PATTERSON AUTO GROUP PARTNER PROFILE. Increasing profitability by building lasting relationships. Patterson Auto Group. Objectives: Success:

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1 PATTERSON AUTO GROUP Increasing profitability by building lasting relationships PARTNER PROFILE Patterson Auto Group 315 Central Freeway East Wichita Falls, TX Objectives: Drive retention Increase PRU Reduce reliance on fi nance reserve Success: PRU increased by 40% in 4 years resulting solely from F&I product sales Today s vehicle service contract sales alone account for 71% of the dealer group s total PRU, signifi cantly reducing reliance on fi nance reserve

2 Economic Landscape In 1979, The Shah of Iran was overthrown and the Ayatollah Khomeini came to power, slashing Iran s oil production and plunging the U.S. back into a recession mirroring the 1973 recession. Double-digit infl ation returned, interest rates soared up to 20%, and the threat of a gasoline shortage and the return to rationing sent Americans fl ocking to gas stations. While the rest of the nation was in a recession, the auto industry was experiencing a depression. The second oil crisis in 10 years changed the competitive landscape from bigger is always better to frugality is the name of the game. During this time of great upheaval, Patterson Auto Group was born. With the opening of his fi rst store, Harry Patterson knew that to be successful, he would have to be nimble enough to adapt to whatever the market threw his way. As the auto retail industry struggled to stay afl oat, the model of using finance and insurance products to generate greater profit was just beginning to make headway. Harry Patterson became a fi rst-adopter and engaged EFG Companies for an F&I solution when he opened his fi rst dealership. Patterson knew that with consumers being more circumspect about new vehicle decisions, he had to incentivize them with benefits beyond simply having a new vehicle. With EFG s innovative product development, Patterson was able to do just that and EFG became his fi rst and only F&I product provider, creating a lasting relationship that has spanned almost 40 years. 2

3 Patterson s Brand Promise Fast forward to the Great Recession. The auto industry was experiencing another crisis that even government bailout programs struggled to shake off. By the midpoint of 2010, there were small indications of improvement, however spending and employment sectors appeared to be negative or fl at. Consumer confi dence was still shaky and the unemployment rate was still at 9.6%. Americans were holding off on making big purchase decisions and the auto group needed to re-evaluate how to address current economic conditions and bring in more business. As such, dealers were quickly working to develop a greater level of business analytics, diligence in compliance, and proactive management to include individualized training programs for personnel and key staff retention strategies. EFG developed a strategic program to leverage Patterson Auto Group s brand promise. EFG developed a strategic program to leverage Patterson Auto Group s brand promise. With extensive recruiting, training and compliance support, the auto group was able to build upon its solid foundation of putting the customer first to cultivate a culture of superior service performance. 3

4 EFG s Engagement EFG initiated its plan by tackling the auto group s greatest challenge and asset its people. EFG s recruiting and training experts utilized the company s proprietary Top Performer model to determine which behavior set would work best within the dealership. With this Top Performer Profi le, they were able to place key performers in roles where they could succeed and increase dealership profitability. After re-evaluating and placing top talent within the dealership, EFG worked with Patterson s management team to determine areas of improvement and develop performance benchmarks. They reviewed everything from the meet and greet to loan qualifi cation. EFG specifi cally helped them in presenting options by putting the F&I director in an advisory position versus a sales role, with the goal of increasing customer satisfaction by allowing the customer to make a purchase decision within a valued set of options. Along with focusing on the fundamentals and positioning dealership personnel as advisors, EFG also focused training and process development on ensuring compliance and ethics. This became critical as government oversight increased with regards to dealership markup practices. In addition, EFG readdressed Patterson Auto Group s pay plans to meet dealership goals and provide the maximum opportunity for revenue generation by providing a more positive and motivational compensation and promotion strategy. 4

5 The Approach Lastly, Patterson and EFG evolved the dealership group s F&I product mix to directly address the recessionary environment. They implemented market-differentiating products that addressed the need to protect their consumers credit and investment in their new vehicle. Along with EFG s MAP vehicle service contract, Signature Finish Tire and Wheel, Signature Finish Dent Protection, and GAP debt protection, EFG most recently began implementing a proprietary customer retention program. Patterson VIP was designed to foster customer loyalty and increase service-drive revenue by creating the habit for consumers to return to the dealership for all their vehicle service needs, while also providing timely service reminders via a sophisticated marketing algorithm. According to NADA, vehicle buyers establish their vehicle maintenance habits during the first 18 to 24 months, or six to eight maintenance visits; and, 70% of dealer service customers will strongly consider making their next purchase at the dealership. Patterson s goal with VIP is to motivate customers to establish their maintenance habits with the dealership group and increase customer retention. Vehicle buyers establish their maintenance habits within the first six to eight maintenance visits. 70% of dealer service customers will strongly consider making their next purchase at the dealership. 5

6 End-to-End Solutions Patterson VIP comes complimentary on every vehicle sold. Whether buying new or used, Patterson customers receive complimentary oil changes and tire rotations. Additionally, Patterson VIP customers receive roadside assistance benefits that auto-renew every time they bring their vehicle in for their complimentary oil changes and tire rotations. VIP roadside assistance includes alternate transportation and tire protection, where Patterson will replace or repair a tire damaged by a road hazard. With the combination of product innovation and the implementation of revamped procedures, training and recruiting methodologies, Patterson Auto Group came out on the other side of the Great Recession with the honed muscles and habits of a professional athlete. The Auto Group not only increased sales, but also lived up to its brand promise The Patterson Difference in one of the toughest economic recessions since the Great Depression. Throughout both the oil recession of 1979 and the Great Recession spanning 2008 through 2010, and all the ups and downs in between, EFG Companies has provided Patterson Auto Group with the innovation and client engagement necessary to not only weather the storms, but also remain a top volume dealer in its area for the last three decades. 6

7 Results During the heart of the Great Recession, Patterson Auto Group closed out 2009 with a PRU of $958. The auto group closed out the third quarter of 2014 with a PRU of $1,330. This represents an increase of 40% from BANK 40% Increase in PRU 2014 PRU: $1330 Finance Reserve Accounted for 62% of 2009 Profit 2009 PRU: $958 It s also important to note that with Patterson Auto Group s product reserve currently at $611, it has remained fairly constant over the years. So, that 40% increase in PRU resulted solely from F&I product sales. In fact, today s vehicle service contract sales alone account for 71% of the dealer group s total PRU and make up almost the entire PRU from

8 Lasting Success Harry Patterson founded Patterson Auto Group with the simple philosophy If it s only good for me, it s not right. EFG s services and unmatched client engagement allowed Patterson to remain true to this philosophy by fostering a culture where his sales and F&I team were empowered and trained to listen to their clien ts, and provide a total ownership experience that creates lasting relationships. This dedication of customer satisfaction directly correlates with Patterson Auto Group s success in increasing its PRU. John Stephens Vice President, Dealer Services EFG Companies To learn more about EFG Companies, visit efgcompanies.com Or Contact: John Stephens, Vice President, Dealer Services 8

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