A new Web application is available for dealers finding they've missed sales opportunities by passing over potential customers while they’re on the lot due to too much foot traffic or visiting after hours.
Cell My Ride, a lead generating tool, can be incorporated as a window decal on vehicles that customers can either scan with their phones via a QR code or call a toll free number along with an ID number to get more information about the vehicle.
Once the ID is entered, the buyer will receive a text message with the asking price, year, make, model, engine specifications and a link to view the vehicle on the dealer’s website. The information provided will also include an email address, name and contact number for a salesperson. On the dealer end, the specified sales staff member will receive an email and text message alert with the buyer’s contact information to facilitate a follow-up.
Dorsey West, the creator of Cell My Ride, says the idea spawned from its application in home sales.
“What started as a great lead generation system for real estate brokers is now proving to be even more effective in the automotive industry,” West said. “Cell My Ride allows dealers to connect with after-hours car buyers and secure a sale without even being on the lot. Car buyers can do their shopping on their own time and dealers can reach them on their mobile phones the moment they’re ready for a test drive.”
Cell My Ride automatically uploads the dealer’s entire vehicle inventory into its system, where dealers can also update or add vehicle information at any time through an online management portal. The company provides window decals to dealers every month to display on every vehicle on their lots. The decals peal easily and leave no residue on windows while also complying with federal CAN-SPAM regulations.
More information about Cell My Ride can be found on its website or at (888) 869-3489.
Cross-Sell Reports, a division of Dominion Dealer Solutions, announced today the release of localized market data and reporting solutions for Arkansas dealers.
The suite of market reports available include Cross-Sell Interactive, Market Analysis, Statewide Dealer and Leinholder Summary, and MarketIntel, the latter of which uses heat mapping to visualize new- and used-vehicle sales as well as liens based on dealership and owner location.
Shane Marcum, Cross-Sell Reports’ general product manager, believes the company’s various offerings will be beneficial to dealers in Arkansas looking sharpen their strategies in their area while also increasing their return on investment within their dealership.
“Through Cross-Sell’s suite of market reports, automobile dealers in Arkansas are given the tools to strategically attack their primary market areas,” Marcum said, “regardless of whether a dealership is in Little Rock, Texarkana, Fayetteville-Springdale-Rogers, Fort Smith, Jonesboro, Pine Bluff, Hot Springs or anywhere else in Arkansas.”
For more information about Dominion Dealer Solutions’ offerings, visit their website. Additional details on Cross-Sell Reports can be found here.
NextGear Capital recently added the EDGE ASI Auction Operating System to its floor planning integration with AuctionACCESS.
As a result of this integration, NextGear Capital president Brian Geitner highlighted that all auctions on the Edge ASI system will have the ability to receive updated NextGear Capital credit availability and originate floor plan transactions through the AuctionACCESS platform.
“Innovative technology solutions have been the hallmark of NextGear Capital since day one,” Geitner said. “This integration with EDGE ASI furthers our commitment to create and provide simplified solutions that help our customers grow and succeed.”
Geitner went on to mention EDGE ASI auctions will now benefit from automated credit availability and floor plan loan processing with NextGear Capital.
Facilitated by the AuctionACCESS platform, this integration is designed to streamline the buying process for NextGear Capital dealers and enable them to floor their vehicles with NextGear Capital more quickly and efficiently.
“Many of our Edge ASI customers have a great working relationship with NextGear Capital and this integration just makes sense,” said Watson McClam, general manager of the Auction Edge ASI Division.
“Auctions are already seeing benefits from more reliable availability figures and streamlined post-sale settlement,” McClam added.
To help dealers win more used-vehicle trade-ins and further grow their volume and profits through better inventory management and customer engagement, Dealertrack Technologies introduced an all-new Inventory+ vehicle trade-in quote module and a fully integrated transportation tool.
Officials explained on Monday that dealers now have access to two new powerful tools within Inventory+, making the solution an even more robust and versatile tool for inventory management. These new Dealertrack-exclusive features include:
• Inventory+ TradeDriver: An intelligent trade-in quote service integrated within Inventory+ and a dealer’s website to present buyers with consistent trade-in offers whether in a dealership or via a dealer’s website, and to help dealers convert more leads to sales.
Inventory+ TradeDriver can blend Inventory+ dealer-specific TrueScore transactional performance, market data, wholesale value, dealer-controlled settings and a unique value powered by Black Book to enable dealers to present customized vehicle trade-in quotes directly to consumers shopping on a dealership’s website. TradeDriver can assist dealers in presenting the same consistent and fair vehicle trade-in quotes online and at the dealership.
• Inventory+ Transportation Services: A vehicle transportation network integrated with an inventory management system to offer dealers more choices for their transport needs.
Inventory+ Transportation Services is powered by Dealertrack’s CentralDispatch, connecting dealers to more than 1,500 transport brokers and more than 7,000 vehicle carriers. The tool is now a simple drag-and-drop feature integrated with Inventory+, allowing dealers to post vehicle loads directly to CentralDispatch.
In addition, as part of the Inventory+ Transportation Services, dealers have the ability to work directly with Dealertrack’s broker connection network, which consists of brokers who have agreed to adhere to a high-quality standard of service.
“We are committed to delivering integrated workflow solutions that help dealers drive efficiencies and transform their businesses," said Robert Granados, senior vice president of inventory solutions and CRM operations at Dealertrack.
“With the new intelligent vehicle trade-in tool and the industry’s first integrated vehicle transportation network, Inventory+ becomes an even more advanced and powerful solution for today’s progressive dealers.” Granados continued. “These enhancements will help better position dealers for generating more leads and improving customer experience, while winning more deals.”
In the early days, as dealers, we were taught that all vehicles in inventory should be stocked, bucketed, spiffed and priced, and when it hits the ripe old age of 60 or 90 days old, the vehicle should be sent to auction or sold cheap only to have the same process repeated over and over again.
The problem? We took wholesale losses and didn’t grow our volume quickly enough in our fast moving high probability sales as we were weighted down with the “wrong stuff” or unsellable vehicles.
Some industry software providers would tell you that you should price your vehicles in “the bottom three,” creating a “race to the bottom.” They are told to assume that dealerships in a common market are created equally and vehicles on those dealers’ lots behave the same.
However, we have learned the contrary, that dealers are unique in many ways from one another, and have different needs, such as: How do you create the opportunities to take advantage of high-profit situations or scenarios?; Does every vehicle have a reasonable probability of sale on every lot?
And, the answers to these questions differed greatly from dealer to dealer.
Now it’s 2014. Any of us that lived through the “Used Car Crash” of 2008 knows what happens when we have the “wrong stuff” in our inventory. We were educated that having the right amount of the “right stuff” leads to profitability and growth in our dealership, while at the same time we also learned that regardless of how “cheap” you price, not every vehicle will sell on every lot.
The Best Dealers Have a Plan
I have had the honor and privilege to work with some of the most profitable and highest volume dealers in the country. From domestic to import to luxury, they all have something in common.
These A+ dealers create an “out” strategy for each vehicle that they stock at the time. They limit their risk, price their vehicles uniquely according to probability of sale, and don’t get emotionally attached to their inventory. How do we GROW sales and profit while reducing risk? The answer is IVP.
The “Individualized Vehicle Plan” or IVP looks at your inventory differently. With an IVP, you categorize each vehicle in your inventory in one of five distinct categories.
- In Brand – Commodity / Off Rental
- In Brand – Unique / High Content
- Off Brand – Commodity
- Off Brand – Unique / High Content
- High ROI – Cash Car
Each category behaves differently on a dealer’s lot and each should be priced differently. In addition, inventory within a category should be held for different periods of time based on the projected risk and depreciation of that vehicle category.
For example, Category 1 (In Brand – Commodity / Off Rental) vehicles in today’s 2014 marketplace are plentiful. These cars and trucks can typically be bought at volume at a LOWER price today than you paid yesterday. With this in mind, price Category 1 vehicles towards the bottom end of the curve, carry a lower days supply of these and turn … turn … turn.
Now, let’s look at a Category 2 (In Brand – Unique) vehicle, such as a Ford dealer’s F-150 Lariat 4×4 with navigation and low miles. First of all, if you are going to take risk, is there a better vehicle to do it on? Also, this is the “money-maker” and should be priced accordingly. Not only does this type of vehicle have a high probability of sale, but also a high probability of above average profit.
IVP Success Stories
With a well-thought out IVP, monthly sales can improve dramatically. Currently, there is the major metro dealer that doubled his sales from 150 to 300 per month by simply taking an IVP approach. He will tell you that it’s all about understanding how each vehicle “fits” into the inventory that has made the difference. He has even added codes for each category into his DMS to further simplify the process.
Another example is a third-generation, small town Ford dealer who struggled for years with growing sales and profitability. Once again, his inventory software provider kept telling him to stock Altimas on his Ford lot, resulting in significant wholesale losses.
Fortunately, using Inventory + we helped him put in place an IVP process in his dealership. Six months later, the dealer yields a 550-percent increase in variable Net profit on a 200 percent increase in volume. This is only the beginning. We are working to apply the IVP concept to new cars as well.
Technology Helps Create a Market-Ready IVP
It’s 2014, and technology and data have merged to give dealers decision engines that help the dealer recognize profitability early on in the sales life cycle. For example, the latest product delivers a 360-degree market view to empower dealers to create a true IVP for their dealership, find profits where it exists, and mitigate risk.
Good selling!
Geoff Bedine is the President and Founder of AutoDealer iQ, Inc.
Years in development have paid off for vAuto, which this week announced the awarding of a patent for its system of inventory management for auto dealers.
On Wednesday, the company noted receipt of U.S. Patent No. 8,589,212 by the United States Patent Office, for its Provision system that helps dealers determine which used vehicles will perform best in their markets.
“The patent affirms that our Provision system offers a unique way for dealers to intelligently determine the ‘right’ used vehicles for their inventories,” said Dale Pollak, vAuto founder.
The Provision system combines vAuto’s methodology and technology to instantly provide dealers with a “Report Card” on every available used vehicle in their market.
Based on data collected by vAuto’s Live Market View technology, the Report Card grades seven characteristics for each vehicle including Market Days Supply, desirability among consumers, availability, profit potential and the dealership’s experience selling the unit.
“The patent adds prestige to our Provision system, and it means a lot personally to those of us who spent years developing a better way for dealers to manage their used vehicle inventories,” said Michael Chiovari, vice president of IT operations for vAuto.
“All along, we believed we had a one-of-a-kind approach, and the patent essentially documents that we were correct,” he said.
Along with Pollak and Chiovari, the patent also names as inventors Chris Stutsman, director of product innovation for vAuto, and David Hawkins, a former vice president of product development at vAuto.
With more and more dealers and buyers snatching up inventory through digital channels as a complement to physical auctions, as well as buyers and sellers calling for stronger vehicle images in condition reports both in-lane and online, enhanced imagery is becoming increasingly important.
Manheim is showing its customers just how aware they are of image importance with its new enhanced vehicle imaging suite.
Manheim unveiled the new tool at its national client advisory board meeting last week.
The new package offers customers up to 15 vehicle images, and what the company is calling “heat map” graphics, designed to help buyers quickly assess vehicle condition. The company also now has a dedicated photo staff to ensure quality imaging.
The goal of the enhanced offering is to ensure consistent image quality and standards across all Manheim locations.
The product will first debut with commercial customers, such as Toyota Financial Services, and will be completed for OVE.com and Manheim.com, and at 20 Manheim operating locations in early July.
The roll out will expand throughout 2014 as customers sign up and dealer requirements are refined, the company said.
“Through customer research, we found that getting detailed condition reports with great vehicle images remained an ongoing point of frustration,” said Bonnie Hensler, vice president of product development for Manheim. “Customers told us that having access to images that clearly and quickly assess what is wrong or special about a vehicle would give them greater confidence when buying and selling. This feedback guided our investment and development actions.”
During the demo at last week’s event, Manheim customers used the new imaging technology to take pictures of vehicles and compare them to the photos taken by Manheim’s professional photographers.
Designed as a fun contest, this worked to show the quality standards of the new product offering.
"In 2009, we started selling our vehicles primarily online, and by doing this we found there was a big gap with the amount of vehicles being sold and the quality of the photos,” said Mike Reid, Toyota Financial Services’ national manager of remarketing. “That’s when we started looking at the quality of our imaging process, to ensure we were delivering a good quality product to our customers. Through our partnership with Manheim, the Enhanced Vehicle Imaging process has helped us move forward in doing this, and the zoom capability is a cool feature.”
As multiplatform buying and selling becomes more and more of a reality in the industry, vehicle condition report consistency remains one of the integral keys to the wholesale technology progression.
In fact, In mid-January, Auto Auction Services Corp. announced a new industry standard for vehicle condition data reporting — developed in partnership with Manheim — that is designed to foster consistency throughout the business.
AASC said in its announcement that thanks to a deal with the National Auto Auction Association, it would soon be providing AASC member auctions with Manheim’s AutoGrade service, which aims to provide a consistent condition grading scale throughout the industry, regardless of platform, provider or location.
And as many can attest, having comprehensive condition reports with detailed imagery is important both in the digital space and for buyers and sellers on the ground at the physical sale.
For more on this recent development, click here.
Dominion Dealer Specialties enhanced its Inventory Health tool on Monday with the release of dealer performance metrics.
The comprehensive inventory management solution provider highlighted this addition is designed to let dealers make stronger, more informed merchandising decisions by better understanding how each vehicle is performing on leading third-party marketplaces and the dealer’s website.
“By including search results views and vehicle detail page results combined with call-to-actions, we can now offer our dealers a faster and truer perspective of their inventory’s merchandising and pricing strategies,” said Jennifer Ryan, director of inventory solutions at Dominion Dealer Solutions.
(Dominion Dealer Specialties is a division of Dominion Dealer Solutions.)
“Progressive dealers are interested in gaining a better picture of the true performance of each vehicle,” Ryan continued. “By including search results views and vehicle detail page results combined with call-to-actions, we can now offer our dealers a faster and truer perspective of their inventory’s merchandising and pricing strategies.”
Dealer performance metrics — an extension of the Inventory Health functionality — can allow dealers to identify vehicle performance in terms of search results pages, vehicle detail pages, call-to-actions and more.
Dominion pointed out that dealers now have the ability to view powerful, vehicle-centric metrics as well as take action to better price or market each individual vehicle to increase consumer awareness and engagement.
Greg Polen, senior product manager of inventory solutions, explained these metrics can arm dealers with the one-click advantage to quickly adjust the price, add additional photos or videos, include more robust vehicle narratives or otherwise modify vehicle listings to drive more searches, leads and showroom traffic.
Integrated within Dominion’s Inventory Health, a dealer’s vehicle performance metrics identify which third-party sites are driving the most SRP to VDP conversions, click-through actions and awareness for online shoppers, according to Polen.
“Our goal is to deliver a one-stop shop for dealers to control their inventory’s performance,” he said.. “These actionable insights, combined with other recent vehicle data insight improvements, will help dealers take swift action with their new and used vehicles.”
DealerMatch and the National Association of Minority Automobile Dealers announced a new partnership today that will provide an exclusive trading network for NAMAD.
The new DealerMatch NAMAD Network allows NAMAD members to exchange wholesale inventory directly with one another and other dealers across the nation.
On top providing a private trading network for NAMAD, the partnership also allows these same members visibility into the entire DealerMatch marketplace.
DealerMatch explained NAMAD members can grow their network of trading partners to include more than 30,000 dealers nationwide whose inventory is on the site.
“One of our goals is to provide our members with better inventory sourcing and management tools to give them a leg up on the competition,” said Damon Lester, president of NAMAD.
“DealerMatch offers two great advantages – an online marketplace that shows dealers all available vehicles, not just units being wholesaled online or at auction, and a more efficient trading environment that eliminates auction fees. Our members can now maximize profits when stocking their lots or filling inventory gaps while focusing on what matters most — their customers.”
Highlighting the tool in greater detail, standard DealerMatch features include access to more than 1 million retail-ready vehicles, one low monthly fee for unlimited transactions and an optional purchase protection program that provides peace of mind for a dealer’s vehicle purchases, the company shared.
The Pro Package includes access to DealerMatch’s MatchPro technology, which works to analyze member activities and recommends vehicles and sellers.
“More than 800 members of NAMAD will reap the benefits that a dealer-to-dealer marketplace offers over the traditional auction model,” said Greg Easterly, president and co-founder of DealerMatch. “Now NAMAD members can accelerate profits simply by better leveraging their current network, the NAMAD network and expanding to meet new dealers through DealerMatch.”
NAMAD members interested in DealerMatch can find out more information and request a free demo by visiting www.dealermatch.com/namad or calling (855) 897-3025.
DealersLink revealed late last week it will be launching a Version 4 of its inventory management platform later this month.
On April 28, DealersLink V4 will hit the market, featuring a new user interface that the company says is “faster, more intuitive, and has more robust capabilities, with a focus on mobile users.”
“We’re excited about V4, because it’s taking the most powerful tool available for acquiring quality retail-ready inventory, and making the experience even better for our users, not to mention faster and more profitable,” said DealersLink vice president of sales Travis Wise.
Upgrades include the following:
- Faster loading pages and improved search engine.
- New alerting system for streamlined communications on trading activity.
- Mobile trading desk and mobile DealersLink site for transaction capability from any device, from laptops, to tablets and smart phones.
- Export Pro: more powerful, more streamlined inventory management. A powerhouse of the DealersLink suite that enables vehicle descriptions, pricing tools, and control of exports, as well as creation of window stickers, buyers guides, and brochures.
- CloudCam: a 16 megapixel, 21x optical zoom Mobile Vehicle Stocking device that quickly scans VINs, runs book values, takes photos, adds options and stocks vehicles through the cloud.
- Fastbook: an app for intelligent booking automation, velocity reports, retail analytics, vehicle history reports, competition view, and eBay and Facebook exports from your mobile device.
- A More robust development platform for faster future innovations.
“With thousands of dealerships using our tools every day, we have a strong field testing program and are constantly making updates. Our products have been developed based on dealer feedback, and this is the latest in that progression. Our development capabilities and the dealers’ real world needs make a powerful combo,” said DealersLink VP of development, Mike Goicoechea.
