In a time when discrimination and racism are a focal point in our nation, it’s important to look back on financial discrimination in auto lending and forward on how we can do better as an industry. In 2013, Ally Financial paid out $98 million to settle a suit claiming they discriminate by charging minorities higher … Read more
As dealerships look to adjust to the new sales processes that social distancing requires, it is important to see the benefits it brings. Here are some basic data points from a dealer group and one of their banking partners regarding online customers and financing. Less than 2% of applications were below the bank’s preset filters, … Read more
If a dealer told you that you will be fired from their store unless you can help them sell a vehicle to a customer 300 miles away and guarantee financing that will be profitable for them, what would you do? What would you do if 50 dealerships said this? 100? That is the retailing and … Read more
Dealers are operating in an increasingly disrupted environment, creating the need to review operating models, identify and unlock efficiencies, and discover new ways to operate in a digital, omnichannel environment. A look under the hood of a typical dealership reveals they use four separate systems – credit application network, dealer management system, F&I product sales … Read more
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Given the overwhelming number of options consumers are faced with today, they want to feel more in control – from discovery to making a final purchase decision. With most car buyers starting the buying process online, integrating contextualized information helps your shoppers better understand their choices and further assists them in the decision-making process. The … Read more
Transparency and Trust As automobile dealers allocate more time, money and resources to their online storefronts, it’s important to make sure your eCommerce sites stay in-sync with your brick-and-mortar stores (and vice-versa). Increase the transparency between the two – and increase trust with your customers. While digital retailing tools are providing car shoppers with more … Read more
As the automotive industry continues to evolve online, emphasis is now being placed on making websites more transactional. The debate over the pros and cons of digital retailing for many dealers is the result of the “one size fits all” products available that offer limited customization. Configurable workflows give you the platform and tool set … Read more
Customers always want to pay as little as possible, right? Not so fast my friend. Customers will often willingly pay more for a product even when they can get a similar (or identical) product elsewhere for less. While market conditions affect a significant portion of your business, the demands of customers have significantly shifted in … Read more
Leased vehicles accounted for about 25 percent of total vehicle sales in 2016 and 31 percent of retail sales. While leasing continues to play an important role in boosting production and sales, it will be challenging for the industry to manage the current level off-lease volumes without producing large residual losses, and affecting sales. The industry … Read more
