DALLAS--(BUSINESS WIRE)--EFG Companies, announced today that its nationally award-winning WALKAWAY® product has been named a 2016 Powersports Business Nifty 50 Award Winner. Based on the success of WALKAWAY in the automotive market, the product was extended to motorcycle dealers in 2015. This is EFG’s 2nd consecutive year to be recognized as a Nifty 50 recipient. For more information on WALKAWAY, visit http://bit.ly/1KfZUyP.
WALKAWAY provides motorcycle dealerships the ability to capitalize on consumer concerns that have prevented significant growth in the retail motorcycle space. Over the past few years, customers have postponed plans to purchase or lease a bike, after lessons learned from the Great Recession. WALKAWAY gives customers the confidence to purchase a new or used motorcycle by providing two options to protect their credit and investment, should a life-changing event occur.
Motorcycle dealerships who are authorized WALKAWAY retailers can provide their customers a complimentary waiver with all loans and leases, Customers can either walk away from their negative equity or keep their bike with the payment relief benefit.
WALKAWAY qualifying events include:
- Involuntary Unemployment
- Physical Disability
- Loss of Driver’s License due to Medical Impairment
- International Employment Transfer
- Self-Employed Personal Bankruptcy
- Accidental Death
The program is available to all bike shoppers, regardless of age, health, employment record, amount financed, or vehicle type — and there’s no negative credit impact for customers who return their vehicles.
From a revenue-generating standpoint, WALKAWAY increases opportunities for profit in three ways:
- It increases dealer financing, as this product is only offered in conjunction with dealer financing.
- When a WALKAWAY benefit is authorized, the bike is returned to the selling dealership inventory for resell.
- Dealerships can supplement their revenue by selling one of four possible levels of upgrades.
“WALKAWAY goes way beyond traditional debt protection that has fallen short of consumer expectations and expected ROI on behalf of dealers,” said Glenice Wilder, vice president, powersports, EFG Companies. “This program gives motorcycle dealers a significant point of differentiation while also driving online and retail location traffic of qualified prospective buyers.”
The Nifty 50 Awards are presented annually to recognize products and services that to increase dealer profit potential. The recipients are chosen by the editors of Powersports Business and their sister publications, including Rider and Thunder Press. “The winners of the 17th annual Nifty 50 are considered the best of the best in the category of parts, accessories and service solutions for powersports dealers,” said Dave McMahon, Editor-in-Chief of Powersports Business. “We attracted a record number of entrants to the contest. That said, the innovative products we chose are meant to give dealerships an edge leading into the spring selling season. WALKAWAY for motorcycle dealers certainly fits that description.”
WALKAWAY was first recognized as a market game changer when Hyundai rolled out the program to its more than 800 U.S. automotive dealers enabling the manufacturer to gain significant market share during the Great Recession.
About EFG Companies
EFG Companies combines almost 40 years of experience serving as an industry innovator of consumer and vehicle protection programs with the company’s commitment to raising the industry bar in providing superior client engagement. With their field and administrative teams AFIP and ASE certified, EFG’s professionals provide world-class product development and administration, go-to-market strategies, training and auditing support across a multitude of channels. www.efgcompanies.com