Auto loan delinquencies are rising faster than any other category, and last year, outstanding auto loans in the U.S. reached over $1 trillion. This increase delinquencies is so high that the New York Federal Reserve Bank reports that auto loans have reached levels not seen in eight years and the 2016 auto loan totals were […]
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How Rising Interest Rates are Affecting Car Sales
The automotive industry is a key part of the US economy and as the Federal Reserve is raising interest rates, it will heavily influence both the demand for cars and the loans that accompany them. Additionally, in today’s economy, car prices are at a record high, causing consumers to take out larger loans for longer […]
Moving Into Online Automotive Sales
As digital technology continues to develop and new generations of consumers hit the market, more and more industries have begun selling their products through e-commerce. The modern consumer wants convenience and has begun to not only expect, but demand an online shopping experience for all types of purchases—even for something as significant as a vehicle. […]
Announcing the Budco Financial Service Lane VSC Sales Tool
A recent survey from AAA reported that 64 million drivers in the U.S. couldn’t afford an unexpected vehicle repair without going into debt. And an additional survey reveals that one-third of drivers in the U.S. skip or delay recommended services and repairs, which increases their chances of unexpected mechanical issues and breakdowns in the future. […]
Budco Financial Kicks Off the Year with PCMI and NADA
New Partnership with PCMI Budco Financial’s acclaimed 0% interest Payment Plan portal has now been integrated with PCMI’s Policy Claim and Reporting Solutions’ dealer contracting module – Open Sales Platform. This exciting partnership revolutionizes and streamlines our platform experience to allow menu companies, service drive solutions, and dealership F&I managers to operate in a single […]
Advertising VSCs and Payment Plans in the Dealership
Point of Purchase (POP) advertising is a great way to sell to your customers. It’s reported that 75% of purchasing decisions are made in-store or on-location, according to Point-Of-Purchase Advertising International (POPAI). In addition, in-store advertising can create as much as a 65% increase in sales. You probably use POP advertising in your dealership to promote […]
Social Media for Dealerships: Turning Likes into Loyalty
We all know that modern car buyers are doing more and more research and “browsing” online before making a purchasing decision. Further, the Digital Air Strike 2015 Social Media Trends Study for Automotive Dealerships reported that for three consecutive years now, their study has shown buyers ranking social networks as more important than dealership websites […]
Pitch a VSC in Terms They Can Understand
Most consumers don’t react well to the idea of a vehicle service contract (VSC) since most vehicles automatically come with a manufacturer warranty. And the concept of making monthly payments towards something they might not use also makes buyers shy away from signing a VSC. However, a recent survey released by AutoMD is showing a […]
Social Media for Dealerships: Online Review Sites
Today, online review sites can have a huge influence on the reputation and success of your car dealership. In fact, 24% of car shoppers consider online review sites to be the “most helpful factor” when making a purchasing decision and choosing which dealership to do business with. According to DealerRater, car shoppers are 90% more […]
Using Your Consumer Database to Drive VSC Sales
In order to create customer loyalty and new revenue opportunities, vehicle dealerships need to build value and incentive behind their brand. Vehicle service contracts (VSCs) are a unique dealership offering that deliver clear value to the customer and incentive for repeat business in your service lane. Selling more VSCs is always a great way to […]