October 24, 2013
Need to Know
INDUSTRY NEWS IN THE LAST 24

toyota_financial_services22 Toyota Aims ‘Secret Weapon’ at Rival Automakers

It’s always good to have a leg up on the com­pe­ti­tion, and Toy­ota Finan­cial Ser­vices has become just that, mak­ing it a strong cap­tive part­ner for the automaker.

Find out what the secret weapon is, and how it works to Toyota’s advan­tage. [More]


Bloomberg News
beyond_bric22 Sound Advice for Global Automotive Players

The Boston Con­sult­ing Group issues a report pro­ject­ing that automak­ers must reach beyond the cur­rent regional clus­ters if they want to remain on top in global sales.

Find out more about the report’s pro­jec­tion look­ing ‘Beyond BRIC’. [More]


Market Wired
consumer_reports22 Consumer Reports Rates 2 Models Less-than-Favorable

The new 2014 Lexus IS 250 and the 2014 Infiniti Q50 received low scores from Con­s­mer Reports, fail­ing to achieve the cov­eted “rec­om­mended” rating.

Find out what caused Con­sumer Reports to lower its rec­om­men­da­tions for these two mod­els. [More]


The Detroit Bureau
TODAY: Great Advice from DrivingSales; 40 Years After OPEC; More 
Video news that moves people and ideas
ciarrocchi-stephen

Compliance: Avoid the CFPB’s Wrath

Look­ing to avoid the wrath of the CFPB? An eval­u­a­tion of some of your deals with a focus on con­sis­tency in your approach could find oppor­tu­ni­ties to improve in com­pli­ance and dis­cover poten­tial areas for profit.

ciarrocchi-stephen Compliance: Avoid the CFPB’s Wrath
STEPHEN CIARROCCHI VP of Alternative Distribution, Zurich Direct Markets
ODell_Shane_NextGear Capital Harnessing Data Properly is Now Mission-Critical
SHANE O’DELL Chief Operating Officer, NextGear Capital
Spinella_Art_site visit Wish Lists: Tapping Into What Car Shoppers Want
ART SPINELLA President, CNW Research
VIDEO: A Word from NADA's Chairman
westcott-david
  NADA Chairman: How CFPB Guidance Could Hurt Consumers
 

In an inter­view on “Aut­o­Fo­cus with David Hyatt,” NADA Chair­man Dave West­cott renews a call for more trans­parency from the Con­sumer Finan­cial Pro­tec­tion Bureau.


Click here to watch video
VIDEO: Consumer Credit Today
covington-patricia
  “The CFPB Thinks Auto Consumer Credit is Broken”
 

The Con­sumer Finan­cial Pro­tec­tion Bureau is going to have a huge impact on deal­ers. Make sure that your F&I Dept. knows how to stay in compliance…


Click here to watch video




Dealer Pain Points
BY NADA UNIVERSITY

21-Used-Cars Cash Clot. Financial Defibrillator Needed.

Clogged arter­ies slow down blood flow and lead to heart attacks. What’s true for the human body is true for deal­er­ships where the lifeblood of the busi­ness is cash.

When a dealership’s finan­cial arter­ies get clogged that slows the flow of cash into the store and could put the busi­ness on life sup­port. Deal­ers have eight vital signs to mon­i­tor their finan­cial health. Click to watch the video that dis­cusses the dan­gers posed by one of them and offers a pre­scrip­tion for treatment.

online sales success Restructuring for Online Sales Success

The Inter­net cre­ated a whole new game, one that con­stantly evolves and involves a lot more than your web­site. Is your team orga­nized to play? Do you have peo­ple to fill the new posi­tions on the field of play?

 Click here to see a video where a lead­ing expert dis­cusses restruc­tur­ing your store for online success.

Parts Department batting average What’s Your Parts Department Batting Average?

In base­ball, a player’s bat­ting aver­age is a key mea­sure of suc­cess. But while a .300 bat­ting aver­age is ter­rific in base­ball, that would be an awful per­for­mance for your parts department.

Click here for a video that will teach you how to mea­sure your parts depart­ments bat­ting aver­age, and how to spot clues that it could be doing a lot better.

Doing It Right  
HOW-TOs BY INDUSTRY EXPERTS

Just as pay­day lend­ing evolved to bet­ter meet the needs of the under­banked, so will auto lend­ing change to meet the needs of non-prime customers.

That indus­try is large, it’s grow­ing, it’s incred­i­bly frag­mented, it’s inef­fi­cient, it’s lop­sided (the house mostly wins), and it’s one of the largest yet worst con­sumer finan­cial experiences.

New tech­nol­ogy, new busi­ness mod­els and new reg­u­la­tion rep­re­sent an enor­mous oppor­tu­nity for incum­bents and entre­pre­neur­ial thinkers to cre­ate a more effi­cient and more trans­par­ent marketplace.

Here’s what we could see in five years…

 
Behind the Numbers  
FUEL EFFICIENT VEHICLES

Octo­ber 17, 2013, saw the 40th anniver­sary of the OPEC oil embargo. The days of 25 cents per gal­lon gaso­line were over and the com­ing years would see des­per­ate attempts to solve the problem.

The sec­ond gaso­line cri­sis in 1979 again drove up pump prices and forced dri­vers to wait in long lines to fill their tanks.

For Keith Crain, editor-in-chief of Auto­mo­tive News, it was the end of inno­cence – when automak­ers had been com­pet­ing to pro­vide the biggest and best cars to dri­vers and mileage didn’t really mat­ter at all.

In the years that fol­lowed, import cars stated being taken seri­ously in the Detroit 3-dominated US mar­ket. Japan­ese small cars pro­vided the fuel economy.

We’ve seen the dis­rup­tive force of sky­rock­et­ing gaso­line prices on our econ­omy in 2008 and after. Read more about the polit­i­cal and eco­nomic issues impact­ing the future of oil prices and fuel effi­cient and alter­na­tive fuel vehicles.




Build a Better Dealership
SMART INSIGHTS FOR SMART DEALERS

Used vehicle auctionsDealers Get Help to Efficiently Find, Purchase Wholesale Used Vehicles

The recent AuctionGenius/AWG Simul­cast inte­gra­tion helps deal­ers with instant access to a larger pool of avail­able vehi­cles at inde­pen­dent auc­tions they may not have con­sid­ered in the past.

“This inte­gra­tion con­tin­ues our efforts to pro­vide deal­ers con­ve­nient access to a wider vari­ety of whole­sale vehi­cles and help them quickly find and pur­chase the ones that meet their used inven­tory needs,” says Todd Kin­zle, Direc­tor, Oper­a­tions, for vAuto Genius Labs.

“The AWG Simul­cast inte­gra­tion with Auc­tion­Ge­nius fits per­fectly with our goal to help inde­pen­dent auc­tions adopt new mobile and online tech­nolo­gies that help their dealer cus­tomers  buy and sell whole­sale vehi­cles in a more cost-effective and effi­cient man­ner,” says Keith Whann, Founder of the Whann Tech­nol­ogy Group.

Who is using this now?

dos and dontsCombating the Top Mistakes of Automotive Marketing

Sit­u­a­tion:

Con­sumer behav­ior and the pur­chase process have intro­duced changes to auto­mo­tive mar­ket­ing and media attri­bu­tion, but deal­er­ships are look­ing at old met­rics in old ways, accord­ing to Cars.com.

Fol­low­ing these 7 “dig­i­tal sins” could mean a dealer is wast­ing media dol­lars and elim­i­nat­ing adver­tis­ing options that could help influ­ence shoppers.

Solu­tion:

Cars.com aims to posi­tion deal­ers to reach the right audi­ence, build aware­ness, drive con­sid­er­a­tion and ulti­mately improve con­ver­sion rates.

Cars.com Train­ers, Ed Woelfle and Jack Sim­mons, work together to high­light seven com­mon mea­sure­ment chal­lenges, and pro­vide tips to align processes and media buy­ing deci­sions with the behav­iors of today’s car shop­per in a webi­nar titled “The Seven Dig­i­tal Sins of Attri­bu­tion”.

Webi­nar reg­is­tra­tion is free. Read on!

Smart Thinking - Pass It On  
BE A MORE EFFECTIVE AND PROFITABLE AUTO RETAILER

At Issue:

There isn’t an auto­mo­tive dealer in the coun­try who isn’t look­ing for more effec­tive ways to boost sales and prof­its, so the infor­ma­tion gath­ered by Dale Pol­lak at the recent Dri­vingSales Exec­u­tive Sum­mit in Las Vegas is well worth sharing.

“It’s impor­tant that all deal­ers rec­og­nize what Jared Hamil­ton and his team at Dri­vingSales are doing for our indus­try. [The] Dri­vingSales Exec­u­tive Sum­mit in Las Vegas brings together a stel­lar ros­ter of speak­ers, a host of insights and mul­ti­ple net­work­ing oppor­tu­ni­ties to help deal­ers be more effec­tive and prof­itable auto retail­ers,” says Pol­lak.

Deal­ers: Take advan­tage of Dale Pollak’s abil­ity to draw out the best deal­er­ship man­age­ment strat­egy wher­ever he goes. Drill down fur­ther for the 5 take­aways Dale Pol­lak has put together from top speak­ers at the 2013 Dri­vingSales Exec­u­tive Summit.

 
Getting More from Big Data  
VALUE-ADDED SERVICE FROM BIG DATA

At Issue:

The aver­age car on the road today gen­er­ates a mind-boggling amount of data. With sen­sors mon­i­tor­ing every­thing from tire pres­sure to engine RPM to oil tem­per­a­ture and speed, cars can pro­duce any­where from 5 to 250 giga­bytes of data an hour.

“Most peo­ple don’t under­stand what makes data big,” says Scott McCormick, pres­i­dent of the Con­nected Vehi­cle Trade Asso­ci­a­tion and indus­try adviser to the U.S. Sec­re­tary of Trans­porta­tion. “A car may pro­duce an exabyte of data a year (a bil­lion giga­bytes), but most is com­pletely mean­ing­less. Iso­lat­ing the megabyte of data a month that’s really valu­able, and then fig­ur­ing out what you can do with it, that’s the chal­lenge of Big Data.”

So the ques­tion is: Why aren’t more automak­ers cap­i­tal­iz­ing on the value con­tained in Big Data?

It’s not just cus­tomer sat­is­fac­tion where Big Data will help OEMs. It’s a bet­ter bot­tom line for all, includ­ing deal­ers, thanks to reduced war­ranty costs. Drill down to find out what automak­ers and OEMs can gather from Big Data.










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