Instagram recently launched a completely new feature set called Instagram Stories.
The company describes it as “a new feature that lets you share all the moments of your day, not just the ones you want to keep on your profile. As you share multiple photos and videos, they appear together in a slideshow format: your story.”
Prior to the update, Instagram was a social network for sharing one 60-second video or one image with your choice of a personalized caption and hashtags i.e. (#ilovemynewcar). Now, you can record video and add it to your story, and it stays there for 24 hours before it expires. The features that Instagram Stories introduced are similar to another popular social network, Snapchat.
Once you create a story, there is a message button that allows your customers to communicate with you. Think of it as a way to have a conversation that leads to conversions and sales.
Make sure you ask questions to elicit responses.
You can learn more about Instagram Stories here.
So how can Instagram Stories benefit your dealership?
Instagram Stories will help your dealership engage with your prospects on the social networks they hang out on every day. Here are five ways you can use Instagram Stories in your overall social media strategy.
1. Happy customers
Are you capitalizing on your happy customers? A good strategy is to take their picture next to their recent purchase and post it on your dealership's Facebook page. “Here’s John, another happy customer.”
A better strategy is to encourage your happy customer to upload a 60-second video using Instagram Stories, which shares their excitement with their friends for the next 24 hours.
That could lead to potential new customers for your dealership. The videos can also be saved and subsequently uploaded to your dealership's Instagram account and Facebook page. Keep in mind you may need to offer an incentive to motivate your customers to take this sort of action. The opportunities are endless!
2. 24-hour flash sales
Is your dealership running a promotion? Make your followers on Instagram feel special by offering an exclusive sale for the next 24 hours just for followers on Instagram. You can film a quick video using Instagram Stories to get the message out. To measure your response rate, make sure to remind them to mention the special they saw on Instagram.
3. Contests
People love to win things, and social media is a fantastic way to facilitate a contest. Encourage your fans to post a picture of their purchase to either Facebook or Instagram and to tag your dealership. For example, you could offer a free oil change or an accessory, but keep in mind, their profile needs to be public in order for you to see their post.
Once the winner comes in to claim their prize, you can post their excitement to your Instagram Story. If you can find a way to engage your customers online, they’re more likely to engage with you offline as well (at your dealership). Again, this is a great opportunity to save these videos and upload them to your Instagram account and business Facebook page.
4. Staff features
People like to do business with people. Showcase your staff by featuring them on your Story. Ask them questions about what they like to do in their free time or what future features or models they’re looking forward to. These are just a few ideas and opportunities to keep you engaged with your audience. The more you can humanize your dealership using social media, the more relatable you become, which will aid in the sales process.
5. Maintenance tips
If you can teach your audience something, they’ll keep coming back for more. Just make sure you keep it consistent and educational. Providing value is a great way to keep your customers and prospects engaged on social media. Solely being sales focused is how you will alienate your audience.
Overall social media strategy
If you think social media is a vehicle for driving sales, you are half right. Social media is also a way to engage your customers in places they are spending their time (i.e. Facebook and Instagram). With roughly 430 million active monthly users (AMU) according to socialnomics.com, they may not be in the market for something now, but if you stay top of mind with your social media efforts, you’ll earn yourself customers in the future.
If you would like to learn more about Instagram Stories, try it out on your personal account before you use it for your dealership. We recommend that you experiment with the application first to avoid mistakes.
Adam Goldberg is the marketing manager at LotVantage, a provider of digital marketing solutions for automotive, marine, powersports, RV, trailer and outdoor power equipment dealerships. He can be reached at [email protected]. You can also access more social media tips at LotVantage.com/blog.
In the first part of his series, Intellaegis president John Lewis offered three suggestions on creating a mock audit to prepare for a potential examination by the Consumer Financial Protection Bureau.
To wrap up the blog endeavor for SWBC, a diversified financial services company that has interests in the automotive world along with insurance, mortgage banking and wealth management, Lewis went back to his kindergarten theme to generate six basic principles regarding current compliance challenges when it comes to repossessions and recoveries.
“Let’s go back to kindergarten for a minute when life was simple and the rules were based on common sense,” Lewis wrote in this blog post before going into his six points, which are:
1. Share everything
Lewis insisted transparency through tracking in cutting-edge software is now a “must-have” for gathering, sharing and tracking all data that relates to customers and what happens on their account in collections — be it internally or externally within a vendor network.
2. Play fair
Lewis recommended that finance companies identify and eliminate “bad actors.”
He said, “You’re not playing fair if you’re employing or hiring people who do not treat your customers with the respect they deserve.”
3. Clean up your own mess
Lewis suggested that finance companies identify issues inside the organization or within a vendor network before they become problems.
“Create solutions that address issues and problems that arise, so you don’t keep dealing with the same mess over and over again,” he said.
4. Don’t take things that aren’t yours
Lewis emphasized that wrongful repossessions should be avoided at all costs.
“By using repossession assignment software that ties you and the repossession vendor at the hip, wrongful repossessions will not occur,” he said.
5. Say you’re sorry when you hurt somebody
Lewis recollected a famous part of the Watergate investigation that noted, “The cover-up is worse than the crime.”
He added, “The CFPB sees (and rewards you) when you catch and resolve issues internally without a regulator having to tell you what to do.”
6. Wash your hands before you eat
Lewis closed his series by noting the segment he said “may be the most relevant of all, and it should be the largest concern of every small- to mid-sized lender who does not have the resources to have a fully staffed compliance and security department.”
He referenced an idea from SWBC asset recovery program manager Karen Townsend, who pointed out that “an internal lack of expertise can truly impact your bottom line.”
Lewis again will be leading discussions during the Re3 Conference at Used Car Week, which runs from Nov. 14 to 18 at the Red Rock Resort and Casino in Las Vegas. The Re3 Conference is the portion of Used Car Week dedicated to helping organizations gain the best insights to aid their efforts in repossessions, recoveries and remarketing.
More than 70 percent of respondents in a recent Xtime study considered cost estimates “extremely important” or “very important” when scheduling service appointments.
In fact, the assurance that they are getting a transparent estimate outranked all other factors among the 668 drivers surveyed, including the ability to choose the time or day of the appointment, the availability of transportation options and the option of choosing among different service advisors.
According to a news release announcing the study, only 30 percent of service visits take place in dealerships, partly because customers believe dealership service departments are more expensive than independent repair shops.
But the average cost of routine maintenance at a dealership is comparable to third-party providers. Therefore, by providing cost estimates during the scheduling process, dealers can alleviate the misconception of having higher costs, create a transparent and trustworthy ownership experience for customers, and increase their odds of winning more service appointments.
“This research shows price transparency is a big way for dealers to deliver a high-quality ownership experience that keeps customers coming back to the service drive,” said Jim Roche, senior vice president of marketing and managed services at Xtime.
“Spectrum, Xtime’s cloud-based service experience platform, already allows dealers to act on these new findings. Since 94 percent of dealers state that the ownership experience is more important than the service itself, dealers must look to technology in order to deliver that superior experience,” Roche continued. “With Spectrum, customers can conveniently schedule their appointments online — and know how much they’ll pay before they arrive. This improves convenience and trust, enhances the ownership experience, and increases service retention by an average of 7.5 percent.”
Beware, drivers of older Honda Accords and Civics: Yours continue to be the most stolen vehicles in the U.S.
That’s according to the National Insurance Crime Bureau’s annual Hot Wheels report identifying the 10 most stolen vehicles in the nation. The report examines vehicle theft data submitted by law enforcement to the National Crime Information Center (NCIC) and determines the vehicle make, model and model year most reported stolen in 2015.
“While older vehicles still dominate our Hot Wheels most stolen list, the number of late-model vehicles with anti-theft protection on the list goes to show that technology isn’t foolproof,” said NICB president and chief executive officer Joe Wehrle. “Criminals are doing their best to defeat anti-theft technology through hacking and other means while, at the same time, manufacturers and others are working to improve security.
For 2015, the most stolen vehicles* in the nation were (total thefts in parentheses):
1. 1996 Honda Accord (52,244)
2. 1998 Honda Civic (49,430)
3. 2006 Ford Pickup (full size) (29,396)
4. 2004 Chevrolet Pickup (full size) (27,771)
5. 2014 Toyota Camry (15,466)
6. 2001 Dodge Pickup (full size) (11,212)
7. 2014 Toyota Corolla (10,547)
8. 2015 Nissan Altima (10,374)
9. 2002 Dodge Caravan (9,798)
10. 2008 Chevrolet Impala (9,225)
The following are the top 10 2015 model year vehicles stolen during calendar year 2015:
1. Nissan Altima (1,104)
2. Chrysler 200 (1,069)
3. Toyota Camry (923)
4. Toyota Corolla (776)
5. GMC Sierra (670)
6. Dodge Charger (666)
7. Hyundai Sonata (632)
8. Chevrolet Malibu (629)
9. Chevrolet Impala (594)
10. Chevrolet Cruze (586)
“Far too often, drivers leave their vehicles unlocked or with the keys inside, making it way too easy for an opportunistic thief,” Wehrle said. “And as we noted recently, many stolen cars are not reported as typical thefts to police because many of today’s thefts are financial crimes involving complicated VIN switching, cloning, straw buyers, illegal exports and other sophisticated criminal methods.”
NICB advises all drivers to review its four “Layers of Protection”:
Common Sense: Lock your car and take your keys. It’s simple enough, but many thefts occur because owners make it easy for thieves to steal their cars.
Warning Device: Having and using a visible or audible warning device is another item that can ensure that your car remains where you left it.
Immobilizing Device: Generally speaking, if your vehicle can’t be started, it can’t be stolen. “Kill” switches, fuel cut-offs and smart keys are among the devices that are extremely effective.
Tracking Device: A tracking device emits a signal to the police or to a monitoring station when the vehicle is stolen. Tracking devices are very effective in helping authorities recover stolen vehicles. Some systems employ “telematics,” which combine GPS and wireless technologies to allow remote monitoring of a vehicle. If the vehicle is moved, the system will alert the owner and the vehicle can be tracked via computer.
Click here to view stolen vehicles by state.
Anyone with information concerning insurance fraud or vehicle theft can report it anonymously by calling toll-free 800-TEL-NICB (800-835-6422), texting keyword “fraud” to TIP411 (847411) or submitting a form on our website. Or, download the NICB Fraud Tips app on your iPhone or Android device.
* Note: This report reflects stolen vehicle data contained in NCIC and present in the “NCIC mirror image” when accessed by NICB on March 5. NCIC records may contain errors based on inaccurate entries submitted by reporting agencies. Full size pickups include half ton and larger capacity models for all makes. Total thefts is the aggregate for each make/model with model year indicating the most stolen model year of all model years for each listing.
An interactive tool that can allow clerks to hone the skills they need to deliver a virtual version of the tradition auto auction experience to online dealers is the newest addition to the National Auto Auction Association’s Education and Training Library.
The tool is designed to establish performance criteria to create consistency, reduce block errors and incite participation. One of the biggest advantages is that clerks now have the ability to become fully trained prior to approaching a live auction block.
The Clerk Training Simulator, introduced by NAAA member AuctionVcommerce (AVC), was debuted at last year's National Remarketing Conference and released in April.
Since then, several auctions have had the opportunity to take advantage of the system. The results of the training provided the data that prompted AVC to approach the NAAA for support.
“The training demonstrated a large variation in completion times from clerk to clerk,” said Kelly Bianchi, president and founder of AVC. “This meant that the skill level and/or technique of each participant proved to be extremely inconsistent — a fact that could easily be substantiated by monitoring the live auction screen, or calculating block errors.”
AVC advocated providing this solution to all auctions, a message that resonated with NAAA chief executive officer Frank Hackett.
“The AuctionVcommerce training will put a focus on the important job performed by our auction clerks and improve the online auction experience,” he said.
Bianchi came up with the idea for the Clerk Training Simulator several years ago while working at an auction. She felt that expectations for clerks tend to be low, and the perception is that the position requires no skills beyond having the ability to “listen” and “click a mouse.”
“I remember being told this by an auction, and immediately responding, ‘And you want someone to buy a $5,000, $10,000, $20,000 item based on that criteria?’” Bianchi recalled. She also said that the high turnover rate and poor performance levels are the bi-products of this perception.
“Certification provides a sense of accomplishment, and is also a proven method for increasing productivity and longevity,” she continued. “Clerks are on the front line of the online initiative, and every time an error occurs, auctions are asking vendors to improve the technology. You have to improve the users of the technology.”
The simulator, which uses real auctioneers, is broken down into three levels, with an optional bonus round. The user must achieve at least 90 percent accuracy in the three levels, plus 30 points for engagement. The percentage drops as clerks fail to provide a correct response in a timely manner.
“In the game, clerks are penalized for poor performance,” Bianchi said. “Who is penalized when an untrained clerk is on the block?”
Auctions who have trained clerks,and/or are scheduled for training: Lone Star, 166, Columbus Fair, Greensboro, DAA Southwest, Auctions in Motion, Carriage Trade and America’s Auto Auction Pittsburgh.
The team at digital marketing solutions provider LotVantage noticed five dealerships in four states found ways to leverage the smartphone gaming app that’s all the rage nowadays — Pokémon GO.
Franchised stores already sporting Hondas, Nissans and Subarus are welcoming people looking for Pikachus and other Pokémon characters, and LotVantage shared strategy so dealerships can find what they want most — ups who might need a new vehicle to get to the Pokémon Gyms and PokéStops.
If you’re already confused about this Pokémon business and what it’s all about, LotVantage recommended in a blog post that store managers should first download the app for their smartphone and play the game for a bit to see what’s getting people of all ages so excited.
“We’ve already seen a few dealerships using Pokémon GO in their marketing and it’s a fantastic way to engage and grow your social media audience. This is far more interesting than just posting inventory,” LotVantage said in this blog post.
“Creative marketing is one way to bring customers to your dealership, but you can also lure them to your dealership using the game. If your dealership is close to a PokéStop or a Poké Gym, you’re one of the lucky ones,” the company continued.
LotVantage highlighted these stores are already using their Facebook pages to get involved with Pokémon GO.
—Sellers Subaru in Macomb Township, Mich.
—Mile High Motors of Butte Chrysler Jeep Dodge Ram in Butte, Mont.
—Concordville Nissan in Glen Mills, Pa.
—Performance Toyota Nissan in Reading, Pa.
—Crown Honda of Southpoint in Durham, N.C.
Intellaegis president John Lewis recently compiled a two-part blog series for SWBC, a diversified financial services company that has interests in the automotive world along with insurance, mortgage banking and wealth management.
While Lewis geared his collections compliance recommendations toward credit unions, the initial three suggestions on creating a mock audit to prepare for a potential examination by the Consumer Financial Protection Bureau could benefit finance companies of all sizes.
Lewis structured his plan by taking a rudimentary approach, viewing the entire process as if it were kindergarten.
“Having participated in a couple examinations by the CFPB with our clients who are top 20 auto finance lenders, we’ve seen firsthand why it’s important to get back to your roots — kindergarten,” said Lewis, whose company offers the skip-tracing and collection solution masterQueue.
Lewis again will be leading discussions during the Re3 Conference at Used Car Week, which runs from Nov. 14 to 18 at the Red Rock Resort and Casino in Las Vegas. Like he’s done at Used Car Week, Lewis gave a step-by-step process in his material for SWBC.
1. Audit your policies and procedures
“First, take a good look at all your internal policies and procedures,” Lewis said. “Look for gaps between the various state and federal laws, as well as the interpretation of these laws as seen in specific enforcement already taken by regulators against lenders and their vendors.
“This type of data is available, but it’s a big job to gather, organize and use to your benefit,” he continued.
To handle those chores, Lewis suggested that institutions reach out to local universities and seek assistance from college students who are looking for experience in conjunction with their education in a field related to auto financing.
“They benefit from the pay and real-world experience and we benefit from having a dedicated team that is able to focus on specific areas we normally wouldn’t, given limited staff resources,” he said.
2. Audit your service providers
Lewis reminded finance companies that in April 2012 the CFPB released a statement holding all institutions responsible for the actions of their external vendors.
“They have gotten more serious about enforcing this rule to the tune of hundreds of millions of dollars in fines not covered by your service providers’ insurance policies,” he said.
As a result, Lewis suggested that finance companies review their providers, including loan servicing companies, collection agencies, debt buyers, repossession agencies, skip or forwarding companies and door-knock companies.
3. Step up to the plate
Lewis closed this opening blog post — which can be viewed in its entirety here — with a blunt message.
“Finally, build a culture within your organization to do everything in your power to meet and exceed all these requirements. Complaining won’t do any good, so tell your complainers to ‘zip it,’” Lewis said.
As more cyber attacks disrupt businesses, the American International Automobile Dealers Association insisted principals and managers need to know about emerging threats and how to defend their businesses.
To help stores, AIADA set up its July AutoTalk webinar to feature two experts from Wells Fargo who plan to share best practices for keeping your accounts and critical information secure and how to safeguard your data and company reputation.
The session beginning at 10 a.m. EDT on July 19 features Amy Machold, who is the fraud and identity theft manager with the Wells Fargo Wholesale Financial Crimes Risk and Compliance Team.
Machold has 20 years of wholesale banking experience and 13 years of experience in fraud risk management and compliance, domestic and international operations, business process management, and customer support roles.
Later that day at 4 p.m. EDT, AIADA plans to welcome Jinee Ellis, who is the senior vice president and manager of the Wells Fargo Wholesale Internet Fraud Prevention and Authentication Team.
Ellis is responsible for all aspects of fraud management, including fraud detection and protection, authentication solutions, and customer and team member education for Wells Fargo’s digital properties in wholesale banking.
Dealers can register and attend one or both of the webinars.
To sign up for the session featuring Machold, go to this website.
To participate in the webinar featuring Ellis, visit this website.
Tom Stewart of Stewart Enterprises and Richard Curtis of RW Curtis Consulting announced they have combined their companies to create one new service organization.
The new organization is called Auction Management Solutions (AMS), a firm the pair says is designed to provide comprehensive consulting services to the automotive industry that include independent auto auctions, service providers and vendors.
“In this newly created company, AMS will utilize our many years of expertise and relationships to benefit our business partners,” Stewart said. “Bridging the relationship between consignors and our clients to show that independent auctions can provide all the services consignors have come to expect.”
Stewart, who has more than 20 years of industry experience, started his automotive career working for Anglo American Auto Auctions. He later went on to become the director of remarketing for KeyBank out of Cleveland. He spent the past 15 years working on various consulting projects as a partner with TPC Management Co., and held the position of executive vice president of sales for the ServNet Auction Group.
Curtis has more than 40 years of industry experience, including 18 years as general manager of auto auctions located in Washington, Louisiana and Texas, and six years as general manager of franchised dealerships. Curtis spent the last 16 years consulting as a partner with TPC Management Co.
For more information about Auction Management Solutions, contact Stewart at [email protected] or Curtis at [email protected].
CU Recovery and The Loan Service Center — a collections resource for credit unions to minimize losses on their delinquent active loan portfolios and maximize recoveries on charged-off loans — recently announced the eight recipients of scholarships to its fall 2016 Collection Academy.
The company chose the honorees based on their submissions about the goals of their collection department and how their professional development would help achieve those objectives. The eight credit union recipients were:
—GerieLin Carpenter from Lander, Wyo., Atlantic City Federal Credit Union
—Joshua Hansen from Jonesville, Fla., Campus USA Credit Union
—Jennifer Herniak from Marion, Ind., Via Credit Union
—John Huddle from Cherryville, N.C., Carolina Federal Credit Union
—Becky Ives from Yreka, Calif., Suskiyou Central Credit Union
—Josh Nelson from Bynum, Ala., AOD Federal Credit Union
—Penny Spradley from Cherryville, N.C., Pelican State Credit Union
—Chris Wagner from Independence, Mo., City Credit Union
Recipients will receive Collection Academy tuition, lodging at the host hotel, and will be recognized during the two-and-a-half-day conference. The CU Recovery Collection Academy is held in October of each year and is a resource for continuing education to assure the success of credit union collection departments in meeting their member service and delinquency reduction goals.
“With humble gratitude and honor, from the bottom of my heart, I am truly grateful. Thank you very much for such a wonderful opportunity,” Spradley said.
CU Recovery vice president of sales and service Wendy Elieff described the process of choosing the winners who received a total of $7,200 in scholarship funds.
“The quality of the submissions was so exceptional this year that it was difficult to choose. Each of the winners demonstrated a commitment to professional development as a way to better serve their credit union members resolve debt,” Elieff said.
