Helion Automotive Technologies has a new data security warning for auto dealerships because in recent weeks spear phishing hackers have been busy planting malware inside of social media posts designed to lure employees of organizations to click on the post.
Dealership employees are ideal targets for spear phishers looking to grab Personally Identifiable Information (PII) and bank account information, according to Helion.
"This is the same spear phishing scheme that hackers have been using successfully in targeted email messages for several years now," Helion president and chief executive officer Erik Nachbahr said in a news release. "The problem is that although most employees have been told and know not to click on emails from people they don't know, they don't think twice when it comes to clicking on a message or offer in their Facebook feed. They are more trusting in a social media environment."
If employees take the bait of hackers and click on infected links, malware can be downloaded onto the employee's computer compromising the entire organization's network, the information technology solutions for auto dealers said.
Helion recently conducted a phishing test at an auto dealership by sending emails to 125 employees where three employees took the bait. When prompted by the website the email drove them to, they entered both their usernames and passwords.
If the attack were in fact real, the consequences could cost a dealership thousands, Helion said.
"That test was a good sample that revealed auto dealerships are very vulnerable to this type of attack and need to do a better job at educating their employees," Nachbahr said.
Nachbahr’s tips for preventing a spear phishing attack:
- Instruct employees to never click on links in social media posts and messages from their computers or personal devices while at work
- Require employees to change their network login passwords every 90 days
- Encourage employees to keep social media profiles private and don't accept friend or connection requests from people they don't know
- If employees receive a phone call, email message or social media message from a banking institution, vendor or other entity that asks for personal information, do not give this information verbally or via email, but contact the institution directly
- Get cyber liability insurance, which covers costs associated with a data security breach and loss of data
- Regularly apply software updates to Microsoft Windows, Internet Explorer and all software applications on every PC
Dominion Dealer Solutions' automotive equity mining solution, DealActivator, is now fully integrated with Dominion Autobase, one of the company’s customer relationship management systems.
The combination of Dominion’s DealActivator and Autobase platforms can provide dealerships with enhanced business intelligence and increased lead information, the company said as part of its announcement on Wednesday.
“Dealers need efficient ways to follow up all leads. With the new Autobase Equity Logbook, both new and used car dealerships can contact their equity leads through the same processes already in place for lead follow-up in the CRM. This makes it a seamless process and ensures that no opportunity falls through the cracks,” Dominion Autobase product manager John Hardacre said in a news release.
The integration can give dealership sales teams instant access to a vehicle’s DealActivator equity data within Autobase CRM, including Dominion’s DealActivator Priority Page.
Additionally, dealers are no longer be required to log into the systems separately for those utilizing both DealActivator and Autobase, the CRM equity information will appear on the same screen, according to Dominion.
“Customer updates, including calls, emails, texts or notes made in either system, will be reflected in both, eliminating the need for additional manual entry,” Dominion said in the release. “Dealers using Autobase CRM will find the follow-up process streamlined by this integration, since they can now contact customers in an equity position in priority order by filtering those most likely to close.”
For more information about both Autobase’s CRM and DealActivator call (877) 421-1040.
“We are excited to bring DealActivator's award-winning equity experience to Dominion's Autobase CRM,” added Alan Andreu, the company’s equity solutions general manager. “Automotive dealers using Dominion’s Autobase will be ecstatic to start experiencing smart priority leads and other equity enhancements directly in the CRM.”
Bank of America is enhancing its mobile offerings in an effort to boost originations with its participating dealerships.
On Monday, bank officials highlighted that they launched new capabilities for mobile clients to complete the auto financing process with the company while searching for a vehicle from dealerships within the bank’s network. Plus, customers can complete these shopping and decision tasks all on their mobile device or computer before ever visiting a dealership.
Bank of America indicated the program will begin with a pilot period in the Carolinas and expand across the country in a phased rollout that will continue throughout the year.
“These new capabilities deliver on our ongoing promise to provide our clients an enhanced and transparent experience derived from our leadership in mobile banking technology,” said Steve Boland, head of consumer lending at Bank of America.
“Our convenient auto shopping experience allows clients to search for cars at local dealerships and get their Bank of America financing completed in one place and on their own time, whether on the go or in the comfort of their home,” Boland continued in a news release.
Vehicle shoppers now can seamlessly integrate their shopping and financing experience by selecting a new or used vehicle from participating dealerships, estimating their monthly payment, and applying for Bank of America financing on the specific model selected prior to their dealer visit and all in one place.
The car shopping service is optional, and clients will still be able to obtain a bank loan approval, not linked to a specific vehicle, if they wish, according to company officials
Bank of America reiterated the three-step process:
—The tool allows the user to locate their preferred vehicle, look up the closest participating dealerships and find an available vehicle in their price range.
—Then, the user can move directly to applying for a Bank of America loan through the tool, typically receiving a decision within seconds. Once approved, the user receives an official approval letter via email.
—After that, shoppers can go to the dealer, take a test drive and finalize the sale and financing transaction with the dealer.
“We’ve achieved the seamless experience our clients have told us they want,” Boland said. “When people go to the dealership, they want to focus on the car purchase and not the financing.”
Bank of America contends its vehicle shopping tool offers several significant enhancements for consumers, including:
—Users simply follow a few steps on their mobile device or computer and then go into a portal to view inventory displayed by a participating dealership to check out their vehicle.
—Other digital shopping tools send users’ phone and email information to local dealers at the time the user makes an inquiry, but Bank of America said its tool does not, protecting client privacy. After a vehicle and dealer are chosen and a loan amount is approved, client information and the loan approval will then be shared with the dealer in order to complete the transaction.
—Unlike other tools, the company noted anyone can use Bank of America’s car shopping resource. It doesn’t require an existing customer relationship for users to take advantage of it.
—There is no obligation, and clients can change their mind at any time. At the dealer, they may decide on a different color, different options, or a completely different car — they are in control.
In addition to the shopping benefits of the tool, Bank of America’s 30-day rate lock guarantee gives clients the time to make a decision.
“Technology is shifting the auto-buying process towards greater transparency, with the vast majority of those looking for a vehicle now beginning their shopping online,” said Michelle Moore, the company’s head of digital banking.
“Enabling buyers to perform the bulk of their browsing and research — and even arranging financing — on a mobile device makes the experience that much more efficient and convenient for them,” Moore went on say.
An on-demand, live video platform developed by Los Angeles-based startup DropIn, gives dealership product specialists a tool that brings customers to car lots and showroom floors — without the shopper having to leave home.
“Nobody wants to come down to the dealership and be sitting in the chair and feel that high pressure anymore — those days are over,” DropIn chief executive officer Louis Ziskin said in a phone interview with Auto Remarketing.
This month, DropIn began onboarding new dealer clients following the closing of its product’s pilot program, which launched in December.
“Customers shop about 26 dealer websites before they engage with the tools that are on any of those websites, such as text, live chat help, lead forms, contact forms and phone calls,” Ziskin said. “They do their shopping, they’re pretty well-informed. But while they don’t want to talk to a salesman or engage with any of the tools there, they do on many occasions want to see if the car is actually there — they might want to see the car.”
Additionally, DropIn has added a CRM linking tool to its product. “For known customers where anonymity is not the case any longer, they can either send a text or an email with a link,” Ziskin said. “That video call can then can be initiated from an email, from Instagram, from Craigslist — from anywhere that product specialist wants to post it.”
If a call is missed, the CRM will notify the product specialist to reestablish contact with the customer.
Ziskin said an added benefit of adopting DropIn is dealers can also use the product within their service departments.
“Car dealers have always had the problem of ‘how do I give the customer a service walk-around, I’m not allowed to have them in the shop. My insurance doesn’t allow it, I just simply can’t have them there,’” Ziskin explained. “Now, the service specialist is able to put that link and attach it to the estimate and tell the person, ‘If you want a live service explanation, click here.’”
When the customer clicks the link, the video call is initiated and goes right back to that service specialist who can give the customer a walk-around in the shop that has no liability because the customer is not physically in the shop.
“You’re able to explain, ‘You need brakes and this is why, you need a new fan belt and this is why, you need new tires and this is why.’ The customer can now, in real-time, say, ‘Well, can my tires last another couple hundred miles, do I really need to really replace this now,’” he said.
When a customer receives just an estimate and maybe a picture, many of their questions don’t get answered. “So the estimate absorption rates are about 50 percent,” Ziskin said.
Dealers who have piloted DropIn within their service departments have self-reported a 25 percent higher estimate absorption, according to Ziskin.
“The closing rates are self-reported by the dealers themselves; the only thing we know is that there was a video call, and we know if they made an appointment during the call or if the lead form was filled out after the call, but we don’t know whether that converted to a sale,” Ziskin added.
“Our numbers are reported by the dealerships themselves as far as conversion to sale. They obviously have an incentive to downplay those numbers because they want our product cheaper and they’re still reporting anywhere from 20 to 30 percent closing,” he said.
With the motivation being on empowering OEMs, LotVantage recently announced the addition of Dave Yeargin as vice president of strategic initiatives.
The company indicated Yeargin will assist in the growth of LotVantage’s Brand Manager customer footprint, with a particular focus in the powersports vertical where he has participated for the past 20 years.
LotVantage’s Brand Manager is a complete digital marketing solution that can help OEMs seamlessly market their promotions and advertisements to consumers through their dealers’ social media channels.
“LotVantage is excited to bring on a veteran in the industry with Yeargin. As our OEM Brand Manager continues to grow, Yeargin will play a vital role in our strategic partnerships,” LotVantage president and chief executive officer Matthew Brown said.
Previous to joining LotVantage, Yeargin served as director of strategic initiatives at DX1, a dealership management software division of Dominion Enterprises. Dave was co-founder of ZiiOS, one of the powersports industry's first cloud-based dealership management solutions, which was subsequently acquired by Dominion Enterprises in 2010.
“I’m passionate about delivering solutions to the industry to improve profitability using advances in technology. LotVantage provides a complete set of solutions for inventory marketing and social media. I’m extremely honored to join the team on their journey,” Yeargin said.
Prior to the time with Dominion and ZiiOS, Yeargin was an owner of two multi-line powersports dealerships in the early 2000s, learning firsthand the needs of the powersports industry. These experiences have uniquely prepared Dave for this position with LotVantage.
“Yeargin’s addition to the team will expedite the growth of LotVantage and our OEM Brand Manager,” said LotVantage vice president Jim Jabaay. “We look forward to the leadership, experience and knowledge Yeargin brings to the team.”
Frost & Sullivan’s mobility team pegged how much the automotive industry is expected to invest in blockchain technology during the next eight years.
As the digitization trend sweeps across industry verticals, analysts acknowledged blockchains have begun to capture a bigger share of IT budgets. By 2025, Frost & Sullivan projected the total automotive industry's spending on technology is expected to be approximately $168.80 billion with 0.6 percent investment on blockchain technology.
Frost & Sullivan explained that this decision is being made due to blockchain’s value in smart manufacturing, supply chain logistics, retailing & leasing, connected living & IoT (Internet of Things) and mobility services. The firm went on to mention OEMs primarily employ blockchain technology in financial applications, but in the long term, they will extend their use to functional areas such as smart manufacturing and connected cars.
Frost & Sullivan’s new analysis titled, “Blockchain Technology Revolutionizing Automotive Industry,” provides in-depth insight of key areas in the automotive industry that can utilize blockchain technology.
“OEMs are only gradually waking up to blockchain technology's benefits of real-time monitoring, auditability and scalability in an era of connected living,” Frost & Sullivan mobility research analyst Meena Subramanian said.
“Stakeholders all along the value chain are showing great eagerness to harness the power of this technology to achieve best-in-class decentralization, transparency and security,” Subramanian continued.
Meanwhile, Frost & Sullivan pointed out financial divisions in the automotive industry are forming consortiums to frame policies that will help them comply with regulations on a global level. For instance, earlier this year Bosch, Cisco and many start-ups formed a consortium to build IoT applications based on blockchain technology.
“By 2025, the penetration rate of blockchain technology in functional areas such as retailing & leasing, supply chain logistics, mobility solutions, smart manufacturing, connected living & IoT is expected to be at approximately 37.2 percent,” Subramanian said.
“The most successful solution providers will be the ones that create tailored ideas and products that address business requirements, recurring issues, as well as process automotive use cases,” Subramanian went on to say.
To learn more about Frost & Sullivan's research or to sign-up for the firm’s Growth Strategy Dialogue, a complimentary one-hour interactive session with Frost & Sullivan thought leaders, visit this website.
Since adding Kelley Blue Book to its list of data providers, PERQ said the addition has increased the number of trade-in leads generated by PERQ’s FATWIN Web Engagement platform for its dealer customers by up to 300 percent.
The integration of Kelley Blue Book’s data with FATWIN provides online visitors both increased confidence in the valuations of their used vehicles and a better online experience, PERQ said.
“We’re excited to work with PERQ and further extend our market-reflective Blue Book Values,” said Damon Bennett, senior director of syndication for Kelley Blue Book. “Given that determining whether pricing is fair is among the biggest pain points when transacting, Kelley Blue Book is providing consumers with the confidence of how much to expect for their car.”
Initial results have shown that combining Kelley Blue Book data with FATWIN’s trade appraisal is drawing more online visitors and yielding higher conversion.
“Dealerships are, on average, experiencing a 3-time increase in trade-in leads, 5 times the volume of trade-in sales and a 9.2 percent higher average gross profit per unit sold,” PERQ said.
There are more than 300 dealership websites currently utilizing PERQ’s FATWIN Web Engagement solution, according to the company.
“The consumer experience is of paramount importance to engaging online visitors and converting leads into dealership sales,” PERQ executive vice president of product Stephanie Ragozzino said. “By combining Kelley Blue Book’s valuation data with PERQ’s uniquely intuitive interactive online experience, dealerships have an even more powerful opportunity to engage more visitors via our trade-in tool and turn more of those leads into car sales.”
For more details about FATWIN’s use of Kelley Blue Book’s data, click here.
GWC Warranty is now offering Elite Dealers a free 30-day trial to access video email marketing platform Covideo, which allows dealers to create and track video email marketing messages for customers.
Dealers can use the marketing service tool for internet inquiry responses, vehicle walk-arounds, sales follow-ups and service reminders.
“Use of Covideo in dealerships has been proven to increase internet lead conversion rates by 20 percent and produce 27 percent more dealership visits,” GWC Warranty said.
An additional one-user package designed for smaller independent used car dealers is available at an exclusive discounted rate, according to the company.
Through the end of the year, dealers who sign up for the Covideo trial offering will have the option to extend their one-user subscription.
GWC Warranty Elite Dealers can contact their dealer consultants to sign up for Covideo.
The power and capability of artificial intelligence with the consumer comfort of a kiosk are now being leveraged to improve the dealership service drive and showroom.
UpdatePromise recently announced an exclusive partnership with GoMoto, to combine the companies’ platforms into one fully embedded dealership management system with a connected consumer experience and engagement solution.
With this tool, the companies explained, dealers and OEMs will now be able to provide their customers with seamless omnichannel automated, mobile and self-service kiosk experiences.
“At UpdatePromise, our solutions have always been aimed at enhancing the customer experience through convenience, speed and transparency. GoMoto’s kiosk solution is consistent with that vision,” UpdatePromise founder and chief executive officer Curtis Nixon said.
“Integrating our communications, payments and survey platforms with GoMoto’s kiosk solutions is an ideal fit for both companies,” Nixon continued.
As a result of the partnership, UpdatePromise’s customers will immediately gain access to GoMoto’s kiosk platform, while GoMoto’s kiosk customers will be able to incorporate the UpdatePromise Consumer Experience Lifecycle Solution.
The GoMoto Kiosk Platform is a cloud-based, customizable software and hardware system that can create comprehensive, dealer‐focused solutions that can drive sales and provide customer captivating interactive technology in-store.
“We are thrilled to partner with a company whose vision and philosophies are aligned with ours,” GoMoto co‐founder and CEO Todd Marcelle said. “Both companies have developed customer centric solutions that create demonstrable differentiators for dealers and OEMs.
“Together, we will be able to provide one integrated solution to accommodate all customer preferences,” Marcelle went on to say.
LotLinx has expanded its Facebook product suite to include LotLinx VS – Lead Enabled Remarketing, a newly created VIN-specific tool for Facebook users that leverages LotLinx proprietary technology to target high-quality shoppers.
The company’s new product can allow dealers to both strategically target visitors to Vehicle Details Pages and remarket to shoppers interested in a specific VIN on Facebook or Instagram.
“This is a powerful extension of our VIN-specific demand generation platform. Every dealer knows that a car needs to be shopped in order to sell, and now dealers can produce high-value leads on the inventory they need to move,” LotLinx chief executive officer, Len Short said in a news release.
The LotLinx VS- Facebook solution is designed specifically for new cars and it focuses on car shoppers who are nearing a purchase decision.
According to LotLinx, the new product has already had an impact on dealerships such as Nimnicht Chevrolet of Jacksonville, Fla.
“We used LotLinx to identify visitors to our site who indicated interest in the cars we needed to move. Then, when they saw those VINs later on Facebook or Instagram, they were presented a pre-populated lead form. With one click, that contact information went into our CRM,” Nimnicht Chevrolet corporate business development director Frank Reynolds said. “We’re very pleased with the results — our BDC reps are busy!”
Additionally, on Memorial Day weekend, LotLinx announced that it will be its offering dealers a money back guarantee in an effort to showcase the company’s retargeting technology. For more details click here.
