EFG Companies has added a vehicle service contract designed for buyers of EVs such as the Hyundai Ioniq Electric. 
 - Photo courtesy Hyundai Motor Co.

EFG Companies has added a vehicle service contract designed for buyers of EVs such as the Hyundai Ioniq Electric.

Photo courtesy Hyundai Motor Co.

DALLAS — EFG Companies announced the launch of the new Motorist Assistance Plan (MAP) Electric Vehicle Protection. The new exclusionary vehicle service contract was designed to meet the unique needs of electric vehicle owners and help dealers diversify their revenue streams through both the F&I office and the service drive.

MAP Electric Vehicle Protection provides coverage for all assemblies and parts, the manufacturer-installed battery, and electric vehicle motors, excluding a specific list of parts. It also provides roadside assistance, rental reimbursement, and trip interruption benefits.

“At EFG, we pride ourselves on providing our partners with solutions that are at the fore-front of industry changes,” said John Pappanastos, the company’s president and CEO. “There is continuous growth opportunity in the electric-vehicle market and dealerships need to be equipped to not only sell and service those vehicles, but also provide valuable consumer protection.”

Executives noted most electric vehicle manufacturers provide coverage for an EV battery up to eight years or 100,000 miles. MAP Electric Vehicle Protection provides coverage for up to 11 years and 150,000 miles, providing customers an extra three years of protection. They added most VSCs on the market were designed for traditional internal-combustion engines, covering up to 2,000 parts that aren’t installed on electric vehicles while failing to cover the expensive battery and motor.

“Rather than providing a one-size-fits-most vehicle service contract, dealers selling MAP Electric Vehicle Protection are better positioned to differentiate themselves in the electric-vehicle market with a program tailor-made for their electric-vehicle customers,” said EFG CSO Eric Fifield. “The market-differentiation, built-in loyalty, and service drive revenue provides dealership owners with a critical return on investment.”

Originally posted on F&I and Showroom

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