Experiential learning took on an enhanced meaning this semester for 18 juniors and seniors of Northwood’s Automotive Marketing and Management program. Broken into six groups of students, the teams have been engaged since early September in an intense, high-stakes product development competition to be named Finance and Insurance (F&I) Innovator of the Year by EFG Companies. Working with EFG, the group behind the award-winning Hyundai Assurance program, the teams created a new F&I product, which the company plans to develop for the auto retail market. Thursday night, EFG announced the team of Quantum Integration as F&I Innovators of the Year for their product “Watchdog”. Team members are: Collin Ulvund, Jon Volmuth and Richie Durso. The team received a $25,000 award and more importantly, its product will be developed by EFG with a percentage of the profits returning to Northwood.
The EFG competition was the opportunity of a lifetime for our students, and a way to experience first-hand the challenging realities of business. It offered a fantastic avenue for hands-on exploration of what it means to be an entrepreneur – a lesson not always easy to convey in a classroom setting.
Our core purpose at Northwood is to develop leaders, managers, and entrepreneurs with the character and skills to drive personal, organizational and societal success. An excellent way to help our students become the future leaders of a global, free-enterprise society is through experiential learning like the F&I Innovator of the Year Award. We are very grateful to EFG for offering a competition of this caliber. Our students gained a deep understanding for dealer finance and insurance challenges and thrived in the process.
See photos from the EFG F&I Innovator of the Year awards ceremony on the Northwood University Facebook page.
Have a good weekend.
Keith A. Pretty, J.D. President and CEO Northwood University 4000 Whiting Drive Midland, MI 48640 989.837.4203