A sale doesn’t happen until you have a transaction, which in most cases means an approved and funded loan or lease is accepted by the customer. The modern shopping process is disrupting the traditional flow of when and how dealers reach a sale. Technology lets customers think they can do a lot of the sales … Read more
The Covid pandemic changed automotive retail in 2020, and whether you consider the changes bad or good, many are staying with us. Digital retail became all the rage in 2020, never mind that several DR companies have been around for years. Heck, CreditIQ has help clients sell (fully funded and contracted deals) since 2017. 2020 … Read more
How do your customers perceive your dealership and dealer group? Do you fit the customer’s desire for how they want to buy a vehicle? If not, how is that affecting your brand image? Millennials, the first technologically focused generation, are now the most significant vehicle buying segment. They are primarily digital natives and experts at … Read more
If you were in a ten-story stair climb race and got to start on floor 6 or 7, you’d win every time. Even if you were up against great athletes, you would likely get to the finish line before they could catch you. The same goes for F&I managers. We put them in a race … Read more
The personal relationship is still vital in business. Dealers and staff do a great job (usually) of developing the personal connection with customers, whether in sales or service. There are a few areas of disconnect, like the online to dealership handoff, but for the most part, I believe dealerships do a better job than a … Read more
Helping customers ‘see’ the equity they have in their vehicles is far better than using a standard trade tool that only shows market value. Customers entering the market may be unaware of the shifts in trade value the chip shortage has created. They may be excited about upgrading their vehicle but historically have had to … Read more
We are happy to announce the addition of AutoWeb as a valued CreditIQ partner. Read the full press release here. Automotive buyers continue to demand more Digital Retailing features, whether starting their search at an aggregator website or a dealership website. They desire to do as much of the sales process online as they want. … Read more
The world automotive industry is expected to lose $110 billion in sales in 2021. With the U.S. being the #1 auto sales country globally, that is a significant sales loss for dealerships. Although the dealership industry held gross much better with the limited available inventory, they need to start looking beyond front-end gross to keep … Read more
According to the experts, the chip shortage creating the inventory problem will continue throughout 2021 and possibly into early 2022. Eventually, new vehicle supply will return to normal, and used vehicle prices will level off and fall back to the norms. I’m also positive that if you are reading this article, you are doing everything … Read more
When rates and reserve are about equal on an F&I deal, it’s critical to understand your ancillary product maximums per lender decision. Ideally, you want to select the lender decision that allows maximum profitability on any sold protection products. However, you also want to ensure that the lender reserve allows an adequate profit based on … Read more