FOR
IMMEDIATE RELEASE
Trade
Protection Plan Receives Formal Approval in the
State of
California
Irving, Texas – May 8,
2006 – EFG
Agency Services, a leading provider of innovative Finance & Insurance
products and services to retail dealerships through general and independent
agents, has received approval for the distribution of the Trade Protection
Plan™ (TPP) by MAP* in the State of California. The Trade Protection Plan is a
service contract that is bundled with additional options designed to appeal to
consumers who want more coverage than typically offered by standard Vehicle
Service Contracts (VSC).
TPP provides mechanical coverage along with
other features that have proven popular with consumers, including upgraded
rental coverage, trip interruption coverage, roadside assistance, tire road
hazard coverage, windshield coverage and paintless dent repair coverage. In
addition, when consumers trade in their car at the selling dealer, they are
eligible for a credit up to the full purchase price of the contract to apply
toward a new car lease or purchase, even if claims have been paid.
“We are pleased that the State of California
Department of Insurance has approved the Trade Protection Plan for the
California market,” states Mike Long, Vice President of Agency Services. “We
believe the TPP program will be a win-win for both dealers and consumers in the
California marketplace. Dealerships utilizing the Trade Protection Plan in
partnership with their standard new vehicle service contract can effectively
double their VSC penetration.”
According to industry data, approximately 70%
of consumers decline standard VSCs during the vehicle purchase process. Trade
Protection Plan is unique in that it was designed to
appeal directly to customers who typically
decline standard new car vehicle service contracts. The TPP program also
ensures that trade-in cars will be in better condition when the customer
returns to the participating dealership thereby reducing reconditioning costs.
The Trade Protection Plan by MAP is available
to retail dealers throughout the United States through authorized general
agents.
* Motorist Assistance Plan (MAP) is the
trade name of the Vehicle Service Contract from EFG Companies.
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.
Media Contact:
Jeff Beaver
EFG Companies
972-445-8336
jbeaver@efgusa.com
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