December 11, 2013
Six in 60 Seconds

auto-dealership Today’s New in Context — Wednesday, Dec. 11

Indus­try Ana­lysts Love Mary Barra as GM Leader & Engineer

  • Edmunds Krebs says Barra an “Extremely com­pe­tent executive.”
  • Edmunds’ Vis­nic  says “New era with the choice of an engineer.”
  • Kelley’s Brauer – “Mary has the con­fi­dence of GM Board & is leader.”

Big Techs Called Hyp­ocrites for Call to Stop Data Collection

  • Pri­vacy advo­cates told Tech to prac­tice what preached
  • All com­pa­nies engaged in some kind of per­sonal data collection

You and Me Just Sold Our GM Stock at $10.5 B Loss

  • U.S. Gov’t sold remain­ing GM stock from the Bailout
  • Trea­sury recov­ered $39B from stock sales & repayments
  • Feds did not expect to recover the full amount

Four Rea­sons More Cars are Being Built in Mexico

  • Low labor costs – like $2.50 per hour
  • Close to U.S. –Nearly 70% of Mex­ico exports go to U.S.

Eat More Nuts and Live Longer & Healthier

  • A hand­ful of nuts could make you live longer, sell more cars
  • Daily rec­om­men­da­tion is 1.5 oz. serv­ing of nuts every day

Deal­ers Sell­ing to Fleets Get Tax Break

  • Big tax breaks are going away on Jan­u­ary 1st

Be the Smartest Per­son in the Room: get more in-depth (but still fast) run­down of the above-mentioned sto­ries RIGHT HERE.


VIDEO: Harnessing Data Properly is Now Mission-Critical

Data is only good if you can use it to con­vert more cus­tomers into sales trans­ac­tions — is your deal­er­ship embrac­ing tech­nol­ogy to make proper use of the data you have? If not, you’re giv­ing your com­peti­tors an advantage.

VIDEO: It's Holiday Strategy Time!
  Creating Goodwill Through Community Outreach

The hol­i­day sea­son is upon us, and it’s time for deal­ers to plan their end-of-year strate­gies. Com­mu­nity out­reach pro­grams are often a good place to start.

  Is NHTSA Really Prejudiced — or Being Influenced by Detroit, Politics, & Bureaucratic Power Grabs?

What’s the Sit­u­a­tion? There are some things that you just do not want to think – or believe.  But with what and how NHTSA keeps doing & did almost unchal­lenged under LaHood – and now Strick­land – one has to wonder.

There are recalls almost every day and inves­ti­ga­tions of cars and com­pa­nies that do not seem to be war­ranted – recalls that seem to lack bal­ance, judg­ment, and analy­sis. So, has NHTSA gone ‘NUTSA’? Read on and judge for yourself.

Dealer Pain Points

Do your allstars earn allstar pay Do Your All-Stars Earn All-Star Pay?

Every depart­ment has its chal­lenges. In ser­vice, maybe the mar­ket­ing isn’t work­ing. Maybe there are delays at the parts counter. Or maybe the techs aren’t motivated.

Are you meet­ing or beat­ing NADA finan­cial per­for­mance guide­lines? Click here to learn more.

49-Tech-working-on-engine-1024x576 Poor Parts Profits? Here’s the Fix.

You can’t rack up prof­its in ser­vice with­out parts. But too many deal­er­ships have too many parts that are obso­lete and quickly declin­ing in value, if not almost worthless.

Watch this video to find out how to sew up that hole to ensure that your pocket for parts is profitable.

50-Person-with-Hamburger Time Wasters That Kill Service Profits

Do you put the ketchup on a burger before you cook it? Of course not. There’s a sequence to prepar­ing the burger and adding the fixings.

Ser­vice and parts depart­ments have their own sequence but some are out of whack. Watch this video and we’ll show you how improve pro­duc­tiv­ity and prof­its with advice on how to ensure you’re struc­tured for success.

Doing It Right  

The auto­mo­tive indus­try is very unique in that it is one of the few indus­tries where com­mer­cial loans are abun­dant and rel­a­tively easy to qual­ify for.

Whether you are just start­ing, out or you are look­ing to shift your busi­ness into the next gear, it is likely you will be able to find the cap­i­tal you need to stock your deal­er­ship. Although there is a good chance you will be able to acquire a floor plan line of credit, the size of that line of credit will vary depend­ing on your busi­ness needs and your over­all port­fo­lio snapshot.

Floor Plan 101: The Basics

First and fore­most, to qual­ify for a floor plan you need to have credit. Specif­i­cally, you should have a his­tory of uti­liz­ing and repay­ing debt. Bad credit and hic­cups on your credit his­tory aren’t always deal-breakers, but they will likely reduce the amount you qual­ify for. Addi­tion­ally, there is a good chance that credit issues will have a neg­a­tive impact on your pric­ing struc­ture. The good news is that over time, with good per­for­mance cou­pled with adher­ence to the terms and con­di­tions, you can even­tu­ally over­come these setbacks.

It is also impor­tant that you are not over-extended. If your credit cards are all maxed out, that is a poten­tial red flag even if you have not paid late. Han­dling your avail­able credit respon­si­bly is essen­tial, so be sure to main­tain a sub­stan­tial amount of avail­able credit.

Keep read­ing to get started!


Build a Better Dealership

millennials_car_buying22Are You Ready to Capitalize on the Millennial Mindset?

The Back­story:

Auto­mo­tive deal­ers are being told to give up on Mil­len­ni­als, that group that encom­passes 18-to-34-year-olds, because they aren’t going to buy a car any­time soon. The truth is, you’re being mis­in­formed —because Mil­len­ni­als do what they want to do, and if they want a new car, you’d bet­ter be pre­pared to be on the front line.

The Sit­u­a­tion for Dealers:

Mil­len­ni­als have seri­ous pur­chas­ing power – about $170 bil­lion a year – accord­ing to a Com­Score report, but they aren’t fol­low­ing through on that power…yet. Auto­mo­tive deal­ers should be buy­ing into that pur­chas­ing power with strong dig­i­tal com­mu­ni­ca­tions that tap into Mil­len­ni­als where they make con­tact – through their mobile devices!

Deal­ers: Arm your­self with the strat­egy and know-how to deal with Mil­len­ni­als at the level they’re at – drill down and find out what you need to do to sell cars to the Mil­len­nial gen­er­a­tion right now!

Behind the Numbers  

4G wire­less ser­vice is one of the cut­ting edge tech­nol­ogy hori­zons to watch – it’s much faster and con­tent rich with huge poten­tial, accord­ing to Gen­eral Motors CEO Dan Akerson.

Audi exec­u­tives would agree, but would prob­a­bly say that new offer­ings com­ing up in its A3 series will make for the most con­nected car ever, with 4G dri­ving it.

Aker­son says 4G will be included in most GM mod­els start­ing next year and it will bring their cars up to what con­sumers are expect­ing now in con­nec­tiv­ity.

Audi announced that its all-new 2015 A3 sedan will be the most con­nected car out there. It will come with a 4G/LTE built-in data con­nec­tion, pow­er­ing Google Earth inte­grated into the nav­i­ga­tion sys­tem, a vari­ety of apps, and Internet-based radio.

Read all about it.….…

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