DALLAS — EFG Companies announced the launch of the Drive Forever Worry Free Lifetime Wrap, an enhancement to the company’s limited powertrain protection. The new offering is designed to help dealers close more deals at a higher gross with improved product pricing, expanded eligibility, and an underlying complimentary coverage component.
The wrap is a second coverage upgrade option for dealers to utilize when providing customers with complimentary Drive Forever Worry Free Limited Powertrain Protection. Until now, dealers had the option to upgrade customers to a full vehicle service contract with terms up to 96 months/120,000 miles. The Drive Forever Lifetime Wrap provides expanded coverage options with no mileage or time limits, and the coverage is fully transferable, according to the provider.
Citing expected hikes in interest rates, predicted lower used-car values, and an uncertain economic outlook, dealers are looking for programs that create more foot traffic and help to close more deals at a higher margin, said John Pappanastos, president and CEO of EFG Companies.
“With dealer profit margins being squeezed in recent years, we’ve taken an in-depth look at how we at EFG can measurably facilitate dealer profitability, and customer retention,” Pappanastos said. “In our ongoing contract holder research, we evaluate our protection products with regard to the value perceived by the consumer.
“In the case of Drive Forever, on average, 82% of the time, contract holders rank it as a Top Three reason as to why they chose to purchase from a participating dealer. Based on this extensive research and ongoing feedback from dealers, we created the Lifetime Wrap as a natural extension of a program that provides distinct benefits to both dealers and consumers.”