DALLAS -

On Monday, EFG Companies launched what it’s calling MAP My Miles — a mileage-only vehicle service contract that can enable consumers to customize their VSC to their personal driving habits.

According to a recent EFG survey, 40 percent of consumers nationally said that the terms of the last VSC they purchased ended up being either too much or too little for what they needed. The company acknowledged restrictive coverage terms are often one of the hardest obstacles F&I managers face in selling F&I products.

In addition, the survey noted close to 50 percent of consumers who previously purchased a VSC went on to say that they want to customize the miles of their next VSC to fit their own needs.

With MAP My Miles, dealers can tailor the product to a customer’s specific driving habits instead of having to accept a standard, traditional coverage level in defined increments which the industry has relied upon for so long.

EFG Companies president and chief executive officer John Pappanastos explained this new product can provide dealerships with the opportunity to give customers a VSC that’s a perfect fit for them, save time in the F&I office, and turn a sometimes cumbersome selling process into a relaxed conversation – increasing sales.

“We’re seeing trends in other industries that consumers are responding very positively to the ability to personalize products and services,” Pappanastos said. “For example, the cellphone industry went through significant upheaval as new competitors entered the market giving consumers the ability to completely customize phone plans.

“As a partner in our clients’ success, we recognize the importance of staying ahead of, and leveraging, trends in consumer demand,” he continued.

MAP My Miles can give dealerships an immediate means of capturing market share by turning the sales process into a more value-based conversation while providing customers more control over their coverage. Dealerships can also increase revenue by upgrading customers from EFG’s Select coverage level to either Choice or Premium, EFG’s most comprehensive coverage level.

For more details about MAP My Miles go to www.efgcompanies.com.