only company to offer a PRU guarantee that leads to more revenue ceded into the dealer’s reinsurance position. And EFG puts its money where its mouth is - for eligible clients, if revenue goals are not met, EFG will reimburse the difference, ensuring a risk-free path to financial growth. To date, the program has a 100% achievement rate.
EFG is model-agnostic, advising clients on details of the Suite’s five options. The Wealth Builder program includes premiums that are ceded as written (versus earned) and is supported by a dedicated team of experts, compliance management, training, and incentives to increase revenue.
The company deployed thought leadership tools informing its target audience of the issues impacting reinsurance, the unique value proposition of the Suite, and the profit potential available to program participants.
Since its launch, participating clients have enabled significantly more funds to be ceded into reinsurance positions. In addition, F&I product penetration rate has been positively impacted by EFG’s BDA adjustments. On average, engaged dealers currently are on track to increase F&I profitability in a calendar year by more than $1,000,000 in a market projecting a meager 3% year-over-year vehicle sales growth.
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