PODCAST: New EFG Companies president & CEO with 2024 outlook
In one of her first public appearances as the new president and CEO of the company, Jennifer Rappaport of EFG Companies joined chief revenue officer Eric Fifield for this episode of the Auto Remarketing Podcast.
Rappaport, who most recently was chief operating officer of EFG Companies, and Fifield offered their expectations and recommendations to help the F&I industry this year. They focused on a “return to the basics” in 2024 to offset revenue headwinds driven by high interest rates, inflated vehicle pricing and margin pressures.
“We firmly believe there is strong revenue and profitability potential in the retail automotive and auto lending markets,” Rappaport said in a news release. “The days of pent-up demand sales have passed, and businesses must decide whether to squeeze as much front-end profit as possible or capitalize on more lucrative back-end F&I profitability options that drive consumers back to the dealership.”
Rappaport and Fifield recommended that retail automotive and powersports leaders focus on reinsurance positions, succession planning and staff training to drive profitability from sales to service.
“High interest rates and expensive vehicles are creating an affordability issue for both consumers and sellers, impacting dealer profit margins, holding reserves and overall profitability hostage,” Fifield said in the news release. “These factors are beginning to impact demand and will trickle down to higher inventory levels, increasing floorplan expenses.
“Leveraging our award-winning strategic business model, EFG is counseling its clients to take a three-prong focus: prioritize F&I training and improve menu selling skills, re-evaluate reinsurance positions to counter rising parts and labor costs, and solidify succession planning focused on long-term profitability,” he went on to say.
To hear Rappaport and Fifield elaborate about these ideas and more, listen to the podcast available in the window below.