FOR
IMMEDIATE RELEASE
EFG
Agency Services Introduces Trade Protection Plan™
to Appeal to 70% of Customers Who Don’t Purchase Vehicle Service
Contracts
Innovative
Plan Also Drives Repeat Business
IRVING, Texas, Jan. 29, 2005 – EFG Agency
Services, a leading provider of innovative Finance & Insurance products and
services to retail dealerships through general and independent agents, today
introduced the Trade Protection Plan™ by MAP*, a new Vehicle Service Contract
(VSC) designed to compliment consumers’ lease and purchase behavior, thereby
opening the door to significantly increase dealership VSC penetration. The
program is also designed to drive repeat and referral business, a powerful new
concept for VSC offerings.
EFG’s Trade Protection Plan is designed to
protect consumers during the coverage gap that often occurs between when the
manufacturer’s warranty expires and when the consumer is ready to trade his or
her vehicle. Trade Protection Plan by MAP provides mechanical coverage along
with other features that have proven popular with consumers, including rental
coverage, trip interruption coverage, roadside assistance, road hazard
coverage, windshield coverage and door ding coverage. To further strengthen the
appeal, consumers will receive a 100% refund of the cost of their original
service contract credited toward the purchase or lease of another car from the
selling dealer, provided they take action prior to the contract’s expiration
date.
“Trade Protection Plan by MAP creates a
win-win situation for both dealers and consumers,” said Cliff Eller, Director
of Agency Services for EFG. “Consumers get a coverage plan that fits their
needs, and for dealers the contract helps ensure that consumers will trade in
their cars in better condition, reducing reconditioning costs. More
importantly, by adding in the 100% refund feature, the seed is firmly planted
for the next car sale or lease with the selling dealer.”
According to industry
data, it is three to five times more costly for a dealer to attract a customer
than to retain one. “Trade Protection Plan by MAP is the only product in
today’s marketplace designed specifically to retain customers while increasing
VSC penetration,” said Eller.
Trade Protection Plan™ by MAP will debut at
the 88th annual
National Automobile Dealers Association Convention and Exposition in New
Orleans, LA. on January 29, 2005 at booth #3712.
* Motorist Assistance Plan (MAP) is the
registered trade name of the Vehicle Service Contract from EFG Companies,
offering standard coverage plans ranging from Power Train to Exclusionary
Coverage in addition to the Trade Protection Plan.
About EFG Agency Services
Trade Protection Plan™ by MAP is an offering
of EFG Agency Services, a division of EFG Companies, a leading provider of
Finance & Insurance products, services and technologies for the automotive
industry. EFG Agency Services develops and distributes innovative profit
solutions to retail dealerships through general and independent agents.
Headquartered in Irving, Texas, and licensed in 44 states, EFG Companies’
pioneering offerings are available through five divisions: EFG Dealer Services,
EFG Agency Services, EFG Technologies, EFG Training Services, and WALKAWAY USA.
While EFG is privately held, it operates under the same internal control and
reporting standards as a public company. These standards are supported through
annual independent audits by KPMG LLP, annual independent actuarial reviews of
reserves, and regular statutory examination by various state insurance
departments. Website: www.efgcompanies.com
Contact Information
Public Relations:
Lee Slaton
214-528-1668
or EFG Companies:
Jeff Beaver
972-445-8336
jbeaver@efgusa.com
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