EFG: Increased Focus on Service the Key to Growth in 2018
Nov. 14, 2017—EFG Companies, a management solutions provider, announced its 2018 predictions and recommendations in the retail automotive space.
These insights, formed through thousands of conversations with the nation’s leading dealership principals and lenders, reflect another year of cautiousness on the horizon. However, there are many options for dealers, lenders, and agents to successfully navigate an uncertain business climate for a prosperous 2018.
EFG pointed out that a major challenge and/or area for growth for dealerships in 2018 will be how to increase customer retention and improve service departments.
“2017 has been one eventful year. While new unit sales have flattened, the effects of the hurricanes in Southeast Texas, Florida and Puerto Rico and the California wildfires loom large,” said John Pappanastos, president and CEO, EFG Companies. “For the retail automotive industry, we’re still seeing a holding pattern. 2018 sales volumes are expected to be roughly the same as 2017, barring any significant economic fluctuations. The challenges and opportunities ahead will largely revolve around customer retention, building up the service bay, and leveraging changing consumer trends to foster market differentiation.”