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Lead volume is flat, cross-shopping is up and brand loyalty is in retreat. As confident sales teams keep losing buyers they thought they had, daily industry sales data is showing dealers exactly where their funnel is breaking and how to fix it without buying a single new lead.
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Thomas B. Hudson, Esq. - In several jurisdictions around the country, dealers have been hit with class action lawsuits alleging that the dealers’ actions in completing legal forms such as buyer’s orders and retail installment contracts constitute...
Read More →Greg Goebel - Dealers say consumer credit doesn’t exist. Certainly, some banks and finance companies have perished. Others have merged, while others have had their access to capital greatly reduced. Guess what? To create revenue banks still have to loan money. Credit is still available, even to subprime credit customers. The difference is that ...
Read More →Brent Carmichael - It’s that time of year again. Time to make hay while the sun is shining, so to speak. It’s tax time. And if the competition for those tax dollars hasn’t challenged BHPH dealers enough, the current economic conditions have not made the pursuit ...
Read More →vAuto - As the fastest-growing provider of web-based inventory-management systems for the industry’s more than 70,000 franchised and independent used-car dealers, the company finished 2008 with a total of 1,600 dealership rooftops, up from 550 in 2007
Read More →Dave Keller - If you did not have a good year, your lender’s collateral has probably decreased and their risk has likely increased. When risk increases, banks become nervous. Most bank loan agreements have loan covenants that customers (you) must ...
Read More →Otis has always believed special finance could be a lucrative profit center at Ideal Auto, despite not seeing much success with previous efforts. A few months ago, he made the decision to hire an outside SF consultant to help Ideal restart a department that never truly made it off the ground...
Read More →Market conditions have a smaller impact on the BHPH dealer because their typical customer is already in a poor financial situation, usually earning $10 to $12 an hour. They have a monthly income of $1,600, but their expenses average $1,800 so they...
Read More →Tim Feazell - While there have always been concerns with key control and theft of vehicles, today there is a new hot item on the lot: catalytic converters. If dealers do not move their inventory on a regular basis, they may not realize the converter is...
Read More →Kevin Day - During the 12 years I spent as a dealer, it seemed someone was always trying to sell me something. I put my “guards” in place to thwart these avid peddlers, and thus I would avoid most of their sales pitches. However, in doing this I often...
Read More →Joe Benson - Automotive dealerships are on the lookout for innovative technology that requires a minimum investment, while creating excitement, building customer retention, increasing profits. ... is easily understood, inexpensive to incorporate...
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