Even the most productive and successful salespeople experience downtime. Whether it’s just a slow rainy day or a lull following a long stretch of back-to-back sales, whatever the reason for the downtime, it’s important to remember that it doesn’t have to equate to unproductive time. In fact, slower days at the dealership are the perfect […]
Archives
Understanding State-Level Deregulation Threats to Auto Financing
The Consumer Financial Protection Bureau (CFPB) has previously targeted the automotive finance industry for dealer-arranged auto lending and abusive loan servicing practices. However, as federal regulation of this arena retreats, state regulation is actively patrolling the associated regulatory gaps. The automotive finance industry may soon face increased legal threats from state regulators and attorney generals. […]
The Impact of Interest Rate Hikes on the Auto Industry
As the labor market strengthens and economy activity rises, the Federal Reserve has raised the Federal Funds Rate a quarter percentage point in order to continue to sustain conditions where businesses and individuals can thrive. Currently, short-term rates are between 1.75% and 2%—up a full percentage from 2017—affecting all market sectors including the automotive industry. […]
Introducing Mobile F&I at Your Dealership
With the automotive industry rapidly moving into online sales, up to 56% of online car shoppers are engaging in the buying process on a mobile device, according to J.D. Power. Beyond just the initial vehicle sale, customers are looking to access finance and insurance (F&I) information and manage the entire buying process through mobile as […]
Enhancing the Customer Experience with F&I Education
With the amount of competition in the modern market and the rise of online sales, it seems like every industry, especially automotive, is focused on enhancing the customer experience in order to drive sales. For dealerships, this consumer behavior means that fewer customers are coming to them to figure out what they want, because they’ve […]
Used Car Buyers: What They’re Looking For and How to Finance Them
Trends in the used car market have shifted in recent years, and modern consumers are not only looking for different things in the vehicles they select, they are also expecting a more streamlined buying experience. For buyers in the used car market, price has always been the number one constraint. These consumers are trying to […]
10 Ways to Help Your Dealership Go Green
Going green is a trend that is not going anywhere as more and more companies work to reduce their footprint and more consumers are considering environmental responsibility as a buying incentive. In the automotive industry today, OEMs are challenged to meet strict regulations that work to reduce emissions and drive energy efficiency in their designs. […]
Trends to Watch in the VSC Industry in 2018
The vehicle service contract (VSC) industry is a $33 billion industry that continues to grow. In 2016, the purchase of VSCs post-OEM warranty hit approximately 85 million vehicles, and sales are projected to peak in 2024 at 180 million vehicles. VSCs represent a significant component of automotive sales and profitability, and dealerships, administrators, F&I agencies, […]
How Predictive Analytics Helps Auto OEMs, Dealerships and Consumers
The automotive industry is rapidly transforming with new technology, and predictive analytics is being utilized to find trends and make predictions about future events using techniques like data mining, data modeling, machine learning and artificial intelligence (AI). As our vehicles become more and more connected and advanced, the way we build, sell and use cars […]
Increasing F&I Gross Profit Per Vehicle
Five of the six publicly-traded new-vehicle dealership groups increased F&I gross profit per vehicle at the beginning of this year. This is a trend the groups attribute to acquisition, product sales, and enhanced collaboration between sales teams and the F&I office. Among those groups, Lithia Motors Inc. reached an all-time record by growing same-store F&I […]