EFG Companies Predicts Hard-Fought Revenue in 2023 Amidst Economic Challenges

DALLAS, TX – January 10, 2023 – (Motor Sports NewsWire) – EFG Companies sees the end of record-high front-end profit coupled with external economic challenges impacting the retail automotive, powersports, and automotive lending industries in 2023. For more information, visit http://bit.ly/3XeMAkN

Recessionary uncertainty, evolving sales models and compliance requirements, along with continued growth in electric vehicles (EVs) are just a few issues facing dealer principals, agents, and lenders. As unit inventory and pricing stabilization will bring some relief, dealership management will face declining front-end revenue coupled with higher borrowing costs and cautious consumers. Company leaders recommend implementing sales and service best practices with consumer-focused sales models, relying on training, customer education, and value-driven approaches that support the entire lifecycle of the vehicle.

“Full implementation of the revised Safeguards Rule and the potential new rule from the FTC will not be the only challenges requiring dealer time, consideration, money and training,” said Eric Fifield, Chief Revenue Officer with EFG Companies. “Success in 2023 will require dealers and lenders to scrutinize performance across all areas of revenue generation if they expect to come close to the historic revenues banked over the last couple years.”

Fifield and other executives from EFG Companies emphasized there is room for optimism and revenue generation in 2023, despite a projected decline in sales forecasts and lending volume.

Best practices across the dealership will drive revenue for retail automotive.

A swirl of economic uncertainty, expensive compliance requirements, and unit inventory and floorplan fluctuations will be critical issues facing dealer principals in 2023. Savvy managers who focus on best digital and in-person customer service practices in both fixed and variable ops offset unit and gross profit revenue declines. Dealers who rely solely on front-end unit prices to make monthly revenue projections will miss out on opportunities to generate solid gains through the combination of F&I product sales and the service revenue those products bring in. Every budget line-item matters in 2023. Visit https://bit.ly/3vNa0Sx for a detailed forecast.

Customer focus across all departments will strengthen defenses and generate powersports revenue.

The challenges facing…