Tag Archive | "DealerTrack"

Dealertrack: Millennial Stereotypes Aren’t Entirely True


LAKE SUCCESS, N.Y. — The perception that millennials — consumers ages 18-34 — are content with a carless, ride-hailing life may not be true after all, at least according to new data from Dealertrack.

In 2015, a record-setting sales year, millennials accounted for 34.6% of all auto loans originated through the Dealertrack platform, according to the software firm. Through the first eight months of 2016, that segment’s share of auto loan originations has grown to 36%.

“What we found was that millennials were kind of pigeon-holed into this category as lazy, young and entitled, and I think there were questions as to how they would transition when they became adults and had jobs,” said Jason Barrie, Dealertrack’s vice president of market performance, lender, sales, and F&I solutions. “I think the auto market is an important variable to show if millennials are in the market to buy larger assets, and I think, from the data that we’re seeing, they are in the market for cars.”

In the past five years, Dealertrack has seen millennial loan originations grow at a significant pace. In 2011, the age group accounted for 24.8% of all auto loan originations. They now account for more than a third of all loan originations.

Barrie attributes some of this growth to natural generational shifts. In 2011, consumers over 64 accounted for 13% of all loan originations. Now they account for 8.6%. Generation X represented 44.3% of all loan originations in 2011, but now account for 41%. However, there are also other factors contributing to the rise of millennial loan originations, including the growth of incentives targeting the demographic.

“Many of those incentives were pointed at recent college grads, and many of them were designed to drive upstream customers that weren’t necessarily in the market. And it did help drive sales in 2015 as well as in 2016,” Barrie said. “So you’re seeing some demographic shifts here, you’re seeing some activities that are showing the largest demographic group in the history of the United States, this millennial group, they’re players in the market and they’re going to move cars and influence how and what is actually purchased and leased.”

Another factor that has helped the growth of millennial loan originations, Barrie noted, is the rise in finance sources targeting the subprime market. Many sources, Barrie added, are buying deeper in the subprime segment and are looking at millennials as a key growth opportunity.

Many millennials are still working to establish credit, are at the beginning of their careers, and are living on limited budgets. That makes the monthly payment a major consideration for this car-buying demographic. For the older, more established millennials, stretching terms or leasing is a great option.

According to Barrie, the average new-vehicle loan term for a millennial was 70.4 months, up from 70.2 months last year. The average new-vehicle loan term for Generation X was 70.1 months, while the average term for baby boomers was 68.8 months.

Because of their credit standing, leasing doesn’t account for a lot of transactions from this age group. Barrie noted that millennials take out 19 auto loans for every one lease transaction. However, from 2012 to 2016, millennial lease transactions have grown by 49%.

“As millennials gain better credit, you’re going to see leasing continue to be a solution for that younger demographic looking to get into the car of their choice to match their budgets,” Barrie said.

Barrie also addressed a perception that millennials want to exclusively buy their cars online. He said Dealertrack has found that that’s only partly true.

Millennials do, in fact, want a digital retailing experience, but they still want to be able to test drive their car at the dealership. They want to go to a dealer’s website to pick a car, configure it, get finance options, get a trade-in offer, and fill out a credit application so their deal is structured by the time they reach the showroom. This online-to-showroom experience is part of why Barrie believes in the effectiveness of Dealertrack’s iPad menu.

“To be able to present F&I products with video and graphics and descriptions, it’s more in line with the interactive experience that consumers are looking for online. So when they come into the physical dealership, they’re engaged with tablet technology to continue that experience, so it’s not disjointed,” Barrie said. “Think about the experience, that you’re online, you structure a deal. You got all these great tools, you got financing options, fill out a credit app, you can research F&I products online and then you come into the dealership and they hand you a photo copy brochure of a vehicle service contract.

“And that’s where we see the use of dealer-controlled technology in the showroom, that enables the sales process, enables the F&I manager to do a more effective job of telling the story,” Barrie added. “This isn’t to replace the F&I manager. We do not see the technology replacing the individual who’s educating the consumer. F&I departments add so much value to the car-buying experience to educate a consumer.”

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Dealertrack and F&I Express Expand Relationship to Deliver Improved Workflow Solutions For the Automotive Retail Market


Lake Success, N.Y.– Dealertrack and F&I Express announced today they have strengthened their partnership through the introduction of F&I Express’ Express Recoveries Solution. The offering provides lenders and consumers a refund of the unused portion of their aftermarket contracts. The service will be available through Dealertrack to lenders on October 1, 2016.

“The Express Recoveries Solution will expand Dealertrack’s offering to its more than 6,800 lenders, helping to bring aftermarket providers and lenders together and facilitate the management of aftermarket recoveries for dealerships,” said Mark Furcolo, senior vice president, Lender Solutions, Dealertrack. “The integration of Express Recoveries Solution will help lenders and dealers strengthen their relationship when it comes to aftermarket recoveries to consumers. This will ultimately enable better workflow and greater efficiencies, much needed in today’s dealerships.”

In addition, Dealertrack and F&I Express will join forces to provide dealerships with additional access to F&I product providers through the Dealertrack platform through Dealertrack eMenu and the Dealertrack Aftermarket Network. Through this workflow on Dealertrack, dealers will be able to access product rates, generate contracts and remit contracts to the providers. In the coming months, Dealertrack will provide more information about when providers and their rates will be added to the Dealertrack Aftermarket Network.

“Our aligned vision to provide powerful, innovative solutions to dealers to enhance workflow is a primary reason why we feel so strongly about our partnership with Cox Automotive, and expanding our relationship with Dealertrack is an important aspect of that,” said Brian Reed, President and CEO of F&I Express. “To include our award-winning Express Recoveries Solution on Dealertrack’s platform means lenders have increased and improved access to F&I providers for product cancellations.”

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Brian Reed to Helm Technology Panel at PALS 2016


LAS VEGAS — Organizers of the annual P&A Leadership Summit have announced that Brian Reed, president of F&I Express, will lead a panel discussion devoted to electronic signatures at the 2016 event, which will be held Aug. 30–31 at Paris Las Vegas.

“Brian Reed has been a staunch advocate of advancing the universal adoption of time- and money-saving technology in the F&I office,” said David Gesualdo, show chair and publisher of P&Amagazine. “He is the ideal speaker to lead this esteemed group.”

The session, “eSignatures Today and in the Future,” will begin at 9:05 a.m. on Wednesday, Aug. 31. Reed will be joined by Dan Doman of RouteOne, Tim Gill of Advent Resources, Andy Mayers of Dealertrack and MaximTrak’s Jim Maxim. The group is expected to address the evolution and current state of the technology, discuss its benefits and the rate of adoption, and take questions from attendees.

“The panel brings together an impressive cross-section of hands-on experience and knowledge about this technology,” Reed said. “We’re going to go from a basic understanding of how it works to how it is being used and will be used in the near future.”

To register for the 2016 P&A Leadership Summit, click here. To inquire about sponsorship and exhibition opportunities, contact David Gesualdo via email hidden; JavaScript is required or at 727-947-4027.

Posted in Auto Industry News, Summit UpdatesComments Off on Brian Reed to Helm Technology Panel at PALS 2016

ADT Names 2016 Dealers’ Choice Award Winners


TORRANCE, Calif. — The publishers of Auto Dealer Today announced the winners of the 12th annual Dealers’ Choice Awards. The awards are based on a comprehensive survey that allowed dealers and dealership personnel to recognize their favorite vendors, suppliers and finance companies in 34 categories.

Voters must write in the name of each provider and score them in a number of areas related to performance, customer service, and the likelihood the voter would recommend each company to another dealer.

“This year’s winners include Dealers’ Choice Awards regulars as well as a number of new companies that have emerged as major players in a variety of categories,” said David Gesualdo, publisher of Auto Dealer Today and F&I and Showroom magazines. “But they all have one thing in common: They have earned the loyalty and praise of dealers, and they deserve our congratulations.”

The 2016 Dealer’s Choice Awards winners are:

New-Vehicle Lead

Used-Vehicle Lead

  • Diamond: Autotrader
  • Platinum: Cars.com
  • Gold: CarsDirect

Special Finance Lead

  • Diamond: CarsDirect
  • Platinum: DealerLink
  • Gold: Auto Credit Express

Digital Marketing

  • Diamond: Digital Air Strike
  • Platinum: ELEAD1ONE
  • Gold: eBizAutos

Website Provider

  • Diamond: eBizAutos
  • Platinum: VinSolutions
  • Gold: Dealer.com

Chat Provider

  • Diamond: ActivEngage
  • Platinum: Client~ConneXion
  • Gold: Contact At Once!

Mobile Media

  • Diamond: Dealer.com
  • Platinum: eBizAutos
  • Gold: Dealer Synergy

Social Media Management

  • Diamond: Ally
  • Platinum: Naked Lime
  • Gold: DealerClickz

Reputation Management

  • Diamond: Dominion Dealer Solutions
  • Platinum: CDK Global
  • Gold (tie): DealerRefresh
  • Gold (tie): DMEautomotive

Direct Mail

  • Diamond: ProMax Unlimited
  • Platinum: Action Integrated
  • Gold: Strategic Marketing

Virtual BDC

  • Diamond: ELEAD1ONE
  • Platinum: DealerStrong

Online Inventory Listing Management

  • Diamond: Dominion Dealer Solutions
  • Platinum: eBizAutos
  • Gold: Auction123

Inventory Management

  • Diamond: Dealertrack
  • Platinum: vAuto
  • Gold: FirstLook Systems

Hiring and Recruitment

  • Diamond: GSFSGroup
  • Platinum: Hireology

Sales Training

  • Diamond: Ziegler SuperSystems
  • Platinum: Ally
  • Gold: Joe Verde Group

Internet Training

  • Diamond: Dealer.com
  • Platinum: Dealer Synergy
  • Gold: Ally

Compliance Training

  • Diamond: American Financial & Automotive Services (AFAS)
  • Platinum: United Development Systems Inc. (UDS)
  • Gold: Mosaic Compliance Services

F&I Training

  • Diamond: United Development Systems Inc. (UDS)
  • Platinum: American Financial & Automotive Services (AFAS)
  • Gold: Reahard & Associates

Special Finance Training

  • Diamond: DealerStrong
  • Platinum: NCM Associates
  • Gold: Ally

Fixed Ops Training

  • Diamond: DealerPro Service Solutions
  • Platinum: CDK Global
  • Gold: The Cardone Group

F&I Products

  • Diamond: IAS
  • Platinum: RoadVantage
  • Gold: National Auto Care

Service Contract

  • Diamond: CNA National
  • Platinum: Protective Asset Protection
  • Gold: AUL Corp.

Service Contract Reinsurance

  • Diamond: Portfolio
  • Platinum: GSFSGroup
  • Gold: CNA National

F&I Desking Software

  • Diamond: ProMax Unlimited
  • Platinum: Reynolds and Reynolds
  • Gold: Dealertrack

F&I Technology

  • Diamond: F&I Express
  • Platinum: MaximTrak
  • Gold: StoneEagle

CRM 

  • Diamond: ProMax Unlimited
  • Platinum: ELEAD1ONE
  • Gold: Reynolds and Reynolds

DMS 

  • Diamond: Dealertrack
  • Platinum: Reynolds and Reynolds
  • Gold: Auto/Mate

Data Mining

  • Diamond: ELEAD1ONE
  • Platinum: Dominion Dealer Solutions
  • Gold: AutoAlert

Online Auction for Purchasing Inventory

  • Diamond: Manheim
  • Platinum: SmartAuction
  • Gold: ADESA

Traditional Auction

  • Diamond: Manheim
  • Platinum: ADESA

Prime Captive Finance Company

  • Diamond: GM Financial
  • Platinum: Honda Financial Services
  • Gold: Toyota Financial Services

Prime Non-Captive Finance Company

  • Diamond: Ally
  • Platinum: Chase
  • Gold: Wells Fargo

Subprime Finance Company

  • Diamond: Wells Fargo
  • Platinum: Regional Acceptance
  • Gold: Capital One

Biweekly Payments

  • Diamond: U.S. Equity Advantage
  • Platinum: SMART Payment Plan
  • Gold: Economic Advantages Corp. (EAC)

More detail about this year’s awards will appear in a Special Awards Section in the July issue of Auto Dealer Today. The winners will be honored in a special ceremony in August at Industry Summit in Las Vegas.

For sponsorship opportunities, contact David Gesualdo via email hidden; JavaScript is required or at (727) 947-4027.

Posted in Auto Industry NewsComments (0)

ADT Names 2016 Dealers’ Choice Award Winners


TORRANCE, Calif. — The publishers of Auto Dealer Today announced the winners of the 12th annual Dealers’ Choice Awards. The awards are based on a comprehensive survey that allowed dealers and dealership personnel to recognize their favorite vendors, suppliers and finance companies in 34 categories.

Voters must write in the name of each provider and score them in a number of areas related to performance, customer service, and the likelihood the voter would recommend each company to another dealer.

“This year’s winners include Dealers’ Choice Awards regulars as well as a number of new companies that have emerged as major players in a variety of categories,” said David Gesualdo, publisher of Auto Dealer Today and F&I and Showroom magazines. “But they all have one thing in common: They have earned the loyalty and praise of dealers, and they deserve our congratulations.”

The 2016 Dealer’s Choice Awards winners are:

New-Vehicle Lead

Used-Vehicle Lead

  • Diamond: Autotrader
  • Platinum: Cars.com
  • Gold: CarsDirect

Special Finance Lead

  • Diamond: CarsDirect
  • Platinum: DealerLink
  • Gold: Auto Credit Express

Digital Marketing

  • Diamond: Digital Air Strike
  • Platinum: ELEAD1ONE
  • Gold: eBizAutos

Website Provider

  • Diamond: eBizAutos
  • Platinum: VinSolutions
  • Gold: Dealer.com

Chat Provider

  • Diamond: ActivEngage
  • Platinum: Client~ConneXion
  • Gold: Contact At Once!

Mobile Media

  • Diamond: Dealer.com
  • Platinum: eBizAutos
  • Gold: Dealer Synergy

Social Media Management

  • Diamond: Ally
  • Platinum: Naked Lime
  • Gold: DealerClickz

Reputation Management

  • Diamond: Dominion Dealer Solutions
  • Platinum: CDK Global
  • Gold (tie): DealerRefresh
  • Gold (tie): DMEautomotive

Direct Mail

  • Diamond: ProMax Unlimited
  • Platinum: Action Integrated
  • Gold: Strategic Marketing

Virtual BDC

  • Diamond: ELEAD1ONE
  • Platinum: DealerStrong

Online Inventory Listing Management

  • Diamond: Dominion Dealer Solutions
  • Platinum: eBizAutos
  • Gold: Auction123

Inventory Management

  • Diamond: Dealertrack
  • Platinum: vAuto
  • Gold: FirstLook Systems

Hiring and Recruitment

  • Diamond: GSFSGroup
  • Platinum: Hireology

Sales Training

  • Diamond: Ziegler SuperSystems
  • Platinum: Ally
  • Gold: Joe Verde Group

Internet Training

  • Diamond: Dealer.com
  • Platinum: Dealer Synergy
  • Gold: Ally

Compliance Training

  • Diamond: American Financial & Automotive Services (AFAS)
  • Platinum: United Development Systems Inc. (UDS)
  • Gold: Mosaic Compliance Services

F&I Training

  • Diamond: United Development Systems Inc. (UDS)
  • Platinum: American Financial & Automotive Services (AFAS)
  • Gold: Reahard & Associates

Special Finance Training

  • Diamond: DealerStrong
  • Platinum: NCM Associates
  • Gold: Ally

Fixed Ops Training

  • Diamond: DealerPro Service Solutions
  • Platinum: CDK Global
  • Gold: The Cardone Group

F&I Products

  • Diamond: IAS
  • Platinum: RoadVantage
  • Gold: National Auto Care

Service Contract

  • Diamond: CNA National
  • Platinum: Protective Asset Protection
  • Gold: AUL Corp.

Service Contract Reinsurance

  • Diamond: Portfolio
  • Platinum: GSFSGroup
  • Gold: CNA National

F&I Desking Software

  • Diamond: ProMax Unlimited
  • Platinum: Reynolds and Reynolds
  • Gold: Dealertrack

F&I Technology

  • Diamond: F&I Express
  • Platinum: MaximTrak
  • Gold: StoneEagle

CRM 

  • Diamond: ProMax Unlimited
  • Platinum: ELEAD1ONE
  • Gold: Reynolds and Reynolds

DMS 

  • Diamond: Dealertrack
  • Platinum: Reynolds and Reynolds
  • Gold: Auto/Mate

Data Mining

  • Diamond: ELEAD1ONE
  • Platinum: Dominion Dealer Solutions
  • Gold: AutoAlert

Online Auction for Purchasing Inventory

  • Diamond: Manheim
  • Platinum: SmartAuction
  • Gold: ADESA

Traditional Auction

  • Diamond: Manheim
  • Platinum: ADESA

Prime Captive Finance Company

  • Diamond: GM Financial
  • Platinum: Honda Financial Services
  • Gold: Toyota Financial Services

Prime Non-Captive Finance Company

  • Diamond: Ally
  • Platinum: Chase
  • Gold: Wells Fargo

Subprime Finance Company

  • Diamond: Wells Fargo
  • Platinum: Regional Acceptance
  • Gold: Capital One

Biweekly Payments

  • Diamond: U.S. Equity Advantage
  • Platinum: SMART Payment Plan
  • Gold: Economic Advantages Corp. (EAC)

More detail about this year’s awards will appear in a Special Awards Section in the July issue of Auto Dealer Today. The winners will be honored in a special ceremony in August at Industry Summit in Las Vegas.

For sponsorship opportunities, contact David Gesualdo via email hidden; JavaScript is required or at (727) 947-4027.

Posted in Auto Industry NewsComments Off on ADT Names 2016 Dealers’ Choice Award Winners

Dealertrack Rolls Out Registration and Titling Solution to California Dealers


LAKE SUCCESS, N.Y. — Dealertrack launched today a new “In-State Registration and Titling” solution desgined to simplify the registration and titling process for California dealers.

The new web-based solution features fast transaction speeds; same-day shipping of plates and stickers submitted before 1 p.m.; transaction audit results within 48 hours via Dealertrack’s Audit and Scan Service; one-page entry; single-click processing for most transactions; no wait time for data entry; DMS import from all major systems; and point-to-point shipment tracking of vehicle license plates and registration documents.

“We have worked closely with title clerks, business managers and controllers in California dealerships to get their guidance as to how we can make their jobs easier and their work processes more efficient. The result is a simple, fast solution with powerful functionality,” said Bill Rountree, vice president and general manager at Dealertrack. “With this new software, users will also have greater visibility into every deal — at every step of the process, at any time — allowing for better transaction tracking and workflow management.”

Dealertrack manages more than 45 million vehicle titles nationwide and has more than 20 years of registration and titling experience.

For more, visit Dealertrack.com.

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