September 26, 2013
Need to Know
INDUSTRY NEWS IN THE LAST 24

nada_dealers22 Auto Dealers Take CFPB Issues to Washington

More than 400 fran­chised auto deal­ers weighed in with Wash­ing­ton law­mak­ers over CFPB reg­u­la­tions while attend­ing NADA’s annual Wash­ing­ton Conference.

Deal­ers speak out on efforts to alter the auto financ­ing mar­ket­place. [More]


NADA Front Page
california_rebates22 California Votes to Extend Rebates, Build Infrastructure

The Cal­i­for­nia leg­is­la­ture has approved mea­sures to extend rebates for elec­tric vehi­cles and to help develop up to 100 hydro­gen fuel­ing sta­tions over the next decade.

Get the details on these sig­nif­i­cant moves toward alter­na­tive fuel mea­sures. [More]


Detroit News
akerson_dan222 GM’s Akerson Touts Strong Financial Results

“Good things hap­pen when you build great cars and trucks…,” GM CEO Dan Aker­son said in a state­ment, as Moody’s Investor Ser­vice raised GM’s cor­po­rate rat­ing reflect­ing sus­tained profitability.

Find out why Moody’s decided to upgrade GM’s invest­ment credit rat­ing. [More]


Detroit Free Press
TODAY: Making Full Use of Customer Data; Converting TV Spend to Social Media; Financing Level Highest Since 2006; More 
Video news that moves people and ideas
williams-mike

Don’t Apply the Technology Wrong Way

Get­ting an han­dle on inter­nal data and ana­lyt­ics can tell you where deal­er­ship processes are weak or strong — and help guide your busi­ness to where it needs to go.

williams-mike Don’t Apply the Technology Wrong Way
MIKE WILLIAMS VP of Mobile and Direct Sales, Black Book
manson-gregg Plugging the Revenue Holes in Your Service Dept.
GREGG MANSON Field Services, Xtime
dowd-skip The Future of Chat Will Change Car Sales
SKIP DOWD SVP of Automotive Solutions, Contact at Once
VIDEO: Establish Trust, Build Loyalty
warkentin-dave
  Dealing with the Credit Challenged
 

When track­ing credit-challenged cus­tomers, extended grace peri­ods and pay­ment reminders are a great way estab­lish trust and build loyalty.


Click here to watch video
VIDEO: Subprime Landscape Keeps Changing
bunch-jeff
  Many Players Enter Market as Demand Grows
 

As new car sales increase due to pent up demand, more sub­prime play­ers are enter the mar­ket and the land­scape of finance is con­stantly changing.


Click here to watch video




Dealer Pain Points
BY NADA UNIVERSITY

autorepairman_1_13_2009-8_14_am Process Makes Perfect

Prac­tice makes per­fect, but even the best peo­ple will deliver spotty results unless they’re fol­low­ing a well-defined process.

In the ser­vice depart­ment, get­ting the process off to a good start is crit­i­cal to a prof­itable end­ing.

Click to learn more.

hire wire act The High Wire Act — In Parts

Run­ning a parts depart­ment is a lot like per­form­ing a high-wire act. A slip-up on the high wire can be deadly. Slip­ping up in parts will kill your profits.

You need bal­ance — enough of the right parts to meet demand while avoid­ing over­stock issues that can crimp cash flow.

Click to learn more.

top secret Are You the Best-Kept Secret in Town?

The aver­age con­sumer thinks deal­er­ship ser­vices cost more, and that’s usu­ally not true. You’re com­pet­i­tive in a vari­ety of ser­vices but there’s no reward for keep­ing it a secret.

Take steps to improve ser­vice sales.

Click here to learn more.

Doing It Right  
HOW-TOs BY INDUSTRY EXPERTS

New vehi­cle financ­ing is at the high­est level since track­ing began in 2006. A record 84.5 per­cent of con­sumers who acquired a new vehi­cle in the sec­ond quar­ter obtained either a loan or a lease to fund the purchase.

“Loans have become more acces­si­ble in recent years, and we’ve seen a steady growth in the per­cent­age of con­sumers financ­ing their vehi­cles,” said Melinda Zabrit­ski, senior direc­tor of auto­mo­tive credit for Exper­ian Auto­mo­tive. 

Find­ings from the lat­est Exper­ian Auto­mo­tive State of the Auto­mo­tive Finance Mar­ket report include:

• Of all new vehi­cles financed, leases accounted for an all-time high of 27.64 per­cent dur­ing the sec­ond quar­ter, up from 24.4 per­cent in Q2 2012.

• The dif­fer­ences in financ­ing attrib­utes, such as aver­age monthly pay­ment, credit score and financ­ing term. For exam­ple, the aver­age monthly lease pay­ment was $408, com­pared with $457 on a new vehi­cle loan.

• Non­prime, sub­prime and deep-subprime new vehi­cle loans increased to 27.45 per­cent mar­ket share in Q2 2013, up from 25.41 per­cent in Q2 2012.

• For used vehi­cles, non­prime, sub­prime and deep-subprime loans accounted for 57.31 per­cent mar­ket share in Q2 2013, up from 56.46 per­cent in Q2 2012.

Learn more about the Exper­ian Auto­mo­tive 2013 Q2 findings.

 
Behind the Numbers  
MARKETING CAMPAIGNS

For deal­ers and automak­ers plan­ning their TV adver­tis­ing spend for Q4 and into 2014, it may start drift­ing away from local TV and cable stations.

Face­book is test­ing videos that play auto­mat­i­cally on web­sites and on mobile devices.

The 1.15 billion-member social net­work wants to set up an attrac­tive venue for lucra­tive, television-like video ads.

The videos will be silent when they appear in a Face­book user’s news­feed, but expand and play the audio when clicked.

TV ads on social media will poten­tially become a major avenue for reach­ing con­sumers who’ve left tra­di­tional media – the chal­lenge will be engag­ing them and not turn­ing them off alto­gether from Face­book and other social media sites.

Check out what’s hap­pen­ing with major social media sites break­ing into the huge TV adver­tis­ing space.…




Build a Better Dealership
SMART INSIGHTS FOR SMART DEALERS

car_woo_capture_leads22Would You Like a Leg Up on Closing More Online Leads?

The Sit­u­a­tion:

Chal­lenged by a highly com­pet­i­tive mar­ket in 2012, Volk­swa­gen of Down­town LA was look­ing for ways to cap­ture more of the mar­ket share of online customers.

Look­ing for a Solution:

As part of its plan to aggres­sively con­quest Inter­net buy­ers, the deal­er­ship brought vet­eran Inter­net Sales Direc­tor Dave Erick­son on board.

Luck­ily for Volk­swa­gen of Down­town LA, their newly-hired Inter­net Sales Direc­tor knew exactly what to do! There isn’t a deal­er­ship in the world that can’t use more sales per month, so it’s a given that your dealer man­ager will take the time to drill down fur­ther and find out what one deal­er­ship did to increase sales imme­di­ately and consistently.

buyer2_personas22Dealers: Make Full Use of Your Customer Data

At Issue:

Dealer Man­agers can be over­whelmed by look­ing at hun­dreds – if not thou­sands – of cus­tomer records.

The Back­story:

In the real-world, cus­tomer data is nei­ther con­sis­tent nor com­plete. Some­times mar­ket­ing man­agers stare at pages of spread­sheet tables, try­ing to make sense of all the cus­tomer data they hold, and won­der­ing quite where to start to make sense of it all. Such data is nor­mally gath­ered from dif­fer­ent places and is often poorly treated by sales and after­sales folk who see man­ual data entry as a time-consuming waste of time.

Ian Tom­lin, Mar­ket­ing Direc­tor of NDMC Con­sult­ing, uses “con­sumer sci­ence” to estab­lish buyer per­sonas for your deal­er­ship cus­tomers. Drill down fur­ther to under­stand how lump­ing deal­er­ship cus­tomers into var­i­ous lev­els help you under­stand and make bet­ter use of your cus­tomer data.

Smart Thinking - Pass It On  
WHAT'S IN YOUR DIGITAL WALLET?

At Issue:

The three objects you’re most likely to grab as you leave the house today are prob­a­bly your keys, your smart­phone and your wal­let. But if some forward-thinkers have their way, within a short time you’ll just be grab­bing the keys and phone. Dig­i­tal wal­lets – a the­o­ret­i­cal promise since the incep­tion of chip-based smart bank cards – may be about to go main­stream.

“For mobile and online trans­ac­tions, we are absolutely see­ing a move as con­sumers try to avoid pulling out their phys­i­cal wal­let,” says Lemon Wallet’s Jenna Wyer.

For mobile and online trans­ac­tions, retail­ers are see­ing a move to software-driven tech­nol­ogy as con­sumers try to avoid pulling out their wal­lets. Drill down fur­ther to learn what direc­tion con­sumer behav­ior is head­ing as the upcom­ing hol­i­day sea­son approaches.

 
The CFPB and Compliance  
NEW COMPLIANCE MANDATES SET THE PACE FOR DEALERSHIPS

At Issue:

Com­pli­ance asso­ci­ated with man­dates issued by the Con­sumer Finan­cial Pro­tec­tion Bureau are cre­at­ing quite an indus­try stir nowa­days – mak­ing the Red Flags Rule enforced by the Fed­eral Trade Com­mis­sion require auto­mo­bile deal­ers to develop and imple­ment a writ­ten iden­tity theft pre­ven­tion program.

Zurich Auto­mo­tive is Help­ing Deal­ers Stay Compliant

To help ensure that your deal­er­ship gets and stays in com­pli­ance, Zurich Auto­mo­tive is rec­om­mend­ing seven steps for Red Flags Rule Compliance.

Auto­mo­tive deal­er­ships need to be par­tic­u­larly care­ful about the han­dling of auto loans and leas­ing con­tracts under the new Con­sumer Finance Pro­tec­tion Bureau reg­u­la­tions. Drill down fur­ther for some great and timely infor­ma­tion to pro­tect your deal­er­ship from vio­la­tions and penalties.










Dealer Resources 
Autobytel
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DealerRater.com
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OneCommand
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AutoRaptor.com
The solution to your CRM dilemma and building long lasting customers.
FirstLook Systems
FirstLook Systems provides advanced Retail Performance Management solutions helping automotive dealers gain better visibility, decision making and performance of pre-owned retail operations.
PassTime
Payment Assurance & GPS Tracking technology designed to protect your assets.
AutoTrader.com
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Fiserv
Fiserv offerings address every step of the automotive lending process.
Thrifty Car Sales
Find out what Thrifty Car Sales Franchise Opportunities can do for you.
AutoUSA
AutoUSA Internet Sales Solutions brings the best-in-class tools to increase Internet sales and lower costs for automotive dealerships.
IMN
IMN is the digital marketing company that delivers branded newsletters and content for more than 3,000 organizations worldwide, combining custom, vertically-oriented content with advanced publishing technology and services.
vAuto
vAuto's Provision™ suite of inventory management tools is the auto industry's leading solution to help dealers increase used vehicle sales, profitability and return on investment.
Dataium
Dataium is the largest aggregator of Internet automotive shopping activity. With its Cloud Intelligence® platform, the company collects, analyzes, and indexes billions of online automotive shopping events from over 20 million active auto shoppers monthly.
NADA University
One Sources, Endless Possibilities, 24/7.
Xtime
Xtime is the leading provider of hosted Customer Relationship Management (CRM) systems for automotive services departments that seek to increase service revenue and customer retention.
Dealer.com
Turn-key automotive Internet marketing on one platform.
NextGear Capital
We are the largest independent inventory finance provider for used automobiles providing inventory financing to dealership operations in the areas of Retail, Wholesale, Rental, and Salvage.






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