January 27, 2014
Quick Reads: Six in 60
TODAY'S TOP 6 STORIES, IN 60 SECONDS

used-cars 1. Stay Creative & Find More Used Cars

Used car man­agers are com­ing up with cre­ative ways to find and buy more and bet­ter used cars beyond auc­tions and trade-ins.

Faced with faster inven­tory turnover and tight sup­ply, dealer used vehi­cle man­age­ment is doing all sorts of new sourc­ing chan­nels includ­ing leas­ing, rental, and cus­tomer cars.

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Automotive News
loan-approved 2. NADA Pushes Back on $945B Dealer Loans

Respond­ing to pres­sure from increas­ing scrutiny from the CFPB, NADA has finally responded with a 20 Guide­lines on how to ward off the Fed’s intervention.

Rec­om­mended deal­ers set a stan­dard inter­est rate to be mod­i­fied only for spe­cific rea­sons, includ­ing competition.

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Wall Street Journal
toyota_logo_NCDs.gif 3. Toyota Knocks Off GM & VW

Toy­ota retained 2013 global sales title with nearly 10M sales. GM is clos­ing the gap and VW is remain­ing ambitious.

China is where all of them will focus in 2014—Sold 22M total last year.  

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Automotive News
chrysler-nada-setup

VIDEO: Setting Up for NADA

Before the show began: Ed Garsten, Head of Chrysler Dig­i­tal Media, gives a sneak peek to the Chrysler stand at the 2014 NADA.

VIDEO: Outgoing Chairman's Words of Warning
westcott-at-nada
  At NADA: Sounding the Alarm on the CFPB
 

Out­go­ing NADA Chair­man David West­cott warned of harm to con­sumers and deal­ers — includ­ing more lim­ited choices — if the CFPB gets its way. From AutoNews Now.

VIDEO: NADA Foundation in New Orleans
nada-second-harvest
  NADA Donates to Second Harvest in New Orleans
 

NADA and Ally Finan­cial pro­vided a grant of $50,000 to Sec­ond Har­vest Food Bank in New Orleans. The dona­tion was part of the week-long activ­i­ties lead­ing up to the 2014 NADA Con­ven­tion & Expo.





More Six in 60
MORE OF TODAY'S TOP 6 STORIES

GM 4. Barra Presses GM Profit Accelerator

GM is really step­ping up with an accel­er­ated sales and profit drive.  Mary Barra has spelled out how they intend to exploit man­age­ment exper­tise & inno­va­tion. There’s an ongo­ing push to expand profit.  

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auto-dealership 5. Your Store Could Disappear by 2020

OEMs are plan­ning on con­sol­i­dat­ing the num­ber of fran­chise deal­ers, and deal­ers who own one or two stores are most at risk.

Study says 3,800 stores to go in next 6 years, that’s one out of every five.

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sales 6. Want a 25% Lead-to-Sale Conversion Rate?

Impres­sively, Dealertrack’s Dig­i­tal Retail­ing Solu­tion exceeded 17 Mil­lion Web­site Pay­ment Views in Decem­ber, and achieved a higher Lead to Sales performance.

From this sig­nif­i­cant num­ber, Deal­er­track deal­ers achieved higher level of lead-to closed sales con­ver­sion rate of 25%.  

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Doing It Right  
HOW-TOs BY INDUSTRY EXPERTS

Call­Source has launched the RADAR Report to mea­sure dealer phone man­age­ment suc­cess and to track the Call-to-Appointment for auto retail­ers. The RADAR Report mea­sures call per­for­mance for deal­ers across the coun­try and pro­vides bench­marks for how deal­er­ships are doing against their com­pe­ti­tion. 

As more retail­ers are shift­ing their focus to var­i­ous forms of online mar­ket­ing, they are often over­look­ing one fun­da­men­tal fact – more than 80 per­cent of cus­tomers use the phone to con­tact a deal­er­ship when they are ready to buy. If retail­ers could turn just a few more calls per week into appoint­ments, they can improve annual prof­its by hun­dreds of thou­sands of dollars.

The report will high­light the top 10 per­form­ing deal­er­ships for over­all call-to-appointment ratios. Cur­rently, the indus­try aver­age is 7.8 per­cent, though sev­eral Call­Source clients are approach­ing 30 percent.

To see a sam­ple report, visit Call­Source Auto­mo­tive at booth #5009 at the National Auto­mo­bile Deal­ers Asso­ci­a­tion con­ven­tion in New Orleans, Jan. 25–28.

To find out more about why this track­ing report will enable your deal­er­ship to see how well you are man­ag­ing your phone sys­tems, please check out the new Call­Source press release.

 
 



Build a Better Dealership
SMART INSIGHTS FOR SMART DEALERS

Used vehicle inventoryManaging the Right Inventory at the Right Price

Tools and resources are get­ting bet­ter for deal­ers grow­ing their used vehi­cle busi­ness, but it can also be over­whelm­ing at times.

It’s a real bal­anc­ing act, accord­ing to Alan Lang from NextGear Cap­i­tal.

Deal­ers have to stay on it – cre­at­ing the right inven­tory at the right price and con­nect­ing that real­is­ti­cally with what cus­tomers want and are will­ing to pay for, Lang said.

To address this man­age­ment chal­lenge, the new car ‘eco-system’ own­er­ship and pur­chase cycle has now become pop­u­lar in used car inven­tory acqui­si­tion and man­age­ment,” says Randy Barone, Pres­i­dent of RedBumper.

Check out these three tips on improv­ing ROI in man­ag­ing inven­tory the right way for you market.

Smart Thinking - Pass It On  

It’s get­ting trick­ier to pre­dict the price per bar­rel of oil and its direct cor­re­la­tion to gaso­line and diesel prices – much more so than in the 1970s when OPEC could instantly throw a wrench in the gears.

As for this year, three lead­ing energy agen­cies have reported that pro­duc­tion out­side of OPEC should be increas­ing this year – with much of that com­ing from US shale fields.

Black Book’s Ricky Beggs expects the pat­tern to be sim­i­lar to the past two years for gas prices and its effect on small cars, hybrids, and elec­tric vehicles.

New and used truck sales should con­tinue to be strong this year, but they are affected by fed­eral fuel econ­omy stan­dards. Automak­ers are rolling out more fuel effi­cient trucks such as the new Ford F150 with a lot more light­weight aluminum.

Find out more about what these trends could mean for new and used vehi­cle prices this year.






Dealer Resources 
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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.
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