Welcome to this week's edition of Black Book Market Insights, with in-depth analysis of used car and truck valuation trends and insights straight from the auction lanes. Click here to download the full report.
In this week’s report, the Black Book editorial team reports on data trends straight from the auction lanes that may be showing signs of a tired tax season. Comments from the lanes and data show that used vehicle…
Added by John Sternal on April 22, 2015 at 12:39pm — No Comments
My son is 20 yrs old and just got bonded and started his small car lot a month ago. Mistake or success? He was in college and dropped out for the car biz. I taught him about credit and he started building it at 18 and maybe that was a mistake as a father as he would probably be in school still. Thoughts? He seems to be doing things successfully and selling cars. He has not gotten a website just a face book page and it is working. He is a unconventional dealer but maybe the new generation of…Continue
Born in the late '80s and early '90s, Gen Y, accounts for about 21 percent of the total population, and 40 percent of the car-buying population. And this doesn't even account for who they are influencing. They are the most influential car buying population after the baby boom. Not only do they influence other Gen Y buyers, but they also influence their parents.
We have seen an interesting shift in buying dynamics over the past few years. While Gen X turned to their parents for advice…Continue
I JUST OPENED A SMALL RETAIL USED CAR OPERATION IN LONGWOOD,FL. AND WOULD LIKE FEED BACK
ON POSTING RETAIL PRICES ON MY WEBSITE AND CRAIGSLIST. WHAT IS THE CONSENSUS. POST CONTACT
DEALER OR PUT RETAIL PRICES ON WEBSITE AND CRAIGSLIST?
I JUST OPENED 2 WEEKS AGO AND AM ON VERY TIGHT MARKETING BUDGET SO IF ANYONE OUT THERE
COULD GIVE INSIGHT ON WHAT HAS BEEN EFFECTIVE TOOL TO GET PHONES RINGING AND PEOPLE ON THE LOT?
I am seeking suggestions on warranty companies who service VW and Audi units. thanks
In a new car and truck dealership, what is a good payplan for a secondary finance manager with 3 secondary salespeople under him? Also, how would you pay the salesperson who first greeted the customer? There always seems to be discord between the primary dept and secondary department. Are there any suggestions to bring harmony to the 2 departments?
Any and all suggestions are welcome
Part 2 - Collections Promotions
As I said in the first part of this series here, properly designed promotions are more fun than advertising. Promotions should involve your employees, your customers, friends, family, neighbors, etc. All promotions should be done in a festive atmosphere. Plan the promotions so that as many customers as possible are…
It is easy to sell more cars in the Buy Here-Pay Here industry. All you have to do is say “Yes”. The challenging parts are knowing which customers to say “Yes” to and how to collect the balance of the loan.
In order to make that decision, there are 10 Key Characteristics that are important…Continue
You keep hearing that dealers are making good profits in Buy Here Pay Here. You have decided that you would like to pursue the business. What is your next step? After all you may have been in the car business for years. You understand buying and selling cars. You know how to run a compliant Finance Department and a profitable shop. Isn’t BHPH or LHPH just other ways of financing cars?
The answer is not…
Added by Gene Daughtry @ Dealers411.net on January 29, 2013 at 3:07pm — No Comments
The D.C. Circuit ruled last week that President Obama did not have "recess appointment" authority to appoint members of the National Labor Relations Board in January 2012, the same time as he appointed Richard Cordray to be Director of the CFPB. Cordray was also a recess appointment. The Court ruled that Congress was technically in session. This ruling will be appealed but it may slow down some of the CFPB's initiatives including its auto finance initiatives. Cordray has indicated that…Continue
I have been receiving numerous solications from "Hold Check Companies" offering 100% approvals,ect,ect. FOR FRANCHISED DEALERS I would strongly urge you to talk to your lenders before you institute any type of program for hold checks.
Unless times have changed and I doubt they have, it is a violation of the covenants of your dealer agrrement to accept hold cheks. When you act as the lenders agent you certify that the terms and conditions expressed in the contract are 100% in…Continue
Added by A Jay Gould on January 15, 2013 at 12:20pm — No Comments
This is a story about a phone call I received several months ago from a service director who had recently attended our NCM® Institute class, Principles of Service Management I. Although not her real name, I’m going to call her “Debbie” throughout the…Continue
Added by Garry House on December 21, 2012 at 10:48am — No Comments
One rule I have heard over the years is that your inventory size should be 1 1/2 times your monthly sales total. What do other dealers think of this number and is it optimal ?
Hey everybody, my name is Derek Robinson. I have been working here at Medlin Hyundai in Rocky Mount, NC for about 3 months and have sold 10 cars total. The biggest problem that I seem to be having is starting a customer database. I am a very friendly person and have no problems talking with people and I know the product well. Everyone here has been selling cars for 4 or more years and most are averaging 6-8 cars a month with one selling 10+ every month. I have only been in the car business…Continue
I've written a lot about the importance of having a mobile friendly auto dealership website given the increase in smart phone usage, but when your dealership sends emails, are you also taking mobile into consideration?
A recent study by Knotice, an on-demand marketing software and agency, shows that 36% of emails were opened on a mobile device (tablet &…Continue
Added by Ali Amirrezvani on September 26, 2012 at 12:00pm — No Comments
There are tools. Tools are great if used properly. The biggest challenge with tools is that they can be turned into a crutch that actually takes away from the exposure of the post. In other words, you can "tool yourself out of the message" by overusing them or by using them improperly.
Today's webinar was…Continue
Added by JD Rucker on October 7, 2012 at 2:20pm — No Comments
An alarming trend has arisen on the Internet side of automotive sales and it is called "Email Template Theft" (ETT for short). This may be happening to your Internet sales team right now or your team could even be the guilty party. Have you ever received an internet lead who never responded and just seemed downright suspicious? Could these leads have been submitted by your local competition?
As an Internet Director, it certainly happened to me (in both Indiana and California). This…
Added by Jake Wirth on September 20, 2012 at 8:08am — No Comments