EFG Companies launched its Motorcycle Pre-Paid Maintenance program last week, with an aim to help dealers attain larger margins on repeat business, and to help consumers further insulate themselves, according to a company press release.
“Many of today’s powersports purchasers are more concerned with insulating themselves financially on larger purchases,” Wilder previously told Powersports Finance. “This will translate into increased consumer demand for quality F&I products that address all aspects of the bike.”
Through the program, three terms are available with coverage for nine services, or up to 37 months, according to the release. Claims are often paid in full before the service is complete and are filed electronically.
This provides “enhanced protection for customers, preventing them from forfeiting services because they were unable to schedule their service within a certain mileage,” Glenice Wilder, EFG’s vice president of powersports, said in the release.
The program can also potentially benefit financial providers, because “lenders are more likely to advance on a bike as well as maintenance plan because of the fact that a better maintained bike is going to be less problematic from a payment perspective,” Wilder told Powersports Finance.
Additionally, to support the company’s increased demand for its account service model, EFG has expanded its powersports product portfolio and field team professionals with the addition of Account Executive Mitch Mayberry and Account Specialist Zachary Boger.
“What we’ve found is that powersports dealers feel underserved in the F&I space, and are lacking in the training, compliance, and technology support from their current providers,” EFG’s President and Chief Executive John Pappanastos said in the release. “We are actively growing our product suite and professional account service team to accommodate this market demand.”
Mayberry brings more than 25 years’ experience in the powersports industry to his new role. He will oversee client accounts, cultivate revenue growth opportunities, and address performance trends. Mayberry will also train and assist dealer personnel, and manage compliance initiatives. Most recently, he was the general manager for Denton, Texas-based dealership Big Tex Indian.
Meanwhile, Boger will conduct comprehensive research, business development assessments, and strategic benchmarking against dealership performance goals to help deliver actions plans to improve powersports dealers’ F&I performance.