Most BDC’s were set up to take internet and phone leads to allow the showroom floor salespeople to work the ups that were on the lot. Thus, they became information providers and appointment setters for the showroom sales staff. What would happen if you turned the BDC into a digital…
The allure of a digital retailing process for auto buyers is very enticing. Customers expect a digital retailing experience to be similar to their other online shopping experiences. They don’t understand nor care about the complexity of the automobile sale process and often walk away from digital “deals” when they…
What is the number one question of an online automotive shopper? Can I afford this vehicle and what is my monthly payment going to be? That would be an easy question if everyone had 800 plus credit scores, which are the payments usually advertised on dealership websites. 800 plus FICO…
Dealers work with everyone who wants to buy a vehicle and with the sales process moving online quickly it’s important to define the common term of “Penny Perfect”. There are a lot of vendors touting Penny Perfect products that can be confusing to dealers. Penny Perfect sounds great but what…
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…
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…
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?…
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…
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