Facebook just added new advertising features for businesses looking for more return on their investment. The new features allow for improved lead attribution and device reporting.
What does this mean for your brand? Samantha explains how you can use these new features…Continue
Added by Paul Potratz on August 22, 2014 at 2:35pm — No Comments
Hello Automotive Industry,
I am new here and would like to know more about how people interact and get to help one another.
I was wanting to know if anybody could recommend a good Floorplan Company (except NextGear Capital & Floorplan Xpress; already heard of them) to work with. Also any moderate to easy Lending Companies out there? I say this is because, my company has only been in business now for 1.5 years; lately all the prime-time lending companies require business…Continue
Added by Shahzad Ahmed on August 21, 2014 at 8:12pm — No Comments
Are you the kind of person who has never had a credit card or any kind of debt? If so, you may pride yourself on this fact. And, while it’s certainly good not to have any debt, not having any credit can be almost as detrimental as having very bad credit. When you try to buy a home or a car or any other expensive item, you may find yourself having to settle for a Texas bad credit car loan or other type of loan.
Added by Mark Jacobs on August 20, 2014 at 10:42pm — No Comments
More than 37 million vehicles have been recalled so far in 2014. Will these recalls have an adverse impact to lender portfolios? I’d like to see if you have time to review new research from Black Book Lender Solutions that takes a closer look at what lenders might expect. Click here to download the report.
While safety has understandably been the main concern with these and most…Continue
Added by John Sternal on August 20, 2014 at 9:00am — No Comments
Swapalease.com, the nation’s largest car lease marketplace, reports lease credit approvals during the month of July were 81.0%, the highest monthly level of the year and reversing a trend that saw continuous decline since January largely due to an increase in the number of SubPrime credit applicants.
Despite the high marks in July, Swapalease.com attributes the growing number of credit declines in 2014 to a rising number of car lease shoppers with SubPrime credit profiles seeking…
Added by John Sternal on August 19, 2014 at 11:36am — No Comments
Chances are you've heard of digital marketing. You may use it in your current marketing strategy. But are you really ahead of the curve? Is your dealership actively engaging shoppers who have visited your website? There's a cutting-edge tool now…Continue
Added by Paul Potratz on August 19, 2014 at 10:36am — No Comments
Welcome to this week’s edition of the Used Car Market Report with insights from Black Book. We trust each of you had a busy and profitable week. Our team of editors, analysts and survey personnel were on the lanes and online gathering market data and studying loads of actual transactions, while reporting the current market.
By the end of the week the summaries of data showed us a…Continue
Added by John Sternal on August 19, 2014 at 9:13am — No Comments
Are your shoppers spending more time on their phones than with your sales team? Studies show that 63% of shoppers are actively searching for other dealerships while they're in your showroom. How can you compete with other dealerships on that mobile device? Samantha discusses some…Continue
Added by Paul Potratz on August 15, 2014 at 3:04pm — No Comments
Have you been using price points and incentives as a crutch in your video advertising? If so, you are limiting your creativity. There's so much more that you could be doing to showcase your product and your brand.
On this week's Think Tank Tuesday, I explain how you can channel your inner creativity to increase the effectiveness of your advertising. …Continue
Added by Paul Potratz on August 13, 2014 at 1:37pm — No Comments
Welcome to this week’s Used Car Market report, with insight and analysis from Black Book.
During the past week new car sales reports were released and this portion of the industry continues to prosper. Within the new car market there has been for the past year or so, and is currently, a steady stream of new models, major redesigns and solid refreshes. The pipeline of even more…Continue
Added by John Sternal on August 11, 2014 at 4:33pm — No Comments
Credit bureau analysts found that sub-prime auto loans in March came in at $13.1 billion, marking an…Continue
While most automotive Dealers, General Managers and General Sales Managers are aware of the incredible effect video can have as part of the marketing mix, I still see a lot of dealerships paying big for third party leads and calling it a day. This is a huge mistake as a worthwhile video strategy is the most powerful automated marketing tool available to a sales team and its mostly Free. How about that for…Continue
According to Black Book® data, the average price of a used vehicle for model years 2009-2013 continued a pattern of accelerating depreciation, with -1.5% overall value change in July compared with June activity of -1.0%. Domestic cars changed -2.5%; import cars changed -1.6%; domestic trucks changed -1.5%; and import trucks changed -1.0%. Average pre-recession depreciation is historically between -1% and -2% monthly, and Black Book expects overall 2014 depreciation of -13.5%.…
Added by John Sternal on August 7, 2014 at 9:05am — No Comments
From a dollars and cents standpoint, is it now better for your wallet to lease a car or finance one? Swapalease.com, the nation’s largest online car lease marketplace, analyzed an apples to apples to apples comparison of three different car-shopping scenarios using the same vehicle in order to determine where the most savings would be found. Click here for the full data chart.
The three different scenarios…
Added by John Sternal on August 5, 2014 at 11:37am — No Comments
Do you remember the last time you were excited to watch a commercial on television? If you're like most people, that probably never happens. Over 50% of new automotive shoppers are more likely to watch your commercials when you use…Continue
Added by Paul Potratz on August 5, 2014 at 10:41am — No Comments
Routing leads can be a difficult process due to the complexities and differences between dealerships. If you have a traditional round robin system, where each sales person gets an equal number of leads, the best way would be to cycle leads to the people who are working that day. However, you may run into problems if the person is busy working a deal or if he takes an abnormally long lunch. Then that lead can sit in the queue waiting for a response.
You can also route specific leads to…Continue
Added by Rebecca Ward on August 4, 2014 at 3:11pm — No Comments
As technology progresses, we see the past repeat itself. Studies are finding that people are starting to call more than they were only a few short years ago. Emails and text messages are becoming ineffective at conveying the correct message. People used to open every email, as they do now with text messages, but this is not the case anymore. Most of the ingenious subjects lines have been used over and over and now are played out. In the 2012 presidential campaigns, the most successful email…Continue
Added by Rebecca Ward on August 4, 2014 at 3:09pm — No Comments
Tracking leads is the first step to managing your lead process. When a GM says, “Why is my closing percentage low!?”, I don’t start with how many deals we closed; I start with how many leads we received. Lead numbers are your starting point and should be your cleanest source of data.
Begin by scrubbing and removing false leads from your lead list and then go into how many of those leads you made contact with: this is called the contact rate. You should hit about 70% or higher of your…Continue
Added by Rebecca Ward on August 4, 2014 at 3:07pm — No Comments
Answering a lead doesn’t have to be rocket science. Sometimes we overthink situations where the best solution is usually the simplest. When it comes to lead follow up, dealerships should follow these three best practices, and the metrics attached to them.
Response Time - 30 minutes or less:
We all know that a timely response is important for leads, but how many dealerships are tracking this consistently? Following up with a lead should start with a quick response. To track…Continue
Added by Rebecca Ward on August 4, 2014 at 3:05pm — No Comments