Better Vantage Point founder Tom Kline acknowledged that sometimes dealers think the Federal Trade Commission or the Consumer Financial Protection Bureau are too busy to go poking around their showrooms looking for malfeasance.
In a preview of his presentation for the Auto Intel Summit coming up in April, Kline explained why dealers should be wary of taking that approach as well as other compliance recommendations.
To listen to the conversation, click on the link available below.
Download and subscribe to the Auto Remarketing Podcast on iTunes.
Last week, automotiveMastermind (aM), part of S&P Global Mobility and provider of predictive analytics and marketing automation solutions for dealerships, introduced an integration with Elead.
Officials said this integration will benefit any aM dealer partner who uses Elead as a CRM.
The integration between Mastermind, aM’s flagship automated sales and marketing platform, and Elead, via the CDK Fortellis Market Place, will sync notes from Mastermind to Elead and open new opportunities (an opportunity in Elead relates to any specific customer deal) tied to the relevant salesperson.
The company said this integration will ensure that any note will be successfully passed to Elead and enable dealers to create customized workflows from these opportunities.
Furthermore, Mastermind’s notes feature can allow dealers to enter written notes on any customer interaction or touchpoint to keep track of communications with customers and their purchase history.
The integration with Elead can help dealers save time managing their notes by automating manual and repetitive processes and maintain an up-to-date and complete record of customer activity in their CRM.
Once a Mastermind user saves a note, it will automatically send it to the corresponding deal in Elead. If a deal does not already exist, Mastermind offers the user the option to manually open a new deal or automatically create one on behalf of the salesperson and assign it directly to that user in the CRM.
“Over the course of 2023, we’re focusing on strategic integrations to help our dealer partners more efficiently and effectively utilize their technology stack to generate business outcomes throughout the entire dealership,” automotiveMastermind chief product officer Aaron Baldwin said in a news release. “We know how important integrations are to our dealer partners, primarily our ability to integrate with their CRMs.
“One main value this integration offers is at the CRM level, a person may not be identified as in-market for a new vehicle. But once you layer in the Mastermind data, dealership sales teams have better intel into who they should be talking to, when and with what specific messaging,” Baldwin continued. “This is aM’s third key CRM integration, and it underscores our commitment to introducing more strategic integrations in the future.”
Car Wars said it understands the importance of powerful data, acknowledging dealership owners and managers shouldn’t need an advanced marketing degree to understand that data.
So, the call tracking and phone solutions provider recently revamped its website conversion report, which is designed to show the various paid sources customers are clicking from to reach a dealership’s website and initiate a phone call.
Furthermore, Car Wars said in a news release that phone calls are analyzed to reveal “true” sales opportunities and evaluate the success of online placements.
The website conversion report’s data can:
—Categorize appointment opportunities and booked appointments by paid source, UTM variable, and call extension
—Compare session and call conversion trends easily by combining them into one graph
—Provide UTM reporting for visibility into calls based on extension
—Compare paid calls to total calls for context of paid conversions
—Locate calls placed from ads, call extensions, in a separate section
—Download all data in readily available report
By focusing on a simplified way to deliver powerful data, Car Wars said human review and categorization can identify actionable sales opportunities from advertising campaigns.
“Reading confusing data reports and analytics can be overwhelming and time consuming for busy dealers,” Car Wars executive vice president of product and marketing Jackie Bowers said in a news release.
“We at Car Wars know that the phones are important when it comes to booking new appointments, so we decided to create a simpler report that provides insight on what sources these calls are coming from. Our hope is that this encourages our clients to feel empowered to take charge of their data and get actionable results,” Bowers went on to say.
To see the newly designed website conversion reports, log into Car Wars and click the website conversion report from the dashboard or sidebar.
Performance Brokerage Services helped to facilitate more dealerships change ownership, with the latest developments coming to light on Wednesday involving two Ford stores in Pennsylvania.
The dealership brokerage firm announced the sale of Barber Auto Group’s two dealerships — Barber Ford of Exeter and Barber Ford of Hazleton — from Matt DePrimo to Key Auto Group.
According to a news release, the dealerships will remain at their current locations — 692 Wyoming Avenue in Exeter and 1112 North Church Street in Hazleton — and have been renamed Key Ford of Exeter and Key Ford of Hazleton.
Barber Auto Group is a fourth-generation, family owned and operated dealership group, getting its start in 1920 selling automobiles manufactured by Dort Motor Car Co. and an early precursor to the Jeep, Willys Overland Cars.
The company has sold and serviced new and used Ford vehicles in the Scranton/Wilkes-Barre area from its Exeter location since 1932. In 1999, the group expanded to a second location in Hazleton.
“Where do you start when it comes time to sell your 102-year-old family business? The first step is to properly value what it’s worth and the second step is to decide whether to hire a broker or sell it on your own,” DePrimo said in the news release from Performance Brokerage Services.
“After going through the process, I can now tell you that if you want to get the most money and have someone to guide you through this very complex process, then you want Gershon Rosenzweig and Matt Wilkins of Performance Brokerage Services on your team,” continued DePrimo, who joined Barber Auto Group in 1984.
“After spending time exchanging a lot of paperwork and numbers, their valuation was spot on,” DePrimo went on to say. “Their reach and network of buyers were instrumental in finding the right buyer for our dealerships and market. They found a buyer quickly and at a much higher valuation than I would have secured on my own. Not a day went by that they didn’t answer my phone calls or texts promptly. There are many ebbs and flows during a buy-sell, and their guidance and advice throughout the whole process was invaluable.
“The value they added was worth far more than the brokerage fee,” DePrimo added.
Key Auto Group was founded by owner Anthony DiLorenzo, who started his career in the auto industry in 1986 as an associate at Edwards Toyota. Less than a decade later, DiLorenzo founded Somersworth Auto Center, which rapidly expanded and evolved into a thriving auto group.
“I have now had the pleasure of closing my fourth transaction with Performance Brokerage Services. It was a pleasure working with Matt Wilkins and Gershon Rosenzweig on this deal and I look forward to more in the future,” Key Auto Group CEO John Leonardi said.
“They put our interests first, work hard to make a complicated process seem easy, and above all else, they are good people,” Leonardi continued. “They always make themselves available to answer questions, help resolve issues, and go above and beyond. They took their time getting to know us so they could bring us the right opportunities and never stretched the truth. These guys are unbelievable and will put in the work to earn your trust. They are first on our list and should be first on yours, too.”
These developments continue the momentum Performance Brokerage Services generated in 2022, when it consummated 92 transactions, marking a record-breaking year.
“We truly enjoyed working with Matt DePrimo, whose stores have a rich history. After meeting Matt and his family, we knew we had the opportunity to help hard-working people retire and thankfully, we were able to match them with a first-class buyer in Key Auto Group,” said Matt Wilkins, the exclusive agent for the transaction and Northeast Partner at Performance Brokerage Services.
“John Leonardi, CEO of Key Auto Group, is one of the best in the business and made our jobs easy. John and his team are building an incredible group and we are grateful to be a part of their growth. We look forward to seeing Key Auto Group’s success in the Exeter and Hazleton communities and continuing to support John and his team in the future,” Wilkins went on to say.
About a month after its launch, Automotive Reinsurance Concepts added more resources to Independent Dealer University (IDU), a subscription-based online education platform designed to put “next-level” training easily within reach of independent retail dealerships of all sizes.
Now available is Tusker Tracks, IDU’s free online publication that features content from industry experts covering all areas of the dealership and its operations, from sales to F&I to fixed ops to marketing and much more.
Tusker Tracks offers information, ideas, techniques and strategies that give independent dealers tools to help raise their business to a higher level and succeed in the used-vehicle market. The publication will be continually updated with new content to provide dealers with fresh and timely information.
Tusker Tracks takes its name from Independent Dealer University’s mascot, the Tuskers.
“Tusker Tracks is the independent auto dealer’s source for top quality educational and informational content,” said IDU founder and CEO Justin Osburn, one of the many content contributors who share their expertise on the platform.
“We have a passion for educating independent dealers, and this free resource is one more way we can help them get where they want to go,” Osburn continued in a news release.
IDU provides independent dealers with higher education at a low cost. The subscription-based online education platform is designed to put next-level training easily within reach of independent dealerships of all sizes, offering a full curriculum of on-demand interactive video lessons for the entire dealership staff.
For more information or to subscribe, visit idutuskers.com.
In this special episode of the Auto Remarketing Podcast, we feature a presentation from LotPop chief operating officer John Anderson at Used Car Week, which discusses the following topic: "Race to the Top, Not the Bottom: Strategies to Help Maintain Gross and Volume."
Stay tuned for more podcasts from UCW as they become available.
To listen to the conversation, click on the link available below.
Download and subscribe to the Auto Remarketing Podcast on iTunes.
Dealers likely know how closely owners bond with their trucks, giving them unique names and adding a variety of accessories.
Brothers Travis and Jason Kelce who will be playing in Super Bowl LVII for the Kansas City Chiefs and Philadelphia Eagles, respectively, understand that owner-truck bond, too. It’s why the NFL All-Pro players are both investors in RealTruck, which is orchestrating a giveaway on Instagram of $10,000 in truck products.
The manufacturer and online retailer of aftermarket truck parts and accessories said to enter the Big Game Trucket List Giveaway, brand enthusiasts must:
Follow @RealTruck on Instagram.
“Like” a RealTruck $10K Giveaway post.
Share a Trucket List dream — like hunting in the Rockies or rock crawling in Moab — in the comment thread.
According to a news release, the giveaway ends at 11:59 p.m. ET on Feb, 12. The winner will be randomly selected and contacted via direct message on Instagram.
The contest is an extension of RealTruck’s “The Trucket List,” a life-changing initiative celebrating unsung hometown heroes like Kansas City’s Craig Cummings, a firefighter who spends his free time mentoring at-risk youth in Kansas City.
“The Trucket List series showcases our superstar investors finding real heroes in each of their communities — hardworking people with awe-inspiring lives devoted to helping others. It’s a heartwarming, emotional look at people who make the world a better place to live and the amazing trucks that help them do it,” said Tony Ambroza, chief growth officer at RealTruck.
“The Big Game Trucket List Giveaway allows us to continue fulfilling dreams just in time for spring and off-roading season,” Ambroza added.
RealTruck created its athlete advisory team in 2022, in partnership with Patricof Co., a highly differentiated investment and advisory platform, leveraging the unique relevance of world-class professional athletes to source the most attractive alternative investment opportunities and drive superior returns.
A couple of developments surfaced this week after the National Automobile Dealers Association wrapped up NADA Show 2023.
First, NADA welcomed the reintroduction of the Preventing Auto Recycling Theft (PART) Act (S. 154) by four U.S. Senators.
Then, the association’s workforce initiative received a $30,000 donation from Assurant.
NADA explained the PART Act would assist law enforcement in their efforts to combat rising catalytic converter theft by providing a national framework that would mark catalytic converters with an identifying mark traceable to the VIN, establish federal criminal penalties, and create a more transparent market that deters its theft.
The proposal was introduced this week by Senators Amy Klobuchar (D-Minn.), Ron Wyden (D-Ore.), Mike Braun (R-Ind.) and J.D. Vance (R-Ohio).
Representatives Jim Baird (R-Ind.), Betty McCollum (D-Minn.), Angie Craig (D-Minn.), Randy Feenstra (R-Iowa) and Michael Guest (R-Miss.) reintroduced identical legislation (H.R. 621) in the House.
“Consumers across the nation are falling victim to rising catalytic converter theft, leaving them with costly repairs that are often worsened by supply chain woes,” NADA president and CEO Mike Stanton said in a news release. “America’s franchised auto dealers urge Congress to pass this important legislation.”
NADA pointed out catalytic converter thefts continue to rise exponentially year-over-year, largely due to skyrocketing prices of palladium, platinum and rhodium, which are the precious metals housed in catalytic converters. The association said thieves can remove catalytic converters from vehicles in just a few minutes and extract precious metals for resale.
Stolen catalytic converters can be sold on the black market anywhere from $200 to $350, with the replacement cost to vehicle owners averaging over $2,500, according to NADA.
The association also mentioned the lack of traceable identifying marks makes the theft of catalytic converters difficult to curb as they cannot be linked to the vehicles from which they were stolen.
“We have seen a dramatic 1,215% increase in catalytic converter thefts nationwide since the pandemic began. It is an issue that is plaguing the United States, and law enforcement needs additional support to put a stop to it,” said David Glawe, president and chief executive officer of the National Insurance Crime Bureau. “There is very little deterrent for thieves who commit these property crimes and, therefore, it is paramount for Congress to take action and make stealing a catalytic converter a felony. Introducing stiffer penalties can deter would-be criminals from committing these acts in the first place.
“Additionally, law enforcement needs the capability to track illegal sales in the secondary market,” Glawe added in the news release from NADA.
NADA mentioned this crime has also been linked to at least two deaths.
The association recapped that in December 2021, a man in Dallas was shot on his third-floor balcony when he confronted thieves in the parking lot below. And in March 2022, an off-duty Houston sheriff’s deputy was shot and killed when he confronted catalytic converter thieves in a grocery store parking lot, according to NADA.
The PART Act requires new vehicles have unique, traceable identifying numbers stamped on catalytic converters at the time of assembly, as well as increases record keeping requirements for purchasers and establishes a federal criminal penalty for the theft, sale, trafficking or known purchase of stolen catalytic converters — up to five years of jail time.
The legislation has also been endorsed by the American Property Casualty Insurance Association (APCIA), American Truck Dealers (ATD), American Trucking Associations (ATA), Automotive Recyclers Association (ARA), National Auto Auction Association (NAAA), National Automatic Merchandising Association (NAMA), National Independent Automobile Dealers Association (NIADA), National Insurance Crime Bureau (NICB), National RV Dealers Association (RVDA), National Salvage Vehicle Reporting Program (NSVRP), and NTEA, The Association for the Work Truck Industry.
For more information related to catalytic converter theft, go to this website.
NADA Foundation’s Workforce Initiative receives $30,000 contribution
In other developments, Assurant, a global business services company that tries to support, protect and connect major consumer purchases, including automobiles, announced the Assurant Foundation’s donation of $30,000 to the National Automobile Dealers Association (NADA) Foundation’s Workforce Initiative, which promotes the value of dealership roles and facilitates access to educational resources.
Assurant Global Automotive supported the Workforce Initiative through an on-site awareness campaign at the NADA 2023 Show, where Assurant donated $100 for every dealer who visited its booth.
Martin Jenns, executive vice president and president of Assurant Global Automotive, presented the contribution to Annette Sykora, chairwoman of the NADA Foundation board of trustees, and Jonathan Collegio, NADA senior vice president on the Live Stage at NADA Show 2023, orchestrated in Dallas last week.
In his remarks, Jenns noted the importance of advancing diversity, equity and inclusion within the automotive retail and service industry.
“We continue to support the NADA Foundation’s Workforce Initiative because of our shared values and goals in developing and growing a diverse, inclusive and equitable auto retail and service workforce,” Jenns said. “This is a program that advances the entire industry, across brands and regions.”
The NADA Foundation’s Workforce Initiative was founded in 2019 to address the shortage of service technicians through promotion of the job benefits and improved access to resources about programs, scholarships, and opportunities.
In recent years, the NADA Foundation has broadened the initiative to enhance recruitment of all dealership roles and within all departments. The centralized resources offer a brand-neutral tool for recruiting talent and sparking an interest in dealership careers.
“We are proud of the results we’ve seen from this initiative to date and grateful to our industry partners like Assurant that make it possible,” said Sykora, dealer principal of Smith South Plains Ford, Lincoln in Levelland, Texas. “Our workforce is our most important asset as dealers. The resources from this program help identify, recruit, train, and retain talent throughout the dealership.”
Since 2019, the Assurant Foundation has donated more than $100,000 to the NADA Foundation.
For more details, visit nadafoundation.org.
Both incoming and outgoing chairs of the National Automobile Dealers Association addressed their peers during NADA Show 2023 in Dallas.
During his first address on Saturday, 2023 NADA chairman Geoffrey Pohanka stressed that franchised “dealers and their OEMs essentially want the same things: to give customers a great buying experience and to sell a lot of cars and trucks.”
And a day earlier during his final remarks as NADA chairman, Mike Alford highlighted the evolving auto retail business model and how dealers and auto manufacturers “are connected by the desire to provide an unrivaled customer experience.”
Pohanka, a third-generation dealer who serves as chairman of the Pohanka Automotive Group in Capitol Heights, Md., added that “we don’t always agree on how to do that,” noting that “OEMs often don’t understand how complex it is to sell a car…. Sometimes we have to remind our legacy OEMs that dealers are their competitive advantage.”
“It is good for dealers and the manufacturers that there are buzzes in our industry,” Pohanka said through a news release provided by NADA. “Electric vehicles, autonomous cars and new power sources such as hydrogen. These cars are new. They’re exciting. They give people a reason to go out and buy a new car.”
Pohanka went on to tout the value of the franchise model to automakers and consumers alike. “Dealers’ opposition to the direct sellers is not about EVs…our opposition is that we know the franchise system is the best way to sell cars and take care of customers,” he added.
In light of NADA acknowledging higher-than-average inflation and increased interest rates, Pohanka also addressed vehicle affordability and the importance of attainable federal and state fuel and emissions mandates. “Affordability is an issue for consumers… The EV revolution isn’t only fueled by consumer demand. It’s also drive by federal and state fuel economy and emissions mandates. These new regulations are significant; they’re also very difficult for OEMs to meet.”
“The rising cost of commodities required to manufacture batteries is making EVs less affordable,” Pohanka continued. “If consumers are priced out of the market, their only option is to buy a used car or keep the old one. And that’s not good for the economy, the environment, or for public safety.”
To move dealers into the next generation in the auto retail evolution, Pohanka urged dealers “get more involved at the local, state, and national level. It’s truly time to stand up and be counted,” he went on to say.
On Friday after the celebratory opening of the event’s expo hall, Alford underscored the dealer commitment to evolving business model.
“We are working together in a single ecosystem,” Alford said in his Friday keynote address at the NADA Show 2023 in Dallas, according to a news release from the association. “When we embrace the reality that auto manufacturing and retailing are not separate entities but are components of a single, evolving ecosystem, then we have to collaborate… and continue to keep our customers first.”
“Dealers and legacy OEMs are better equipped to provide real, substantiable, and market-wide customer satisfaction than direct sellers.”
Alford, who represents North Carolina’s franchised dealers on the NADA board and is president of Marine Chevrolet in Jacksonville, N.C., and Trent Buick GMC and Trent Cadillac in New Bern, N.C., said “local dealerships are crushing direct sellers when it comes to the Consumer Satisfaction Index (CSI). Cadillac, Infiniti, and Mercedes-Benz held the top spots in customer satisfaction among 25 luxury brands. The direct sellers scored 21st, 23rd, and 25th — bottom of the barrel.”
“We also know that direct sellers are buying up land and putting up stores, but they don’t come close to dealerships,” Alford added. “We know that 11,000 Tesla owners went to GM dealers to get their Teslas fixed in the last two years alone, because of failures of a direct seller model.”
Alford also shared that “one EV manufacturer was so desperate to learn about auto retailing, they literally picked up the phone and called the NADA Academy and asked if we could provide them with our training materials.”
“The dealer franchise system is the most consumer-friendly, efficient, and effective model of distribution for motor vehicles in the U.S,” Alford went on to say. “Dealers are truly essential to the future of ICE and EVs… only a local dealership network can provide the personal relationship consumers want.”
She was among Auto Remarketing’s annual Remarketing & Used-Car Industry’s 40 Under 40 honorees in 2019, and Melanie Wilson now is interim CEO of the National Independent Automobile Dealers Association.
In this episode of the Auto Remarketing Podcast, Wilson shared her initial thoughts on taking on this role and what her most important priorities are.
To listen to the conversation, click on the link available below.
Download and subscribe to the Auto Remarketing Podcast on iTunes.
