EFG Companies launches marine protection products, enhances GAP program

EFG Companies announced the expansion of its marine product offerings and a new GAP program. The products, combined with EFG’s nationally award-winning engagement model, increase dealership back-end margins in the face of decreasing consumer affordability.

“Economic uncertainty, evolving dealership sales models, and fluctuating profitability targets continue to impact dealership profitability,” says Adam Ouart, senior vice president, Agency Services and Powersports. “Consumers are also facing recessionary uncertainty and hesitating more on making large discretionary purchases. These products provide dealers the opportunity to increase profitability on every unit sold while providing a valuable safety net for their customers.”

Marine Protection

Marine Protection is a vehicle service contract that provides dealers with diversified income to maintain steady inventory levels, cash flow, and long-term profitability. The coverage gives buyers greater confidence that their purchase will be protected with flexible terms for up to 84 months based on the type and number of engines. This day-one coverage with no deductible protects customers from the high expense to repair components like:

• each engine installed on the boat
• transmission
• fuel systems
• electrical and ignition components, including the wiring harness and trolling motors

If customers find themselves stuck on the water, they can rest assured knowing they can receive reimbursement of up to $400 per occurrence for hoist/haul out or on-water tow-ins.

Backed by EFG’s award-winning client engagement model and claims administration, both clients and contract holders receive the industry’s highest level of client satisfaction.

WALKAWAY

EFG is extending its award-winning consumer debt protection product to the marine market. WALKAWAY for powersports dealers provides the ability to capitalize on consumer concerns that often prevent sales. During these uncertain economic times, consumers are hesitant to purchase new powersports or marine vehicles. WALKAWAY gives customers the confidence to purchase a new or used motorcycle, ATV, or watercraft by allowing them to return their vehicle and walk away from negative equity should any of the following life-changing circumstances occur:

• Involuntary unemployment
• Physical disability
• Critical illness
• Loss of driver’s license due to medical impairment
• International employment transfer
• Self-employed personal bankruptcy
• Accidental death

Authorized WALKAWAY retailers can provide their customers with a complimentary waiver with all loans and leases with coverage of up to $7,500 of negative equity, as well as the option to upgrade the protection to up to $10,000 of negative equity with payment relief and additional qualifying events.

Dealers can now provide all powersports customers with this relevant, valuable financial protection.

GAP Protection

EFG is also extending GAP Protection for powersports products to include marine. GAP protects against negative equity up to $25,000 and may make up the difference between the loan balance and the value of the watercraft at the time of a total loss due to an accident or theft. As loan terms continue to lengthen, consumers can be ‘upside down’ for a longer period. This safety net is invaluable during uncertain economic times. GAP helps dealers increase profits on both marine and powersports, enhancing customer satisfaction while strengthening loyalty.