CarOffer Launches New Instant Wholesale Trade Platform Designed to Reverse Current Margin Compression Trend
CarOffer has created an entirely new way for dealers to win more trades, acquire more used inventory, and sell more cars for less cost.
With just a few tweaks to your IT budget, you can reduce spending in some areas and spend more on mission-critical technologies that boost your productivity and profitability, while keeping your business secure.
I never thought that I would be advising dealers to shoot video with a cellphone, however, advances in cellphone technology in just the last two years have made me rethink video hardware.
There’s no denying that technology of all kinds is changing faster than we can keep up. That’s why decision makers may be skeptical of purchasing any kind of technology for the dealership. So, what do you do when you want to implement a new solution and need to get the decision maker on board?
You now have more tools to provide every single customer with a higher level of service — whether it be in sales, F&I, service, parts or your collision center. This, in return, will produce more sales, increased profits and a customer who will want to come back for all of their automotive needs.
The premium on speed seems to increase every day. Next-day or even same-day delivery of products has become standard. So, why has title processing been left behind? Here’s what can be done to speed it up.
Let’s face it, customers can be fickle. A big part of business evolution involves leveraging technology in all departments. Technology can help managers make decisions quicker and more effectively, which should lead to higher profitability and higher CSI. The key is knowing where you have to spend just to stay in the game and where you should spend to win the game.
Why do your longstanding customers keep coming back to your dealership? Is it because you offer the best deals? Maybe. But I’m willing to bet it’s because you engage with them after you sell them a car and provide them a level of service they can’t get elsewhere.
Americans spend on average 75 hours waiting every year; whether at the DMV, doctors’ offices or in checkout lines. The last thing they want to do when buying a car is wait even more.
One of the most significant trends that auto dealers are grappling with is the erosion of front-end margins. New vehicle gross margins have declined significantly in the last seven years, from 4% in 2011 to 2.2% in 2018.
Rusty Gentry has been general manager at Pat Lobb’s Toyota of McKinney in Texas for just two short months, and already he has big plans. Within 18 months of his date of hire, his goal is to increase sales and service business across the board 35%.
In the last store he managed, Gentry increased business 65% in his first year, but that was back in 2011 and times have changed. In fact, conditions have changed quite a bit since he retired from his former position a year ago.
Today’s fragmented and increasingly digital landscape presents greater challenges for dealerships to meet the needs of car shoppers. According to a 2016 AutoTrader study, only 17 out of 4,002 surveyed customers were satisfied with the current car-buying process.