EFG Companies Recommends a Value-Driven Focus to Drive Revenue

Amid market opportunities and volatility, EFG Companies recommends a value-driven focus to drive revenue.

EFG Companies sees several market opportunities in the second half of 2022 for the retail automotive, powersports, and financing and insurance (F&I) industries but recommends caution due to market volatility, continued supply chain and product inventory issues, and challenges to consumer financial strength. Company leaders recommend that dealer principals, agents and lenders approach the remainder of the year strategically focused on implementing customer-first sales methods, optimizing inventory with value-driven products, and implementing training to ensure employee effectiveness and regulatory compliance.

“While there are many factors at play, smart business owners will stay strategically focused on those tasks which align with the needs of consumers while advancing their businesses in post-COVID sales models,” said Eric Fifield, chief revenue officer with EFG Companies. “The new normal is now, and consumers have clearly shown how they want to do business. Regardless of how economic factors play out, there remain numerous opportunities for revenue in the remainder of 2022.”

Fifield and other executives from EFG Companies emphasized that consumers continue to look for added value in their automotive and powersports purchases.

Embracing New Approaches to Drive Revenue Growth for Retail Automotive Dealers

Post-COVID strong consumer financial positions, favorable credit terms and pent-up demand all spell revenue opportunities for dealer principals in the second half of 2022. Dealers who embrace new selling models, train and support their sales teams, and are mindful of regulatory scrutiny will capture the sale versus others who pine for the return of the old days. Visit https://bit.ly/3O3CzC3 for a detailed forecast.

Growth in Off-Road, Personal Watercraft Sales Equals Opportunities for Powersports Dealers

Consumers are anxious for adventure, and dealers with off-road or personal watercraft units who have successfully implemented online sales models with supporting F&I products and suitable margins will fare better than businesses who focus solely on front-end gross. Visit https://bit.ly/3AHEDfZ for a detailed forecast.

Agents Making Vehicles More Marketable Can Deliver Win-Win Opportunities

Agents will need to flex different muscles to provide heavier engagement as dealers adjust their operations for continued growth. Those with the right focus and service offering to help tackle current dealership challenges will be better positioned to generate more dealership revenue, attract new clients and boost service retention business across the board. Visit https://bit.ly/3IFiYXF for a detailed forecast.

Lenders Delivering Greater Protection Should Produce Greater Value

Customer-focused lenders can capture valuable auto loans through affordable protection products that retain vehicle value while differentiating themselves. While economic uncertainty persists and unpredictable supply chain and inventory challenges could introduce added volatility, dealers, agents and lenders who strategically focus on meeting customer needs while maximizing employee effectiveness will be best positioned for a profitable 2022.

You May Also Like

Tucker Heads to the Beach for Roland Sands Moto Beach Classic

Roland Sands and his crew created the Moto Beach Classic with the idea to showcase the Southern California motorcycle, music and surf cultures.

Roland Sands and his crew created the Moto Beach Classic with the idea to showcase the Southern California motorcycle, music and surf cultures. Held at Huntington Beach State Park, the second annual Moto Beach Classic and Surf City Blitz was a celebration of motorcycles, music, surfing and art with a laid-back festival vibe in an idyllic beach setting. This year, the team from Tucker Powersports decided to join in on the fun and experience firsthand the mash-up of motorcycles and Southern California culture that is the Moto Beach Classic.

Polaris and NFF to Restore Off-Road Trails in Minnesota and Florida

Through Polaris’ $108,000 donation, the NFF will improve motorized-recreation opportunities on two existing off-highway vehicle (OHV) trails in Minnesota and Florida.

Motorcycle Mechanics, Bike Fit, Industry Issues On Tap at Revved-Up Women Expo

These topics and more will be among 16 workshops offered at Revved-Up Women Texas Motorcycle Expo April 28-30, at Retama Park near San Antonio.

Harley-Davidson Appoints New Directors to Board

Harley-Davidson, Inc. has announced the appointment of Troy Alstead, most recently of Starbucks and Allan Golston of the Bill & Melinda Gates Foundation to the company’s board of directors, effective immediately.

Charles Attig Wins Beta Motorcycle in 2016 Beta AMA National Dual Sport Series

Charles Attig, of Newark, Del., is the winner of a Beta dual sport motorcycle, awarded to one participant in the 2016 Beta AMA National Dual Sport Series sweepstakes.

Other Posts
How Dealers Can Manage the Bloat From Growth

There are four things to add to your “beat the bloat checklist.” This advice applies if you run a department or own the dealership.

The Critical Role of F&I Manager Performance Plans

The performance of F&I staff is critically important in today’s market because the days of passive order-taking are long gone.

customer and salesman discussing deal in motorcycle showroom
NPA Pre-Owned Market Update: March 2024

Used pricing has finally returned to normal levels post-COVID, and normal seasonality has returned.

National Powersport Auctions, NPA, Market Report
Cycle Trader and ATV Trader Expand Buy Now, Digitizing All Finance and Purchase Steps

The expanded Buy Now platform fast-tracks financing and sales for both dealers and buyers.