EFG Companies, the innovator behind the award-winning Hyundai Assurance program, together with Northwood University, have announced the student competitors and F&I mentors participating in the second annual F&I Innovator of the Year competition. Vying for $25,000 in prize money, this year’s 18 contestants hail from Arizona, California, Illinois, Indiana, Michigan, New Jersey, Pennsylvania and Wisconsin.
The credit-based competition pits six teams of Northwood’s automotive students to conceptualize and build a new F&I product. Each team is mentored by an F&I director, and the competing teams develop a business case for their new F&I product that incorporates industry research, market viability and the product’s potential to facilitate F&I product sales in franchise dealerships. The teams also will keep weekly YouTube video diaries of their progress, challenges and breakthroughs.
“The mentors’ industry experience is invaluable in guiding the competitors on the real-world challenges facing dealerships today,” said John Pappanastos, president and CEO of EFG Companies. “From changing consumer purchasing behaviors, to increased FTC and CFPB compliance oversight, and a call for enhanced transparency, these mentors will impart a wealth of knowledge that spurs innovation among the students.”
The teams and mentors include:
Each year, Northwood selects the best and brightest students from the Automotive Marketing and Management Program to participate in the F&I Innovator of the Year competition. To be eligible for participation, each student must maintain a 3.0 GPA, and hold internships or extracurricular activities in the automotive industry.
The competition runs through Nov. 11, when a panel of leading dealer principals and EFG executives will judge each team’s business case. EFG Companies will award the winning team $25,000, and will develop the winning F&I product for the retail automotive market. The company also will return a percentage of the product’s revenue to Northwood University.
For more information on the competition, click here.
