Tag Archive | "technology"

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

F&I Is Not About Menus


Everyone in our industry has their own vision of what our new, hyperconnected world, tomorrow’s vehicles and the F&I department of the future might look like. It seems every manufacturer, DMS provider and F&I menu software company has their own high-tech version of what the sales and F&I process needs to become. In this geekoid future of Snapchats, Instagrams, and Tweets, we’ll discover a glorious new world filled with cars that drive themselves and products that sell themselves, which are then delivered right to our doorstep via Amazon drones.

The ultimate fiction of this shiny new techie-world of virtual reality goggles, wall-size touchscreens and chat-bots is that somehow computers and menu software will soon be able to discover and fill customer needs, create customer interest, overcome objections and entice people to buy more stuff. And they’ll be able to pay for it all with digital money that rains down from a virtual cloud. Yeehaw!

Now I certainly don’t profess to know what the future holds. However, I do know that, while technology, computers and software can do a lot, there’s one thing they can’t do and won’t ever be able to do: care. Only a human being can care about another human being.

The Easy Button

Dealers, F&I managers and agents (and F&I trainers!) are always looking for an “easy” button — that new product, word-track or “close” that will magically get customers to buy F&I products with little or no effort. Whether it’s menu-selling software, a new closing technique or a video product pitch using a spokesmodel, hope springs eternal that someone has found a quick, easy and foolproof way for an F&I manager to sell more F&I products and make more money in less time with less work.

The latest easy buttons are the high-tech electronic F&I menus that have more bells and whistles than a $35,000 Tesla. The only difference being they’re actually available, and you don’t have to stand in line to buy ‘em. Some of these menu software companies now offer desktop or large tablet touchscreens or their menu on an iPad. Some even include computer-generated graphics and video product presentations. Most allow the customer or F&I manager to easily move products around to see how adding or removing them will change their payment.

Some of these menu software programs are truly impressive. They have the ability to combine previous purchase information and new customer data to determine which products they’re most likely to buy. These menu software programs mine the dealership’s own data to see what F&I products the customer bought last time, as well as the odds the customer will purchase a specific F&I product this time.

Even I have to admit this is a huge improvement. In prehistoric times, we actually had to get off our butts and walk down to the accounting office and pull the customer file out of the file cabinet to see what F&I products they bought for their last vehicle.

Many of these software programs include self-serving “customer surveys” that are designed to eliminate the needs discovery process. I put the term in quotes because these brief surveys include a few questions designed to replace the antiquated idea of having an actual conversation with a customer. Most software designers aren’t too keen on human conversation, so the assumption is that most consumers would prefer little or no conversation.

Once the customer completes the survey, the F&I software operator knows which products they should offer the customer. Apparently, knowing the answer to only six or eight questions allows a computer to know all of the products a customer is likely to buy. Here’s what the computer says you need, here’s what it covers and here’s your new payment. Now talk yourself into it.

All of these menu software programs can structure the deal and create a menu designed to ensure maximum profit. And all are promoted as a surefire way to increase F&I product sales and profits. On the surface, they are certainly pretty slick. And this futuristic dream of software that sells F&I products continues to be updated, upgraded and improved upon every year in an effort to move us all toward what they really desire, which is to get agents and dealers to buy their software.

But is a high-tech menu on a big screen what the customer wants?

Do you really believe most human beings desire less human interaction and more preprogrammed, premeditated, computer-generated digital sales presentations based on odds, algorithms and logic traps? Do you really think self-serving software created specifically to benefit the user, not the customer, is the way anyone wants to buy anything? No one who has ever been trapped in an automated phone system loop, those automated torture devices that misunderstand what you say or require an endless series of button pushes to complete even a simple task, wants to envision a future with more of that.

That’s not progress. That’s hell on earth!

Putting Technology in Its Place

We have cameras in hundreds of F&I offices and record thousands of F&I transactions every month, and I have yet to hear a customer request a better menu, complain because the options were offered on a paper menu or demand to see a touchscreen version. In reality, most customers couldn’t care less how F&I products are offered. While one generation may prefer viewing a menu on a computer screen to a paper version, they certainly aren’t going to buy any F&I products because of a pretty menu.

All a customer wants to do is get their paperwork completed as quickly as possible so they can take delivery of their new vehicle. The fact is, most customers do not walk into an F&I office wanting to buy additional products. Nor do they want to be forced to wait while an F&I manager creates a custom menu with those products. If customers are being forced to wait while a menu is being prepared, we’re wasting their time. Can you imagine a restaurant forcing every customer to wait while a custom menu is created just for them? That restaurant wouldn’t last a month.

What a customer is really buying is the F&I person presenting those products. Customers appreciate having someone take time to review the options, answer their questions and help them make an informed decision. They resent having to listen to a sales pitch. It doesn’t matter whether that sales pitch is made using a brochure, a paper menu or a 60-inch flat-screen monitor. It’s still a sales pitch.

Every customer asks themselves this question: “Is this person trying help me, or is this person trying to sell me?” How they answer that question in their own mind will determine whether or not we’re able to sell them. If they think that F&I person is trying to help them, they’re going to be very interested in what they have to say. If they think that F&I person is trying to sell them, they couldn’t care less what that person has to say.

Helping customers demands that an F&I professional seek out, with eagerness, reasons why the customer needs each and every one of their products, and helping them see how that product will benefit them. If a customer trusts that person, believes they know what they’re talking about, and feels like they’re genuinely trying to help them, they will value that individual’s knowledge, expertise and input. It doesn’t matter whether those products were offered on a high-tech menu or a bar napkin.

F&I is not about menus. It’s about helping customers make an informed decision about the options available in connection with their purchase. Customers don’t buy F&I products because they understand every nuance of the coverage. They buy them because they feel someone understands their unique situation and is trying to help them make the right decision for them and their family — in other words, an F&I professional.

In the F&I office, we have a responsibility to offer every customer every product every time. You don’t need a custom menu to do that. We don’t need F&I software operators spending more time customizing menus. We need F&I Professionals who are genuinely interested in helping customers, and care about people. Because customers don’t care how much you know, until they know how much you care. And no menu can do that.

Posted in F&IComments (2)

Mobile Phones, Online Research Shrinking Shopping Window, Study Shows


SAN FRANCISCO — From start to finish, the time it takes for consumers to pull the trigger on a new vehicle purchase is shrinking. And Millennials are the reason.

Jumpstart Automotive study, which looked at the buying habits of women, Millennials, Asians and Hispanics, found that 74% of Millennials now take four weeks or less to find a new car. Mobile technology, social media and online research are all noted as reasons for the shift toward a shorter shopping window, said Libby Murad-Patel, the firm’s lead analyst.

“This was one of the surprising elements for us as well, because, in reality, we’ve seen that the typical shopping window is four months,” Patel said. “Even though the majority still completes their research from start to finish in four months, 74% of Millennials are taking four weeks or less. They’re really doing the bulk of their process in a shorter amount of time, but also accessing more information throughout the entire process.”

However, it’s not just Millennials that are taking less time to buy a car. Every demographic observed in the study had a large percentage of respondents saying they spent four weeks or less to shop for a car. Sixty-eight percent of women, 65% of Hispanics and 62% of Asian respondents said that hey spent four weeks or less to complete their vehicle-shopping process.

Social media, Patel noted, has played a big part in reducing the shopping window because it increases consumer exposure to potential vehicles. “People are passively gathering information even when they’re not in market,” she said. “A lot of that is even more exaggerated because of social media and the fact that we’re looking at Instagram and we’re sharing on Facebook. You see what your friends are driving outside of what you see on the roads.”

And that online shopping and research doesn’t stop once consumers get to the dealership, Patel added. Looking at study results, about 40% of consumers — about 66% for Millennials — use their cell phones inside the dealership to make sure they’re getting the best deal.

“They’re doing a lot of comparison shopping. Price is definitely a factor, it could be looking at the overall price or offers in the area. It could also be comparing features, trim and packaging that they could get from a similar vehicle that they were looking at,” Patel said.

The fact that consumers are using their cell phones to verify pricing while at the dealership should ring certain bells for dealers, Patel noted. Although the study found that 76% of respondents found their dealership to be trustworthy, three aspects of the dealership experience still brewed mistrust for a majority of them: trade-in appraisals, vehicle pricing and financing.

“When you look at what your vehicle is valued at, you see what you could get privately versus trade in, consumers are always going to try to push the dealer to get the best value for their vehicle,” Patel said. “Because it is a sensitive point in the negotiation, I think the trade-in is one of those factors that they don’t always walk away feeling like they got the best value for their vehicle.”

She noted, however, that there’s not much a dealer can do when it comes to vehicle appraisals. While there’s some room for negotiation, the amount a consumer can get for his or her vehicle is ultimately tied to the true value of their vehicle. The aspects of the car-buying experience dealers should focus on are vehicle pricing and financing, Patel said.

“I think this leads very much into the common theme that we saw throughout the entire study,” Patel said. “Authenticity — whether it’s advertising or at a dealership — is what [the dealership experience should be] about. If you’re advertising pricing, don’t advertise something that has 20 different caveats to it. Be forward and be honest with the pricing that you put out there, because if the customer comes to check the advertised price and its ends up being something that is really unattainable to them, they’re going to feel like they can’t trust the dealership in what they’re saying.”

Posted in Auto Industry NewsComments (0)

Financial Technology Company Aims at Simplifying Financing Process


MCLEAN, Va. — AutoGravity, a new financial technology company, is aiming to simplify the financing process by allowing customers to apply for financing straight from their phone.

According to the company, its platform is available as a smartphone application and mobile-responsive website that breaks the financing process into four steps. The first step is choosing a car. From there, the customer chooses a dealer, then applies for financing and lastly selects one of the multiple lenders that will deliver a personalized financing offer. The process, according to the company, should only take minutes.

“AutoGravity harnesses the full potential of cutting-edge smartphone technology,” said Andy Hinrichs, founder and CEO of AutoGravity. “Our app allows customers to take advantage of in-phone GPS, camera-based optical character recognition, fingerprint log-in and other mobile technology to be empowered by a digital car finance experience.”

The company further stated that its platform is not only beneficial to customers, but also to lenders and car dealers. Lenders on the platform, the company stated, gain increased access to customers —particularly Millennials. Car dealers gain increased showroom traffic, qualified leads and boosts to overall customer satisfaction, according to the company.

Posted in Auto Industry NewsComments Off on Financial Technology Company Aims at Simplifying Financing Process

American Financial Wins Diamond and Platinum Level for the 2016 Dealers’ Choice Awards


American Financial & Automotive Services, Inc. is honored to be the recipient of two 2016 Dealers’ Choice Awards. This F&I dealership development company received the Diamond level award in Compliance Training and Platinum level in F&I Training. This is the second year in a row that American Financial has been awarded in these two categories.

American Financial appreciates this recognition because it is the dealers and Auto Dealer Today and F&I Showroom readers who vote on the best industry providers. The voting criteria is divided into four categories: the product/service provided, customer support and service, overall value, and whether the dealer would recommend the provider.

Arden Hetland, President of American Financial, states, “Our main focus is to put the needs of our dealer partners first. The American Financial team strives to provide industry leading service and products. These awards are a great reflection on all of their hard work and dedication.”

Centered at the core of American Financial’s offerings are customized in-dealership development, the MasterTechTM F&I product suite, the Automotive Training Academy (ATA), F&I University (FIU), and Compliance Programs.

FIU provides cutting-edge F&I curriculum and online continuing education for today’s business manager. FIU is also at the forefront of digital solutions to streamline the business office by offering training on tablet technology and benefits analysis software.

American Financial has created a program to help navigate dealerships through industry regulations and policies. The web-based Compliance Management Program is customized to complement the procedures and functions utilized in your dealership. In addition, American Financial has developed a compliance officer certification course that arms your dealership with the resources, tools, and expertise your compliance officer needs.

For more information on American Financial, please visit www.AFASinc.com.

Posted in Auto Industry NewsComments Off on American Financial Wins Diamond and Platinum Level for the 2016 Dealers’ Choice Awards

6 Hidden Features on LinkedIn You Should Take Advantage Of


LinkedIn is an everyday go-to tool for most people in business, reports Inc. Ironically, even though we use it so often and have for years, most of us usually stick to the same patterns of searching for contacts, relying on the same profile picture we’ve used for years, and waiting to get messages from other people. To get more out of the social network, here are a few power user tips to create some new momentum.

1. Sign up for the ProFinder

Ed Brancheau, an SEO Expert at Goozleology, says an easy way for freelancers and consultants to find gigs is to offer services through the new LinkedIn Pro Finder tool. It’s a quick way to pitch services to new clients.

2. Use the correct image size for sponsored content

Zaki Usman, the CEO at InterQ, told me about a useful tip for sponsored content. When you format this content, you have to insert an image. LinkedIn recommends an image size of 1200 x 627 with an aspect ratio of 1.91:1. If you don’t follow this guideline, Usman says the content won’t look right on a mobile device and people will ignore it.

3. Trigger automated posts from your blog

Paul Dzielinski, the Senior Vice President at Beach Re, told me about a trick he uses with LinkedIn. If you use the site If This, Then That, you can trigger an automated post on LinkedIn whenever you post a new blog entry. He says this has led to people finding his content and also asking for a connection. Just look for the recipe that generates a LinkedIn post automatically.

4. Use Canva to create a professional background

Most social media experts stress the importance of visuals because of how they draw attention to your profile. Josh Rosenzweig, the Founder and CEO at WibniLabs, says he uses Canva to create these images because you can purchase a professional image for only $1, format it according to the 1400 x 425 size requirements, and save it.

5. Search for second connections

LinkedIn has a powerful search box, but some users forget about some of the advanced functions. Brandon Howard from All My Web Needs says you can search only for people who has a second connection to your current contacts, then add keywords like “marketing” to limit the results. He says, once you find good leads through the second connection, you can explain how you know the first connection.

6. Include contact info in your background

Brancheau from Goozleology says one power user tip is to create a custom background for LinkedIn that has your contact information. Even with a free account, you can catch people with a visual reminder on how to contact you. Just make sure the image is 1400 x 425 pixels. Otherwise, people won’t see the text.

Posted in Small Business TipsComments (0)

Page 3 of 1012345...10...Last »