DALLAS -

This week, EFG Companies and the National Association of Minority Automobile Dealers established an annual, private donor scholarship that will fund the four-year tuition of a minority student attending the automotive marketing and management program at Northwood University. 

Officials highlighted the annual scholarship, funded by EFG Companies, will be awarded each year to a freshman entering the program, and represents a four-year investment of $100,000 per student. 

Applicants will be identified through NAMAD’s membership, they must satisfy NAMAD affiliation requirements, and will be reviewed based upon both academic merit and financial need.

“At NAMAD, we seek to ensure the presence of a meaningful representative of minority entrepreneurs and employees in the automotive retail sales, supplier and service sectors” NAMAD president Damon Lester said.

“Our partner, EFG Companies, has a successful history of innovation and clearly recognizes the vital role minority dealers play in the industry,” Lester continued. “Together, we will provide a greater means to impact future leadership opportunities and success for minorities.”

EFG Companies president and chief executive officer John Pappanastos explained why the company chose to make this commitment.

“It is truly an honor for EFG to bring two stalwart partners together in the form of NAMAD and Northwood to join us in affecting meaningful progress in one of the most critical industries in America,” Pappanastos said.

“We’ve seen in just this year alone that the rate of change in which dealers are operating is only increasing,” he continued. “We feel we have a personal responsibility to bring diverse ideas and the brightest minds to the table so the industry may achieve maximum potential.”

The NAMAD scholarship will be available to students applying for the 2015-2016 school year.

“At Northwood University, one of our greatest distinctions is the personalized attention we offer each student to prepare them as leaders, not just professionals” Northwood University president and CEO Keith Pretty said.

“Northwood has a strong minority student population, and this scholarship bolsters our efforts to ensure all students are afforded the opportunity to drive innovation and succeed in the retail automotive marketplace,” Pretty went on to say.

Scholarship applications and guides to scholarships currently being offered are available on the Northwood University website after Dec. 1.