Podium recently announced the appointment of Matt Murray as senior vice president of strategic accounts as well as new partnerships with DealerSocket and DealerVault.
Podium’s latest integration with DealerSocket and DealerVault automates dealers' common interactions, such as collecting reviews and sending text messages.
The new partnerships will allow dealers using DealerSocket and DealerVault to integrate Podium technology with their existing dealer management systems, according to the company.
“With the addition of these partners Podium now covers nearly every franchise dealer in the country," said Murray in an email interview with Auto Remarketing.
Prior to his current role, Murray most recently served as vice president of strategic growth and retail solutions at Cox Automotive, Dealertrack Technologies and Dealer.com. As senior vice president of strategic accounts, Murray has been tasked with overseeing Podium’s cross-vertical strategic account strategy.
He said both DealerSocket and DealerVault customers have reported substantial increases in total reviews captured since the integration.
“Podium’s integration points automate a significant portion of the reviews process for dealerships, alleviating the burden from employees, and ultimately optimizing their local SEO strategy,” Murray explained. “We are helping to ensure that they will get found, get chosen, and receive valuable insights from both new and existing customers."
According to Podium, its recent growth within the automotive sector follows a $32 million Series A funding round from investors such as Accel, Summit Partners, GV (formerly Google Ventures), and Y Combinator.
“We're delighted to now support a broad network of solutions providers in the automotive space, giving a significant number of dealerships a better way to interact with their customers throughout the entire customer journey, and foster valuable, long-lasting relationships,” Podium chief executive officer and co-founder Eric Rea said in a news release announcing the new partnerships.
Pearl Technology Holdings announced Thursday that it has enhanced its on-demand automotive retail platform ShowroomXpress, also known as SRX, with the release of a dynamic website widget that can calculate and present six different payments to car buyers in seconds.
The new SRX website widget functions within the SRP and VDP levels of dealers’ websites and provides deal transparency for consumers buying any vehicle in a dealer’s inventory. The widget’s calculation engine is powered by a robust desking tool designed to integrate with all U.S. auto lenders, according to Pearl.
Payment for both purchase and lease transactions can be calculated with built in dealer finance mark-up.
“We believe our new dynamic widget will help dealers usher in a new era of auto retailing,” Pearl chief executive officer and founder Bruce Thompson said in a news release.
“With a few lines of code, a dealer can immediately empower his website with real payments, allowing a customer to desk their own transaction and pick their ideal payment and protection package. The transaction terms can be saved and sent to dealership CRM tools, so it’s a seamless process to pick up the consumer record and finalize the transaction,” he explained.
Calculations performed by SRX include the customer’s trade-in value, sales tax, doc fees, F&I packages and OEM incentives.
The addition of the widget to Pearl’s SRX platform creates a more pleasing retail environment for walk-in customers because it allows sales teams to quickly share real payments on every unit in inventory within seconds, the company said.
“We believe consumers are looking for a much more transparent and efficient car buying process and therefore created a tool that is easily installed on a website. It also has CRM integrations and very little training is necessary,” Thompson added. “Our dynamic widget is much more advanced than anything we see in the industry today.”
A small group of franchised dealerships piloted the new SRX widget in the spring.
The average dealer’s website analytics reported more than 4000 performed personalized payment calculations per month on their website using the SRX widget during the pilot period, according to Pearl.
For more information about the SRX widget or to sign up for a demonstration, visit pearlsolutions.com/srx.
Know your customer. Important to the success of any business, right?
Well, after doing some brand research, Peltier Subaru general manager Mike Terry learned this about Subaru customers.
Many are big fans of animals, particularly the loyal, lovable mutt.
Around two-thirds of Subaru owners have pets, according to statistics from Subaru of America shared by a spokesperson for Cox Automotive.
And 71 percent of those animal-owners have a dog at home.
So when Terry and his team opened the doors to their Tyler, Texas dealership in April 2013, they catered to the canine crowd, opening a dog park on site, as well.
If you have to take your car in for service, why not play with your pup while you wait?
I talked with Terry by phone on Wednesday, ahead of “National Dog Day” this Saturday.
He said the goal in opening the on-site dog park was to accommodate the needs of his customers and make them feel comfortable.
Terry figures, instead of customers having go to back-and-forth from the dealership to home to take care of their dogs, they can stay at the store and get their pets some exercise while they wait on their vehicles.
And as a bonus, Terry said, being able to play with your dog can make the service appointment seem like it’s going by quicker.
Typically, it is not overly crowded; there will be two to three people a day utilizing the dog park, with Saturday seeing as many as five.
The dog park — which is located within the gates of the dealership’s property — is also near an apartment complex, Terry said.
Since those residents may not have a whole lot of room for their dogs to run around, Terry said the park is open to them, as well, during business hours — even if they’re not doing business with the store.
And for those are heading to Peltier Subaru to buy a car, the dealership will talk about the park — not as a sales tool, Terry said, but as an informational resource.
That said, knowing the needs of dog-owning customers could prove useful in making sales. And that includes pinpointing the cars that might best suit the four-legged passengers.
In fact, 63 percent of dog owners look for cars that can meet the needs of their pups, according to an Autotrader Quick Poll 2017 survey.
In its annual list of “Great Cars for Dog Lovers,” Autotrader shared the cars that match comfort and safety needs for people and their dogs.
“We've rounded up seven great cars that are perfect for dog owners,” Autotrader executive editor Brian Moody said in a news release.
“The vehicles on our list are equipped with key features such as fold-flat seating, rear seat covers and low ride height that allow dog lovers and their pets to have a safe, comfortable and enjoyable experience on the road,” he said.
Those cars, in unranked and alphabetical order, include:
2017 BMW X5
2018 Chevrolet Equinox
2017 Honda Fit
2017 Chrysler Pacifica
2017 Nissan Rogue
2018 Subaru Crosstrek
2018 Volvo XC60
Of course, dogs bring about a certain scent to a car ride (and often are blamed for others, albeit often deservedly).
But Autotrader has a way to freshen things up when riding with your pup.
Here’s how the company described it in a news release:
“With a new car, comes the iconic new-car smell. It is a sense of pride for car owners and is instantly recognizable to all — the same can be said for dog owners.To celebrate National Dog Day, Autotrader is introducing a ‘New Dog Smell’ car air freshener, giving dog owners the chance to freshen up their cars with a lovable puppy-inspired scent and relive that first ride home with their pet companion.”
The company is encouraging dog owners to visit Autotrader.com/DogDay to enter for a chance to win one of these air fresheners.
And in honor of canine companions, the company is donating to Adopt-a-Pet.com with every air freshener it gives out.
A worthy cause, indeed, and fitting tribute to that hairy passengers that slobber and stick their heads out the window — and without whom car rides wouldn’t be half as enjoyable.
Advertising online video provider Vidillion recently announced its partnership with AutoDealerNetwork.TV to provide dealership customers visiting sales and service waiting rooms with up-to-the-minute news, entertainment and targeted and programmatic ad-serving from Vidillion.
Vidillion allows dealers to both feature their own commercials and block any commercials of their competitors.
The new service’s private live TV network to dealerships includes news, sports, travel, lifestyle, business and weather content from the portfolio of networks provided by Turner, a Time Warner company.
“The AutoDealerNetwork.TV product gives dealerships the ability to feature their commercials- whether that means dealership or auto brand specific spots- while blocking competitor's commercials,” Vidillion president and chief executive officer Tom Engdahl said in a news release. “We feel that is a big deal and really brings a level of targeting into a space that can certainly benefit from local spots hyper-tailored for each market.”
More than 50 northern and southeastern U.S. dealerships took part in the initial launch of the content and monetization network in May.
This year, an additional 3,000 plus dealerships throughout the U.S. are expected to launch the service, according to Vidillion.
“A single AutoDealerNetwork.TV set top box and one TV will display approximately 7,000 to 10,000 commercials each month regarding your products and services,” said Dirk Newsome, operations manager at AutoDealerNetwork.TV.
“If multiple boxes are installed in a property, the revenue opportunities and ability to reach customers in a meaningful way with special offers and direct dealership storytelling are exponential,” he said.
Dealerships can install an AutoDealerNetwork.TV set top box for use with existing TVs.
"This service has unlimited uses and can be applied in auto sales & service businesses, but also in healthcare, spa services and any environment where there is a waiting room," added Engdahl.
As both car and truck values softened at a pace similar to what’s been seen during the past month, Black Book’s Anil Goyal and the company’s representatives at the auctions are noticing a clear strategy dealers are using nowadays as they walk the lanes or watch the online sales.
“Dealers continue to remain interested in clean units from auctions to make up for a lower number of good trade-in vehicles,” said Goyal, senior vice president of automotive valuation and analytics, in the latest Black Book Market Insights report.
Looking at the volume-weighted data, editors determined that overall car segment values decreased by 0.45 percent last week, similar to the average weekly decrease of 0.48 percent in values over the previous four weeks.
Black Book indicated that the subcompact car and luxury car segments declined the most by 0.76 percent and 0.71 percent, respectively.
Over on the truck side, the volume-weighted data showed that overall truck segment values — including pickups, SUVs and vans, softened by 0.39 percent a week ago, not far off of the average weekly dip of 0.33 percent in values over the previous four weeks.
Editors pointed out that luxury crossover/SUVs in the midsize, compact and subcompact sizes declined the most among truck segments by 0.73 percent, 0.70 percent and 0.70 percent, respectively.
Turning back to what Black Book’s observers saw at the auction, the anecdotes back up what Goyal assessed about the overall market.
Out of Florida, the story was, “Dealers only buying vehicles to fill holes in their inventory.”
A similar situation played out in Tennessee as Black Blook’s representative said, “A good sale today and a great day for pick-up trucks. There seemed to be more clean vehicles being represented today, which was a welcome change for dealers struggling to get quality trade-ins on their lots.”
Two reports surfaced out of Pennsylvania. The first recap stated, “Attendance was better in the lanes today, but the majority of the sales were via the Internet.” The other one noted, “A lower sold percentage as dealers are anticipating lower prices around the corner.”
Finally, the observations from the lanes wrapped up in Massachusetts where lane watcher said, “Overall, a typical August market here with some expected anxiety preceding another fall season.”
David Hult will be the next president and chief executive officer of Asbury Automotive Group.
The retailer announced Tuesday afternoon that Hult, who has been executive vice president and chief operating officer since November 2014, is set to succeed Craig Monaghan on Jan. 1.
Hult will also have a seat on Asbury’s board of directors. Monaghan will become vice chairman of the board on Jan. 1 and hold that position until the Asbury’s 2018 annual meeting of stockholders.
Additionally, Monaghan will be non-executive special advisor to the company until he retires on April 30, 2019.
“We are thankful to Craig for his dedication to Asbury since originally joining the company in 2008,” Asbury chairman of the board Thomas DeLoach Jr. said in a news release.
“Craig is responsible for significant growth and value creation at the Company, and we appreciate his willingness to continue to serve Asbury in a transitional role following his retirement as president and CEO,” DeLoach said. “David has already contributed greatly to the growth of the company, and the board is unanimous in its belief that David is the ideal next chief executive for Asbury.”
Hult’s three-plus decades in the car business includes senior positions with Asbury, RLJ McLarty Landers Automotive Holdings, Group 1 Automotive and Penske Automotive Group.
“I am excited to lead the company and our 8,000 associates and look forward to driving further growth for the company,” Hult said in the news release. “I want to thank the board of directors of the company for providing me this opportunity. Craig has served as a wonderful mentor since I joined the company. I look forward to his continued advice and counsel as we work to ensure a smooth and successful transition.”
Monaghan said in the release: “I am delighted that the board has promoted David to president and CEO of the company. I look forward to continuing to work with him to execute Asbury’s business strategy and deliver long-term value to stockholders and other stakeholders.”
Dallas-based startup Fastlane has launched a new e-commerce platform that gives automotive dealerships the ability to customize their online check-out processes.
The new platform is designed to facilitate an easy and efficient online car buying process that both showcases dealers’ available inventory and allows customers to acquire financing, service contracts and insurance following a purchase decision, according to the company.
“Fastlane has taken online car-buying to the next level by letting dealers customize their online check-out flow,” Fastlane sales vice president David Luce said in a news release.
“Other car-buying platforms have a cookie cutter check-out flow that cannot be changed. Fastlane recognizes that dealers in one market, such as New York, may sell cars differently from dealers in other markets, such as Georgia or California. Fastlane offers dealers a way to personalize the online car buying experience to meet their customers’ needs, while adding value to the overall purchase experience,” he said.
By bringing separate elements of the purchasing process under one umbrella in a one-stop online checkout, Fastlane said the platform helps dealers move product more quickly and efficiently.
“Fastlane’s greatest strength is that it transforms the buying experience into an easy, efficient process while making it possible for dealer staff to spend less time on paperwork and data entry, and more time engaging with their customers,” explained Brandon Hall, Fastlane chief executive officer.
He said “our technology gives dealers a way to offer an unparalleled customer experience. Dealers can then concentrate on earning more business by offering unique service-based incentives and advice, meanwhile turning customers into evangelists for their dealership. These 'e-dealers' are the ones who will continue experiencing the most success.”
Additionally, Fastlane also offers in-dealership checkout systems, such as a mobile purchase order system and a self-service kiosk for customers to browse inventory, submit trade-in information and apply for financing.
For more information about Fastlane's e-commerce platform, visit fastlane.car.
Roadster said Monday it is now providing its white-label vehicle ecommerce solution to Longo Toyota, which is said to be the largest Toyota store in the world.
Longo, which is a part of the Penske Motor Group and Auto Remarketing's CPO Dealer of the Year in 2012, joins a list of other well-known dealers and dealer groups using the Roadster solution to offer online car sales, including Price Simms Auto Group, the John Elway Dealerships and the Paragon Group.
Roadster also closed a $7.25 million round of funding, which the company plans to use to grow its field and engineering teams.
All of this continues rapid growth by the San Francisco-based company, which is now offering its Express Storefront platform to dozens of dealers across 22 brands in 21 states, with the majority of that expansion happening this year.
“It really is the biggest and most progressive dealers that we’re starting with, which is great validation and exciting,” chief executive Andy Moss said in a phone interview this month.
During the same call, Roadster chief marketing officer Michelle Denogean said of Longo: “Really, it’s their scale that makes this implementation unique. And while (president Brendan Harrington’s) main goal is around a customer experience, it really is efficiency for a store like that,” given the volume of vehicles the dealership moves.
“So if there’s anybody that’s really interested in proving efficiency while they’re increasing the customer satisfaction scores, it would be a high-scale dealership like (Longo),” Denogean said.
Going big from the start
Since shifting its model in 2016 to include dealers, Roadster has certainly made a splash with some of the big dealer names it has brought aboard, Longo Toyota being one.
When asked why Roadster has chosen that route versus moving small to large, Moss pointed to a number of factors, one being the fact that large-scale dealerships need the type of efficiency that Roadster can provide.
“It’s really a solution that does work across the board. So we have small, luxury dealers all the way through to the biggest ones. But the progressiveness, I think, and the benefits that you can get at the big a scale, just suits itself very well to our platform and the experience that we can provide,” Moss said.
“So I think that’s kind of why you’re seeing those kind of dealers that are gravitating towards this,” he said. “I do think over time, this is where the industry as a whole is going, so I don’t think it’s going to be small or large, urban or rural or whatever; I think this is going to be the way consumers want to shop, and it’s just that certain dealers are more prepared and ready to adopt this sooner than others.”
The Express Storefront services have spread across the country, a process made easier with Roadster now having some practice navigating the respective DMV landscapes of different states.
It appears it’s not just one type of area that seems to be driven towards the online option; the company has had success in rural, urban and suburban areas.
“The biggest driver, I think, has much more to do with their processes and how they’re driving their systems than whether it’s rural or a major metropolitan area,” Denogean said.
‘Energy around constant improvement’
The relationship between Longo and Roadster has long been brewing.
They began discussions even before Express Storefront officially launched with its first dealer last year and have kept in touch. Roadster has continued adjusting the model, says Longo’s Harrington, and was receptive to suggestions and feedback.
“That’s why I’m excited, because I love to partner with someone who wants to keep getting better, not just build a piece of software and sell it to as many people as possible,” Harrington said. “So what I like about Roadster is just that energy around constant improvement.”
The online buying services are now available for Longo customers on both new and used vehicles. Asked for an estimate on how many of his customers will go this route, Harrington said he’d be “purely guessing” but hopes that 10 percent to 20 percent do so.
Be a resource for consumer
Whatever the proportion that buy online, Longo’s aim is to be there to assist a customer and answer questions at any point through the online process, but not interfere. Harrington said the platform allows customers to go through the steps of the buying at their own pace and at home, if they so choose.
The shopper can choose to go through the entire process online and have the car delivered to his or her home or pause the process and go into the dealership to complete the transaction.
Harrington also appreciates the fact that it gives the customer a way to learn more about terms and options and become a more educated shopper.
A lot of basic questions tend to come up among shoppers, he says: What price can I get the car for? Do you have this car?
Another, for instance: what is the difference between an LE model and XLE model? Roadster’s platform can allow the dealer to find the difference, for instance, and send to the shopper.
“What it means is, our salesperson is much smarter in their discussion on the differences, but it also means we’re not going to deliver cars that don’t have the options that consumers expect, as much,” Harrington said.
He also lauded the fact that searching by payment a month is available. So if the shopper knows he or she can spend $400 a month, the search can be tailored to pull up cars that match that criteria.
“They may be thinking they can afford or want a Corolla, but when they see they can get a Tacoma, four-wheel drive, off-road package, also for under $400 because the residual’s so good, suddenly they become a Tacoma shopper,” Harrington said. “It empowers the consumer to say, ‘how can I maximize the car for me within a given budget?’”
Harrington added: “If you go online and shop for anything right now, there is so much noise. There’s so many opinions. And it’s almost like the more you research, the more confused you get.
“And so our job is not to be the hard negotiators of old; our job, I think, is to educate the consumer, listen to them, be that still point in a turning world, that little quiet voice that helps them figure out what their best option is,” Harrington said. “And that’s what this tool, I think, helps us do.”
Florida Fine Cars — among the top 100 independent dealers highlighted earlier this summer in Auto Remarketing — announced on Monday that the dealership will support two upcoming walk/run fundraisers to benefit St. Jude Children’s Research Hospital in an effort to help doctors find a cure for childhood cancers.
The Memphis, Tenn.-based children’s hospital has organized simultaneous fundraising events in Miami and West Palm Beach, Fla., on Sept. 23. Florida Fine Cars is sponsoring a hydration station in Miami and providing a meet-up tent in West Palm Beach.
“Everyone knows someone who’s been diagnosed with cancer. But when it’s a child, it’s even harder to accept,” Florida Fine Cars marketing director Jamie Suid said. “St. Jude is a frontrunner in cancer research and saving lives. Our dealership wants to be a part of that.”
According to St. Jude marketing director Rebecca Torres, it costs $2.2 million a day to run the hospital, 75 percent of which comes from donors.
“Every donation, no matter how big or small, helps St. Jude tremendously,” said Torres, who met with Florida Fine Cars employees in early July to discuss the hospital’s mission, explain its funding needs and solicit support for its mission.
“It’s a great cause. Who wouldn’t want to help find a cure for kids with cancer? If Florida Fine Cars can contribute in some small way, count us in,” Suid said.
Money raised at the upcoming St. Jude Walk/Run to End Childhood Cancer in Dade and Palm Beach County will go back to the hospital to help further its mission: Finding cures and saving children.
“Donations allow us to ensure that no family ever receives a bill for treatment, travel, housing or food. We really want to make sure that parents can focus on helping their child get healthy,” Torres said.
St. Jude has helped push the overall survival rate for childhood cancer from less than 20 percent in 1962 when it first opened to 80 percent today. Doctors at St. Jude treat everything from brain tumors, leukemia and lymphoma as well as infectious diseases to immunodeficiency diseases, blood disorders, sickle cell disease and solid tumors.
St. Jude makes it easy for families to pick up their lives and move to Memphis to receive the best treatment in the world. Consistent with the vision of founder Danny Thomas, no child is denied treatment based on race, religion or a family's ability to pay.
To join Florida Fine Cars in an effort to support St. Jude through this fundraising event in south Florida, go to this website.
Colonnade Advisors offered quite a bullish forecast for the penetration level of vehicle service contract purchased by consumers that should make F&I managers and VSC providers smile now and seven years down the road.
The boutique investment bank and registered broker dealer providing investment banking services to F&I firms and other financial services companies released a new white paper that showed the macro fundamentals in the VSC industry are “compelling,” and the industry demonstrates growth, strong margins and recurring cash flow. Analysts computed the industry already totals $33 billion at the retail level and comprises a large and important component of automotive sales and profitability.
“New entrants and consolidators should enjoy industry tailwinds for several years,” Colonnade Advisors said in the white paper.
The firm highlighted the market size of the “sweet spot” for aftermarket VSC sales is estimated to continue to grow and cyclically peak in 2024. Despite the recent dip in new-vehicle sales, analysts insisted the market for the purchase of VSCs to cover following the expiration of an OEM warranty is increasing.
Colonnade Advisors estimated 85 million vehicles had a VSC attached in 2016 with the penetration growing to 108 million vehicles by 2024.
The white paper pointed out that consumer demand for VSCs is significant. Authors cited other studies that stated an estimated 46 percent of Americans do not have cash on hand to pay for an emergency expense of $400 or more.
“As the average age of vehicles increases and drivers hold their cars longer, the need for protection plans is increasing,” the firm said.
“These vehicles typically outlive their OEM warranties and have higher maintenance needs, creating demand among consumers that are increasingly accustomed to buying vehicle protection products,” the firm continued.
“Dealership margins remain under pressure, and F&I products provide significant profitability,” Colonnade Advisors went on to say.
Analysts went on to discuss another element of the VSC space, insisting the pace of mergers and acquisitions is increasing. Why? Colonnade Advisors noted demand from investors, low interest rates and availability of capital.
“Private equity is attracted to the industry by its high margins, strong cash flow, fragmentation and growth and making platform and add-on acquisitions to existing portfolio companies,” the firm said. “More and more, industry participants are considering vertically integrating, potentially disrupting market dynamics among the pure plays.
“Administrators, seeking to grow revenues and improve margins, are acquiring to increase and protect product distribution, improve scale and capture more of the value chain,” the firm continued.
“Sellers and administrators are bringing the payment plan function in-house. Insurance companies, looking to preserve books of business or enter the industry, seek the acquisition of administrators,” the firm went on to say. “Colonnade Advisors expects strong demand for well-run companies in this industry to continue.”
Colonnade Advisors’ entire white paper that explores trends, growth drivers and M&A in the VSC industry can be downloaded here.
