HI Leverages Synergy to Cushion Pandemic Effects
Date Published: July 23, 2020
House of Investments (HI) is leveraging its synergy with co-members of the Yuchengco Group of Companies (YGC) to boost efficiency for its auto business amid the pandemic. The company is also setting aside approximately P10M to cover package solutions for marketing and after-sales services of its seven Honda, Isuzu and Geely dealerships in Metro Manila.
In a press statement, Johnny Fetalvero, SVP and head of HI’s car division, said YGC’s overall efficiency plays a key role in the delivery of services. “As part of YGC, we’re able to package our products with viable options including bank financing, insurance and possible links to our partners,” Fetalvero said.
Meanwhile, HI President and CEO Lorenzo V. Tan affirmed the importance of the Group’s synergistic efficiencies to absorb the impact of the health crisis on all stakeholders. “With the combined strengths of our subsidiaries, we are able to continuously look for solutions that will make seamless delivery of our products and services. Our synergy is helping us move forward toward the changing normal,” Tan said.
Under YGC, HI-Cars is able to connect with RCBC for auto loans, car insurance protection under Malayan Insurance, and even individual accident plans under Sun Life Grepa. Having these connections give customers the advantage of convenience and reliability, and for HI car dealers to function as a one-stop shop especially now that everyone is adjusting to the new normal of automotive sales and service.
“We understand that customers now prioritize their vehicles’ condition and maintenance. That’s why dealerships need to add more value in ensuring customers’ cars last longer,” Fetalvero said. “We also need to make it less burdensome for customers, especially for those who prefer online transactions. There has been a spike in digital inquiries – from price quotations and computations to brochures and photos. 90% of customer engagement happens in social media. Right now, almost everything can be processed electronically so it’s non-contact – financing applications, quotations, payments.”
Fetalvero pointed out that there are other opportunities that HI can leverage given present challenges of face-to-face transactions. HI car dealers have optimized their 24/7 social media hotline to serve more customers and our OFWs. The company is also exploring ways to bring services closer to where customers are – residential villages, offices and other remote locations. Since walk-ins are now entertained, safety protocols have been applied in all branches. HI car dealers have trained its frontline staff to become more than just sales people to become solutions providers.
“The dealers and the plant have developed a safety manual to ensure that our dealership is safe for our customers and employees. This covers an appointment system, setup of the customer lounge, sanitation of facilities, and other details that we are strictly implementing in all our dealerships” said Fetalvero.
Fetalvero acknowledges other prospects given the rise of shared mobility, commercial vehicles, and eco-friendly hybrids. “At the end of the day, service quality and efficient processing will have to adapt to the changing normal in automotive dealerships first. Once you have these in place, a positive industry growth outlook will beat this pandemic,” explained Fetalvero.