“Approved this message” is likely a phrase we’ll all see, hear and read often for the foreseeable future since it’s an election year.

The message EFG Companies looked to reinforce to retail automotive and powersports dealers and finance companies was to focus on the overall strength of the economy and revenue generation opportunities even while politicians pitch their platforms and reasons for winning their race for elected office.

Applying their history of enabling clients to hit F&I profit stretch goals through 11 presidential elections, 22 Congressional elections, and countless state and local contests, company leaders emphasized setting aside election year distractions that can impede sales and service teams from delivering customer-centric value.

On Nov. 5, U.S. voters will cast their ballots to elect a president, all 435 representatives in the U.S. House of Representatives, 34 of 100 U.S. Senators, 11 state governors, and numerous other state and local officials.

While EFG acknowledged that several important topics such as inflation, labor and debt relief will be at the forefront of each party’s platform, the F&I industry service provider pointed out that history shows that U.S. presidential elections have had little bearing on the trajectory of the economy and business, regardless of which party wins.

Through all 46 presidencies to date, the U.S. economy has continued to grow, according to EFG.

“While there are some underlying economic macro trends, we agree with most experts supporting a continued decrease in inflation and interest rates, and projections reflecting a strong economy,” EFG Companies president and CEO Jennifer Rappaport said in a news release distributed just ahead of many state primary elections.

“We do not believe the presidential election will have a notable impact on the economy at large,” Rappaport continued. “However, control of the White House and Congress could guide policies impacting reinsurance positions, long-term wealth management, and operations, such as government regulation and oversight, consumer debt relief, labor relations, and taxation.”

According to GovTrack, there are currently 12,449 bills and resolutions before Congress. EFG pointed out that most relate to social issues, with only about 7% becoming law.

However, EFG said some bills relate to key topics of concern for those in the retail automotive, financing and consumer protection industries.

Regardless of the outcome, EFG emphasized that retail automotive and powersports dealers and finance companies can vote on their businesses by investing in their teams, delivering value to their customers, and strategically addressing their wealth management plans.

“In times of change or uncertainty, it’s best to focus on controllable outcomes,” EFG chief revenue officer Eric Fifield said in the news relase. “We recommend that clients prioritize their people and processes in 2024, focusing on increasing levels of customer service and the value of shopping with your dealership or lending institution.

“We encourage clients to capitalize on more lucrative back-end F&I profitability options that drive repeat business in the service drive, income development, and market differentiation. Last but certainly not least, we encourage clients to look deeper at their reinsurance positions regarding long-term growth and succession planning,” Fifield went on to say.