Northwood University and EFG Cos., taking a page from the scripts of The Apprentice, Project Runway and Shark Tank, are looking for some inspiration from students to shake up the F&I product menu.
The Midland, Mich., school and F&I product vendor this fall are launching the F&I Innovator of the Year Award, an annual competition among Northwood students to invent an F&I product that EFG will develop for the auto retail market.
The goal? “To get the minds of Northwood around the changes going on in the industry,” John Pappanastos, CEO of EFG, told Automotive News.
Dealers are begging for new F&I products, and “there are a lot of possibilities in terms of what comes out” of the competition, he said.