Locations Salon C

The “Other” Electric Buyer

The market shift to electric vehicles is a daily news headline – the myriad of models being introduced by manufacturers and their planned timeframes, increasing sales volumes, and consumer anticipation. While you know the market shift is occurring, do you know the metrics of which electric vehicles are selling and which consumers are purchasing them? Yes, “Tesla buyers” are the current majority, but what about the “other” buyers. How do consumer profiles vary and differ amongst luxury vs. non-luxury vehicle segments and the associated makes and models? Join our workshop to understand the current electric vehicle landscape, how the market segment is changing, as well as the consumer profile for these purchases.

Key Takeaways:

  • Electric vehicle sales and registrations are clearly on the rise. Are you aware of details about current registration trends and growth rates?
  • To date, Tesla has been the EV market leader and we know the demographics of those purchasers- but what about the ‘other’ EV buyers? What do buyers of other EV luxury makes look like and how do they differ from Tesla purchasers? What are the demographics of non-luxury EV buyers?
  • As the electric vehicle market continues to expand, are you armed with the necessary insights for marketing to specific customer subsets who are not the current majority purchasers?

US Auto Sales, Financing and Used Vehicle Insights

Industry overview of New and Used Vehicle Sales.
Used Car Pricing and Trends
Auto Financing Origination Data

Data is sourced from the JD Power “PIN” database comprised of DMS data from 12,000 Franchised Automobile Dealers.  In addition, data also is contributed by the NADA Used Car Guide and ALG (both of which are JD Power Companies), as well as from our Industry Forecasting Team.

Key Takeaways:

  • Data and insights to US Automotive vehicle sales, OEM Profitability segments, incentives, trends, and outlook
  • Comprehensive review of the Used Vehicle marketplace, prices, values and future outlook.
  • Key insights to the auto lending market, origination’s data includes provider segments, Loan vs. lease, credit scores, LTV’s, pricing trends and more.

Digital Sales and Financing in the Auto Market

Growth in the digital sale and financing auto market has outpaced many of our expectations and most of our consumer finance laws. This presentation will consider the full cycle of an auto finance transaction from digital marketing, to application, to repossession within an online environment. We will also discuss the legal issues that a financing company should consider when their vendors, dealers, and customers incorporate computer, tablet, and mobile transactions and disclosures.

Key Takeaways:

  • Outdated laws provide the framework for modern digital contracting, which can stifle innovation
  • Understanding how consumers will navigate a website is critical for more than just marketing–it can impact the enforceability of the contract; and
  • The automotive industry is moving faster than the law in this area. While mortgage and other industry is receiving regulatory guidance, automotive industry is not. There is an opportunity to standardize effective processes.

Using Video-Enhanced DR to Improve Lead Conversion

Despite the increase in usage of digital retailing tools by consumers, many dealers struggle with low rates of converting digital retailing leads into showroom visits and sales. Among the reasons for low conversion are the inherent limitations of text and chat tools. With the increase in video usage across all industries, it’s clear that if properly applied, video-enhanced digital retailing has significant potential. While in-person interactions are ideal for a salesperson, having enhanced digital features is unavoidable in our changing social and digital times.

A2Z will soon launch a new product to complement our current DR tool while also enhancing the customer experience and increasing engagement. Tori Morandi will describe A2Z’s new tool and how it will benefit dealers.

Key Takeaways:

  • The modern car buyer is often on the go, needs instant support and answers, and wants a seamless experience. A2Z Sync’s new feature will allow salespeople to conduct nearly the entire deal without even having to shake the customer’s hand. Learn how you can differentiate your dealership from the competition by offering a more humanized and engaging experience.
  • A key component in ensuring your dealership and staff is providing the highest quality digital customer experience is consistent and unified service throughout the journey. We will demonstrate how can you provide these experiences beyond the walls of your dealership while ensuring all relevant parties are included.
  • Dealers who adopt the A2Z Sync selling model are seeing reduced transaction times, increased PVR and higher customer satisfaction. They are able to create more meaningful connections with their customers through a transparent, one-person approach, resulting in relationships built on trust and loyalty.

Used Car Lessons We’ve Learned from Cuba

In the 1960’s, Cuba’s car market went through a few radical changes. Their new car inventory dried up, forcing immediate changes to their used car market. Sound familiar? After a quick history refresher, TradePending delivers both unique data and insights in this session. The team presents how vehicle valuations have changed over the last year, and what that means for dealers as the battle for used car inventory continues to escalate.

Key Takeaways:

  • How the major players are rapidly accelerating their used car acquisition strategies, and how to compete with them.
  • How the US embargo on new vehicles to Cuba in the 1960’s paralleled our pandemic times, and what that means for dealers as they compete with larger players for diminishing inventory.

Change Decisions, Behaviors, and Culture with Data

As someone obsessed with data, technology, and efficiency, Danny Zaslavsky sat in every seat and did every job at his family’s independent dealership, from point-of-acquisition to point-of-sale. He has quantified every step of the inventory lifecycle to identify efficiencies, eliminate waste, and take advantage of opportunities to minimize costs and maximize effort. He prioritized data and outcomes over instinct, and focused on achieving the Highest Authentic Value of inventory instead of playing a game he felt he was losing.

Join this presentation to understand how to use data to better align your people, processes, and technology and realize the Highest Authentic Value of your inventory by buying right, pricing based on value, and using intelligent marketing to stop undercutting gross.

Key Takeaways:

  • How to quantify and measure your vehicle acquisition sources.
  • How to understand and realize Highest Authentic Value of your inventory.
  • How to use data to change behaviors, decisions, and culture.

Keys to Successfully Mining Your Service Drive

A dealer’s service drive is ripe with opportunity for new inventory and sales, but too often the service drive is overlooked, undervalued or improperly managed – resulting in undesirable results. Mining the service drive typically fails because dealers aren’t mining at all, are sending the newest salesperson on staff to find the easiest sale, are mining manually through a research-intensive process or are only using the sold database – missing out on more than half of service customers. Finding success mining the service drive doesn’t have to be labor intensive and it can provide incredible return when done properly. Here are three ways dealers can find success mining their service drives.

Key Takeaways:

  • Attendees will learn how to engage customers through Automation.
  • How to automate the buying of customer cars from the service drive
  • How to automate texts and emails and create hand-raising customers a sales staff can sell

New Data: Digital Retailing Marches On…or Does It?

The pandemic sped up adoption of DR, increased PVR and decreased transaction times. But new data reveals dealers are stopping short of a full digital path-to-purchase. What are the roadblocks? Didn’t the DR new normal create cultural change? Post-pandemic, are dealers falling back into old sales processes consumers hate? Or will they advance down the digital path? Get a ‘new normal’ reality check: “Sales Process Change” is no longer a threat to profits but an imperative. This session, fueled by data, focuses on why a customer-first experience delivers not only what consumers want, when they want it, but higher PVR, transaction times and sales. Dealers will learn how the pain of not changing is greater than the pain of changing – with tactics to move past process roadblocks.

Key Takeaways:

  • Know how to overcome the obstacles blocking implementation of a deal (versus lead) generation model.
  • Acquire the key best practices that will enable sales process change, streamlining your digital retail process, and eliminating bottlenecks, disconnects and profit leaks.
  • Generate a game plan for advancing further down the digital retailing road by implementing true digital finance into the path to purchase.