Tag Archive | "dealers"

eLEND Solutions Launches Credit Application Platform

MISSION VIEJO, Calif. — eLEND Solutions has launched CreditPlus, an interactive credit application platform that instantly preapproves shoppers based on dealer-defined credit criteria. For shoppers, the platform provides direct, upfront access to dealership financing sources and near-final terms of approval from multiple lenders, all of which are controlled by the auto dealer.

With CreditPlus, dealers are able to match a buyer’s credit profile with the right car and the right finance program before the customer test drive. This facilitates a more equal exchange of information between consumer and dealer and the structuring of a more profitable deal, official claim.

“Auto dealers are looking for ways to convert online shoppers to in-store buyers faster,” said Pete MacInnis, CEO of eLEND Solutions. “CreditPlus, powered by a patented rules-based loan decision engine, allows the customer to select from a menu of approved near-final finance terms, such as APR, term, monthly payment and down payment from multiple lenders, all controlled by the dealer.”

The new platform features an interactive application that can be completed on a mobile or tablet device. Applicants not only get approved for financing in seconds, they can also view their credit score and pick their payments, officials said.

For dealers, CreditPlpus offers numerous application configuration options, including videos, vehicle detail image selections, and lead management tools. It also provides dealers with complete control of credit criteria and payment terms displayed to the customer, including dealer markup, doc fees, service contracts and more.

The solution is powered by a rules-based loan decision engine that aggregates a limitless universe of lender programs based on credit, stability and ability. It also drives engagement via automated email and text communications, chat integrations, automated system escalations and alerts.

Officials noted that the platform is an industry neutral solution, which means it’s compatible with any dealer desk tool, website platform, inventory management and CRM solution, finance platform, and dealer management system.

“We’ve witnessed two decades of innovation in online car buying, but the financing process remains outdated and low-tech. This lack of innovation has not only cost dealers time and money, but it has also seriously alienated consumers, who increasingly demand online transparency in everything they do,” said MacInnis. “CreditPlus’ real, upfront loan terms are a missing piece of the car-buying revolution, bringing dealers more high-quality credit app leads, while slashing the current 3-4 hour sales process.”

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DealerMatch Releases Andriod App

Atlanta, GA — Dealers can now appraise, stock, buy and sell automotive inventory with other dealers on the go with the new DealerMatch Andriod app.

The Android app complements the DealerMatch website and iOS app, enabling DealerMatch to bring direct access to its dealer-to-dealer marketplace to all dealers doing business through mobile devices.

“Time is money to car dealers, so convenience is key. We’ve seen a dramatic increase in both the number and frequency of DealerMatch members transacting via smartphones and tablets in the last six months,” said Greg Easterly, president of DealerMatch. “Nearly half of all vehicle offers on DealerMatch are accepted by members using our mobile app.”

DealerMatch members can take advantage of the mobile app to buy and sell retail ready vehicles, CPOs, fresh trades and exclusive sale inventory, without auction fees or middlemen. A key feature of the DealerMatch Android and iOS apps is the ability for sellers to scan a VIN, appraise a vehicle and list it directly to the DealerMatch marketplace for quick sale.

Interested buyers looking for similar vehicles receive an instant alert and can make offers right from their phone. Sellers can then respond immediately to offers and close the deal on the spot. DealerMatch members can also get comprehensive vehicle histories from AutoCheck and secure their purchases with the DealShield 100% purchase guarantee, officials said.

“Mobile technology has conditioned retail consumers to expect instant response when they are ready to buy, it’s time for dealers to reap the benefits too,” Easterly said. “Dealers can access other dealers’ inventory in our marketplace 24 hours a day, seven days a week from anywhere. Sourcing inventory more efficiently ultimately makes dealers money because it frees up time to devote to the retail side of their business or perhaps reclaim a few of their nights and weekends.”

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How To Follow Up Your Unsold Prospects

Before we talk about how to follow up your working prospects, let’s review what has typically happened in the selling process so far…

  • 86% buy something other than what they said they wanted – and you did have a vehicle in stock they liked.
  • You spent from 20 minutes to a couple of hours and went through some or all the steps of selling.
  • For whatever reason – they didn’t buy, so you have one of two choices.

The first option is to blow the time and effort you have already put into this potential sale, send them to your competitor and miss another sale you could be making. Or, learn to get their information before they leave and spend 5 more minutes on follow up to get 1/3 of them back on the lot. This will result in delivering 2 out of 3 of them a vehicle. If you fail to choose the second option, then unfortunately, the first option will be the result by default – another missed sale!

Here’s a very short summary of unsold follow up from one of our online courses. Of course there’s way more to learn, but follow these quick directions and you’ll start selling more now. Your only goal with follow up is to sell an appointment. Not the vehicle or the price, just an appointment that shows.

  • Get their phone number first – their cell phone number is best and get their permission to text them). Then get their email & mailing address – or you can’t follow up. Don’t ask, “Can I get your number?” Just ask, “What’s your best number?” Next, get their email, street address and finally, “Spell your last name.”
  • Send a text within minutes. One that works with just about everyone is: “Bob, make a U-turn quick, my manager has a buyer for your trade and wants to take a look at it.” Your manager does have a buyer.
  • If you get no response from your text, call them as soon as possible with the same urgent message.
  • Within an hour, send an email to say thank you for stopping by. Add personal ‘PS’ and repeat the ‘trade’ urgency.
  • At the end of the day, put a ‘thank you’ note in the mail.
  • Next day – call them again with ‘new’ information.
  • Call them again and again until they buy somewhere. Even if not from you, put them on your Master List.

One final tip – talk with your manager on exactly what to do and say.

Why does follow up work so well? That’s easy…

  1. You built rapport and gave them a good presentation.
  2. You made a great impression with your follow up.
  3. They enjoy recognition and appreciate the contact.
  4. They want to deal with someone they ‘like’.
  5. And – none of your competition did any of this!

So why not follow up to make another 6 – 10 sales per month? You have to work tomorrow, either way!

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Joe Verde To Speak At Massachusetts State Automobile Dealers to Sold-out Crowd

ORANGE COUNTY – The Massachusetts State Automobile Dealers Association (MSADA) is welcoming sales and management training expert Joe Verde to speak at the group’s annual meeting in Boston, Mass. on Jan. 11.

Verde aims to prepare association members for what they need to do now to take advantage of the 14,000,000 automobile sales that are projected in 2012.

“With national projections of 14 million units being sold in 2012, automotive sales will not be divided equally among all dealerships,” said Verde, president of Joe Verde Sales & Management Training Inc. “Dealers can’t depend on advertising, buying services or cheap prices to take advantage of these extra sales opportunities. Success, and especially profits, will depend on who can meet and exceed customer expectation, not on who holds the biggest price dropping contest.”

“The majority of dealers in our industry are price focused when it comes to selling, yet buyers today are more value-driven than ever. Price has always been #16 on our customer’s list of buying motives, but most salespeople and managers can’t even hear customers explain the other 15 things that matter even more to them than getting a cheap car,” said Verde.

“We need to realize that while people today are certainly price conscious, they are even more demanding of value, a good buying experience and being taken care of after the sale. And none of those feelings will be developed by untrained, and unmanaged salespeople who have only been taught to offer low prices. We have to learn how to sell the car to today’s buyer, not the price.”

Verde is also giving all the attendees copies of his book “A Dealer’s Guide To Recovery & Growth In Today’s Market” which is now on its 5th printing.

Over 100,000 books have been shipped and have helped countless dealers around the world develop a plan for returning to profitability and preparing them for continued growth in the future.

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Dealerships Getting More Traffic

Car dealers are getting a surprise end-of-the-year bonus: More Americans are replacing old cars and trucks, enlivening a normally sleepy time for auto sales and putting November on track to be the industry’s strongest month of the year.

Dealers and analysts say people are finally getting rid of cars and trucks they’ve held onto for more than a decade. That demand, plus attractive lease deals, an ample supply of Japanese models and promotions on remaining 2011 models have drawn buyers to showrooms in large numbers in November, according to The Detroit News.

“We’re seeing the most showroom traffic that we’ve seen all year,” said Ed Williamson, a partner in two Miami-area GM Buick-Cadillac-GMC dealerships.

The spike in activity comes after months of sputtering sales. Consumers have been reluctant to take on major debt such as car payments because of the uncertain job market. Unemployment has been around 9 percent for more than two years with no sign of significant improvement.

Sales also suffered when Honda Motor Co. and Toyota Motor Corp. ran short of models during the summer and early fall because of factory disruptions caused by the earthquake in Japan and flooding in Thailand.

Now supplies are starting to return to normal, and customers have a better selection.

So far this year, sales have been better than 2010, an annual rate of 12.6 million compared with 11.5 million, but that’s still far short of the 2005 peak of 17 million.

Recent sales have been so strong that General Motors’ top sales executive predicts that November figures will hit an annual rate of around 13.8 million light vehicles in the U.S. That’s a big step up from last November, when the auto industry was just starting to recover from the economic meltdown. Back then, the sales rate was only 12.3 million.

After years of holding off on purchases, people are tiring of their old cars and trucks. Lease deals also are drawing people into showrooms, Toprak said. Low interest rates and strong resale values after leases have ended help car companies offer deals.

Also, dealers are clearing out the remaining 2011 models. And by this time of year, automakers normally offer good discounts to get them sold.

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