Tag Archive | "dealers"

RoadVantage Takes Dealer Training to the Next Level with Program Optimized for Web-Savvy Consumers


AUSTIN – RoadVantage, the fastest-growing provider of F&I programs for the automotive industry, today announced the launch of a cutting-edge dealership training program that has been optimized to help dealerships sell to today’s Internet-educated shoppers.

“Today’s dealership customers are a new breed of savvy – their shopping habits have evolved radically in the last decade,” said Garret Lacour, founder and CEO of RoadVantage. “Dealership practices must evolve accordingly.”

RoadVantage is offering F&I and sales operations training in partnership with The Academy, an Austin-based training center that has developed a curriculum specifically designed with today’s Internet-educated consumer in mind.

“The Academy’s uniquely developed process recognizes that a shift in mentality and focus is necessary in the face of today’s more informed customers,” said Tony Dupaquier, Director of The Academy. “Post-training surveys indicate that students who attend The Academy experience higher closing ratios, profit margins and CSI scores.”

The RoadVantage Dealer Training Program includes workshops for personnel at all levels within F&I and sales operations. The comprehensive training covers a wide range of topics and can take place onsite at the dealership, or at The Academy’s state-of-the-art training facility in Austin, Texas. Self-paced online training modules are also offered.

“Everyone knows consumers are researching and shopping online, so it’s time we equip dealers with the tools they need to effectively reach them,” continued Lacour. “This is a big initiative of ours. Last fall we created free online videos, available to all dealers nationwide, to drive consumer awareness of F&I programs before they go into the dealership to purchase their vehicle. Alongside our free online dealer videos, our new dealer training program is another example of how we are working to help dealers provide a better customer experience.”

The free dealer videos are available on the RoadVantage YouTube channel at http://bit.ly/2fWigrR. More information on the RoadVantage Training Program can be found at http://roadvantage.com/training.

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EFG Companies Launches 1,000,000 Mile Limited Powertrain Protection


DALLAS, TX – EFG Companies, the innovator behind the award-winning Hyundai Assurance program, announced today the launch of a 1,000,000 Mile Limited Powertrain Protection program for motorcycles. This program is designed to foster increased customer loyalty, referrals, and unit sales by addressing pressing motorcycle consumer needs.

While the powersports industry is currently experiencing a period of year-over-year growth, everyone in the industry has an eye on the horizon for the next economic downturn. Dealers are looking to maximize sales while they last and fortify their operations for the future.

“Today’s customers are already in the mindset of being very careful with where they spend their money, and are looking for the best value for the dollar. This has resulted in an enhanced pre-owned bike market over the last few years,” said Glenice Wilder, the vice president of EFG Companies Powersports Division. “By offering 1,000,000 Mile Limited Powertrain Protection, motorcycle dealers have the ability to differentiate their operations, and increase customer loyalty and new customer sales, by providing customers complimentary protection for their bikes.”

The 1,000,000 Mile Limited Powertrain Protection is designed to be offered complimentary on thoroughly-inspected, eligible bikes up to 10 years in age with less than 60,000 miles. The product provides coverage for the engine and transmission up to 1,000,000 miles, with towing assistance.

Customers then have the opportunity to enhance the coverage with an extended vehicle service contract, expanding the covered components and providing additional benefits including roadside assistance, rental reimbursement and unlimited number of claims. By upselling customers to the extended coverage, powersports dealers have the ability to increase their profit per unit during a time when every sale counts.

“As our market has grown into a more competitive space, powersports dealers need more than generic customer service promises to differentiate their business,” said Chris McIntyre, the CEO of EagleRider. “A program like the 1,000,000 Mile Limited Powertrain Protection from EFG helps dealers build a stronger brand message around customer service to drive more traffic and customer loyalty.”

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GSFS Group Launches F&I Performance Reporting Tool


HOUSTON, TX — On Tuesday, F&I product provider GSFS Group launched a new centralized online performance reporting tool for F&I products called Dealer Executive Dashboard. It’s designed to help users update income strategies and improve profitability.

The online data solution provides dealers and agents with access to extensive claims analytics, customer retention data, performance reports, dealer comparisons, and participation structure information. It features a user-friendly design and can be used on mobile devices, according to the company.

“We saw a pain point for our clients when it comes to information and wanted to find a solution. This gives our clients the ability to access info anywhere and anytime,” said Steve Amos, president of GSFSGroup. “I am proud of our team for creating, developing and launch this tool. We will continue to build and push the market forward using tomorrow’s technology.”

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NFADA’s MacKay to Deliver Compliance Summit Welcome Address


LAS VEGAS — Andy MacKay, executive director of the Nevada Franchised Auto Dealers Association (NFADA), will deliver the welcome address at the upcoming Compliance Summit, organizers announced Monday. The event will be held Aug. 29–30, 2016, at Paris Las Vegas as part of the annual Industry Summit.

MacKay’s address, “The Dealer’s Voice: Trade Associations on the Front Lines,” will begin at 9:05 a.m. on Monday, Aug. 29, following a sponsored breakfast and preceding the opening keynote address, which will feature The Warranty Group’s Aaron Lunt. MacKay is expected to offer an insider’s perspective on campaigns led by NFADA and other dealer trade associations against regulatory and factory overreach.

“We simply could not have asked for a better speaker to kick off the first Compliance Summit designed for dealers in the Western states,” said David Gesualdo, show chair and publisher of Auto Dealer Today and F&I and Showroom. “Considering the work he and his organization have done on behalf of franchised dealers throughout the state of Nevada in what has been, at times, a hostile regulatory climate, we can’t wait to hear what he has to say.”

The Compliance Summit agenda also will include educational sessions devoted to Rules and Regulations, Your Responsibilities and Easy-to-Implement Processes and Controls. Registered attendees are invited to RSVP to attend the review session and sit for the Certified Automotive Compliance Specialist exam, offered for no additional charge by Automotive Compliance Education (ACE).

To register for Compliance Summit, click here.

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J.D. Power: Speed No Longer Top Consideration When Selecting Finance Sources


DETROIT — When it comes to choosing lender partners, dealers value the type of relationship they have with their finance sources over the speed of their services, according to J.D. Power’s 2016 U.S. Dealer Financing Satisfaction Study.

Jim Houston, senior director of the automotive finance practice at J.D. Power, said finance sources need to shift from a transactional relationship with their dealers to a more consultative one.

“Speed has been king and the area lenders have traditionally focused on, but as the market gets tougher, lenders need to center their attention on their relationships with dealers, or they are going to lose business,” Houston said.

The first step to success, Houston noted, is communication. According to the study, fewer than half of dealers receive consistent sales rep calls or visits from their finance sources — both of which can boost overall satisfaction by as much as 6.8% and 7.5%, respectively. However, it’s not just about frequency, he added. The nature of the calls or visits is what really adds value to the relationship.

“Dealers value a lender that can help them handle the tough issues and solve those outside-the-box situations,” Houston said. “This is where having the right people focused on their dealers and helping them execute their strategic plan is essential.”

There are three things that dealers want from their lenders but aren’t necessarily getting on a consistent basis, Houston noted. Dealers want their lenders to maintain consistent performance among their dealer relationship managers, identify their best dealers and prioritize those relationships, and to focus on areas most important to dealers. Finance sources that are able to meet these expectations, he added, will reap a greater share of the business.

The study also found that there was a correlation between high satisfaction ratings among finance sources and how much business dealers send to those respective lenders over the next year.

Sixty-two percent of dealers who indicated they were 90% or more satisfied with a lender said they would likely increase the amount of business they would send to that lender over the next year. However, as soon as satisfaction with a lender begins to dip, the expected increase in business drops dramatically. As soon as a lender’s satisfaction rating drops below 90% to 80%-89%, according to the study, the amount of dealers who indicate they’d send more business toward that lender plummets to 37%. That amount drops to 22% when satisfaction ratings drop to 70%-79%.

While the study found that speed was no longer the leading factor for dealers deciding on a lender partner, it still plays a significant role. Dealer satisfaction increases by as much as 6.4% when lenders fund error-free contracts the same day they are submitted, the study found. If lenders notify dealers of contract issues within four hours of submission, satisfaction increases by as much as 6%. Additionally, a well-managed exception process can increase overall satisfaction by up to 7.9%.

When it came to satisfaction ratings, Mercedes-Benz Financial Services and BMW Financial Services were the clear winners of the study. Mercedes-Benz Financial Services placed first across all three of the segments the study looked at: prime retail credit, retail leasing and floor planning. BMW Financial Services placed second across all segments.

The 2016 U.S. Dealer Financing Satisfaction Study captured more than 20,000 finance provider evaluations across four segments. The evaluations were provided by 3,100 new-vehicle dealerships in the United States.

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AE to Honor Women in the Industry


TARPON SPRINGS, Fla. — The publishers of Agent Entrepreneur are accepting nominations for “Women in the Industry,” a cover story that will honor hardworking and successful women in the dealership, agency and F&I product provider and administrator segments.

“In what many still regard as a male-dominated industry, countless strong, smart, industrious women have reached the heights of success,” said Kate Spatafora, associate publisher of AE and P&A. “If you or someone you know fits that description, I encourage you to nominate them today.”

The deadline for nominations is August 28. Nominations should include:

  • The nominee and nominator’s name, title, company and contact information
  • 100 to 200 words explaining why the nominee is deserving of recognition, including any professional accomplishments, recent promotions, honors and awards

The magazine’s publishers and editorial board will carefully consider every nomination and select 20 honorees for inclusion in the story, which is scheduled to run in the September/October 2016 edition of AE.

 

Submit Your Nomination!

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