EFG Companies - Sales Management Team 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: Sales Awards Team Categories
Nomination Sub Category: Sales Management Team of the Year
Nomination Title: Training For Success
Tell the story about what this nominated team achieved since the beginning of July 2017 (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:
For more than 40 years, EFG Companies has partnered with retail automotive dealers, providing F&I product innovation, training, recruiting, and wealth management solutions. Each year, EFG has striven to advance the bar in providing superior client service with the belief that quality service leads to quality growth. This is a high benchmark for EFG’s sales management team to achieve in a highly regulated and litigious industry. To help dealers achieve their profitability goals, they must help dealers meet consumer and regulator demand for consistent pricing, transparency, and a digital buying process while still maintaining profit margins. They also must balance two consumer bases with vastly different approaches to the vehicle-buying process.
As part of EFG’s continued efforts to provide the highest level of client engagement, EFG took an in-depth look at how the company trains and equips the sales management team to drive client profitability in 2018. EFG created a more defined curriculum, including bi-annual compliance certifications relevant to the industry, to better prepare team members to provide more strategic partnership with EFG’s dealer clients.
The company also developed EFG L.O.V.E. (Learning Opps Through Virtual Engagement), a digital platform where the sales management team can access training videos for both their clients’ success and their own development. Using EFG L.O.V.E., team members could finish their own training while on the road, as well as provide their clients with pre-developed video training sessions while in the store.
Through EFG’s partnership, with both formal, in-classroom training and informal dealership engagement, EFG’s dealer clients increased monthly revenue generation by $17,200 per employee. This resulted in national, industry recognition in the annual F&I and Showroom Magazine F&I Pacesetter Awards. In September 2018, EFG’s clients, Bob Moore Subaru, Bob Moore Buick GMC, and Nyle Maxwell Auto Group, were recognized as Pacesetters by the publication. These annual awards are given to dealers with highly profitable F&I departments that demonstrate a commitment to regulatory compliance and customer service. All three dealerships have noted that they could not have achieved this distinction without EFG’s engagement. In 2018, each realized an average increase in profit per vehicle sold:
- Bob Moore Buick GMC – 20%
- Bob Moore Subaru – 10.2%
- Nyle Maxwell – 4%
To further measure the success of EFG’s ongoing efforts, EFG once again partnered with Troubadour Research and Consulting, who conducts national research with brands such as Kaiser Permanente, Toyota, and Samsung Mobile, to administer EFG’s bi-annual client satisfaction study. Among the key findings, overall client satisfaction rose to 99%, up from 93% in 2016. And, likelihood to recommend rose to 99%, up from 95% in 2016. In addition, dealer clients recognized EFG’s efforts to raise the bar with in-dealership engagement, noting that they saw the most improvement in:
- F&I Training
- Product Breadth and Innovation
- New Product Launch Process
Additionally, on a scale of one to ten, where ten is the highest for attributes in each area, dealers ranked EFG’s consulting at a 9.4 for account representative engagement. Lastly, EFG’s net promoter score once again ranked higher than Nordstrom, USAA Banking and Insurance, Ritz Carlton, JetBlue, Apple Laptops, Amazon and Netflix at 90%.
EFG prides itself in operating as an extension of client management teams,achievingindustry leading results:
-F&I and Showroom Magazine 2018 Pacesetter Award for EFG client, Bob Moore Buick GMC
-F&I and Showroom Magazine 2018 Pacesetter Award for EFG client, Bob Moore Subaru
-F&I and Showroom Magazine 2018 Pacesetter Award for EFG client, Nyle Maxwell Auto Group
-Powersports Business Magazine 2018 Nifty 50 Award for EFG’s 1,000,000 Mile Limited Powertrain Protection Product
-Only product provider named as a Center of Excellence by BenchmarkPortal for the last five years
-Only product provider awarded the National ASE Blue Seal of Excellence for the last five years