EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today it has been selected as the premier product provider by MotoLease, LLC. MotoLease is a financial services company that offers unique consumer leasing programs through MotoLease authorized dealers. The company designs solutions exclusively for the motorcycle and powersports markets to help even the most credit-challenged riders.
MotoLease has partnered with EFG Companies’ Motorsports Division to enhance their lease offering with a goal of aggressively increasing marketshare. EFG private labeled their vehicle return program, the award-winning program behind Hyundai Assurance, along with their vehicle service contract and roadside assistance. Starting this month under the SelectGuardbrand, all MotoLease leases will include complimentary limited coverage, including 6 months vehicle return and 12 months roadside assistance, with the option to upgrade.
“Going into 2014, we knew we had to get ahead of industry trends, and leasing gives customers the ability to get into a bike without having the extra financial burden of an outright purchase,” said Emre Ucer, Managing Partner, MotoLease, LLC. “EFG demonstrated agility and innovation within their product development and administration that we felt would greatly enhance our ability to achieve our goals.”
According to the latest report from the Motorcycle Industry Council, first-quarter sales were down 0.2 percent (or 118 units) from Q1 2013, and the motorcycle market dropped 14.7 percent in Q1 2013 from the year before. While yearly sales have stabilized since the Great Recession, they have not bounced back yet.
“MotoLease had significant opportunity to adapt their lease product to both dealership needs and customer concerns,” said Glenice Wilder, Vice President of EFG Motorsports.“Our private-labeled product offering takes on that opportunity by providing consumers critical protection against unforeseen circumstances and setting the stage for dealers to increase their profitability with upgrades.”
With the combined effect of American consumers still being wary of the economy and motorcycle sales dependency on discretionary income, dealerships need a significant value-add to incentivize consumers to make a motorcycle purchase. MotoLease recognized this need and understood that providing limited complimentary consumer protection products would significantly enhance the value of their leases.
This new offering from MotoLease and EFG will enable dealerships to better provide customers options when making a purchasing decision, while at the same time increasing profit per lease sold and customer loyalty.
To read a previously run Powersports Business story about MotoLease, click here.