EFG Companies Launches Customizable Maintenance Plan to Boost Customer Retention

DALLAS–(BUSINESS WIRE)–#MVPEFG Companies, the innovator behind the award-winning Hyundai
Assurance program, today announced the launch of the company’s new
pre-paid Maintenance Value Program (MVP), designed to boost customer
retention with a fully-customizable program to fit individual dealership
needs. For more information, visit
http://bit.ly/2F6IV2D.


According to the National Association of Automotive Dealers, 83 percent
of customers who perform maintenance with the selling dealer will return
to purchase another vehicle. However, for decades dealers have struggled
on the customer retention front. The Cox Automotive 2018 Service
Industry Study states that dealerships only represent 33% of the share
of consumer service visits.

“We originally developed MVP to provide a solution for the customer
retention puzzle,” said John Pappanastos, President & CEO, EFG
Companies. “As customer and vehicular needs have changed, we’ve morphed
MVP to be even more compelling with customizable options. Dealers
utilizing MVP now have a better opportunity to turn one-time only
vehicle purchase events into an ongoing relationship through the service
drive.”

Sample customizable elements:

  • Quantity and type of services

    • Oil & Filter
    • Tire Rotation
    • Engine Air Filter
    • Cabin Air Filter
  • Reimbursement Increments
  • Terms

According to the 2018 Cox study, three in five visits to the dealership
included an oil change, and many of the oil change visits also included
an additional service. MVP is designed to help increase visits like oil
changes and tire rotations, which help dealership service bays drive
profitability, improve customer service, and foster repeat business.

With MVP, dealers can dramatically shorten service drive time, simplify
record keeping, and speed claims submissions. Now, dealers have one
access point to all EFG digital business assets, including MVP. A
service manager can login to the EFG DRIVE portal, enter
the vehicle identification number, quickly access contract status, and
submit claims for automatic approval. The program also puts the
dealership in control of the life of the vehicle, with a one-screen view
of a customer’s complete vehicle history.

With EFG’s industry award-winning DRIVE system, the
company has efficiently processed close to 3.5 million transactions, and
dealerships typically receive claim payment within one hour. Proof of
leadership is reflected in DRIVE’s two Stevie®
Awards for Sales and Customer Service, including a Gold award in 2019,
competing against global Fortune 500 companies.

About EFG Companies

EFG Companies drives the industry’s highest-reported compliant F&I
profitability through its distinct engagement model in which the company
operates as an extension of the dealer’s management team. EFG addresses
total dealership performance, and its client satisfaction Net Promoter
score is higher than national corporate leaders such as Southwest
Airlines, USAA Banking and Finance, and Nordstrom. Learn more about EFG
at: www.efgcompanies.com.

Contacts

Marcia Barnett, 214-868-8861
[email protected]

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