Tag: Webinar

Dealer.com, Kelley Blue Book, and Autotrader Work Better Together

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As more consumers shop online for cars, dealers must maintain a consistent online presence at every touch point of the car buying journey to drive engagement and sales. Dealer.com, combined with Kelley Blue Book and Autotrader, provide unified access to the industry’s most visited consumer shopping site, most trusted vehicle research site, and the premier dealer digital marketing platform.  

Nuan Openshaw-Dion and Jessica Stafford share how Dealer.com, combined with Kelley Blue Book and Autotrader is the only connected, end-to-end set of solutions designed to help dealers reach more in-market shoppers and engage them at every stage of the car buying process. 

Leadership Lessons: Partners Make a Difference

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If you were looking for a quick fix to maintain dealership profitability in the last eighteen months, I hope that you’ll share it. That’s because, in my career of thirty-plus years in retail automotive (most as a GM), I haven’t found the magic bullet. As the Director of Performance Management for Dealertrack DMS, it’s my experience that it takes a specific combination of factors to help our dealer partners become more profitable. It’s not rocket science, per se. And it’s not magic either. It’s more like common sense combined with the human touch. And, when faced with economic uncertainty, it’s the right tools, processes, and partner insights that make the most difference. If you watched our webinar recently, I went into detail—based on key research and learnings from Cox Automotive on this topic. (You can watch it here.)

Technology Tools Improve Process

Better tools do make a difference. As rapid adoption of digital technology in retail automotive takes place across the board, we are seeing massive improvements in customer satisfaction across the board. According to the 2020 Cox Auto Car Buying Journey Study, the vehicle buying process is becoming more efficient and satisfaction levels are increasing. When I looked at the data, I was surprised to learn how much the right tools impacted the buying process for our partners. Those defined as “Heavy Digital” buyers were cutting forty minutes off their time at the dealership. That’s truly significant, especially when you consider that, often, General Managers and Principal Owners view their software (like the Dealer Management System) as more of a utility than a profit driver!

A Partner in Your Corner

Technology tools are changing the way dealers do business. And new processes are being implemented to meet the needs of consumers as they change rapidly. But, the number one request I continue to get year after year from our clients is simply…a go-to person. A person they can call when an entirely new process needs to be rolled out. Or, when a new sales manager comes on board and needs to be introduced to the DMS. As that relationship takes hold, and trust is established, the true value of our team, Performance Management, really begins to shine. That’s because our team of committed professionals—each with a minimum of ten years in upper-level retail automotive management—actively helps you achieve your business objectives. Planning, strategizing, and attaining your quarterly projected goals are their main priorities. They know the DMS inside and out, and they can help you pull targeted data from this single source of data for all of your reporting needs. With that kind of support in your corner, achieving your ambitious goals shouldn’t feel like wishful thinking. It should feel like a must-have.

Maximizing your dealership’s profit potential should be your goal. It’s ours. Watch the full webinar here to learn more.

Key Takeaways: Data-driven Practices For Your Dealership

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Leverage data-driven practices with these important tips to make your dealership more profitable.

Data is everywhere in your dealership. Knowing what to do with it and using it to become successful can be overwhelming. Your dealership won’t become a data-focused institution overnight as it takes a real mindshift, from leadership-led initiatives down to the showroom floor, to make it a reality. But, with practice, it is possible to instill the right mindset, practices, and focus to achieve it.

In our recent Auto News webinar, Vice President and General Manager of Dealertrack DMS, Mandi Fang, and Director of Digital Marketing from Autotrader US, Kevin LeSage, shared tips for mastering the art of data-driven practices.

The Data-Driven Culture

Fostering a business that embraces data is the first, and most crucial, step for dealerships. If you don’t have the right mindset, any technology, any amount of training, and certainly your vendor relationships, will not help you achieve your goals. You have to be certain your team is aligned to the following key drivers in order to build a data-driven culture:

Slide: Define Your Objectives
Define Your Objectives

Don’t create objectives based only the data you think you can get from the tools you use, but rather focus on the top 3-5 things you want measure in order to drive different results.

Define the Right People, Processes, Tools

Look at the data that you already have and find out which data sources provide the most valuable information. This will help you hone in on the data you should be looking at and weed out the extra noise.

Next you’ll need to define a process for calculating each KPI, then assigning ownership of each KPI, and finally establishing a regular cadence for updates.

Measure, Monitor, Manage

You must consistently measure and monitor your progress to make sure the data being collected is leading you down the right path and ensure nothing is standing in the way of success.

Download the PDF: Key Takeaways: Mastering the Art of Data-driven Practices

Better Focus. Better Results.

When your dealership is able to turn data into insights, prepare for the “magic” to happen. It’s no secret that people proficient in data technology get excited about the results. That’s because data has the tremendous potential to drive success for your business. Once you’re ready to roll, here are three top areas to focus, first.

Accounting

Accurate, real-time data provided by your DMS is not only important for creating a picture of the past – but provides the framework for your accounting team to deliver process-optimizing financial data relevant to your dealership’s future.

It’s so important for dealers to start digitizing their Accounting functions in order to remain competitive. The right DMS is the foundation for automating and streamlining inefficient processes.

Fixed Ops

Dealers are starting to shift their focus to finding ways to drive more sales through fixed ops since it’s such a major driver of profit for your dealership. Around half of a dealership’s profit comes through fixed operations. Tracking KPI’s is a great way to maintain peak efficiency as long as your Fixed Ops team is onboard to do it.

Digital Marketing

While Digital Marketing is a very broad topic, dealers can start by focusing first on two main areas:

  • Traffic Scoring – monitoring the engagement or the quality of each and every visit that you’re driving to your dealership’s website.
  • Personalization – leveraging data to create custom experiences for customers who visit your website.

Adopting a data-driven approach can lead to greater success for your dealership. While this may seem obvious, the path to profitability can be confusing. Knowing how and where to begin takes experience and guidance. Start here with tips from the experts. Watch the full webinar and download the PDF for Key Takeaways.

Get the PDF: Key Takeaways: Mastering the Art of Data-Driven Practices

 

Four Keys to a Successful DMS Switch

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Upgrading your Dealer Management System (DMS) is a must-do. But, just like other franchise dealerships, you may postpone this important upgrade for many reasons. And it makes sense—who wants to introduce fear, change, and relative inconsistency to their entire staff? Switching your DMS doesn’t have to be daunting. So, we asked Susan Moll, Vice President of Client Implementation at Cox Automotive, to share the tactics and best-practices that lead to a successful technology transition. 

Dealer Principal Owners and General Managers often wait to make the move until it’s absolutely necessary. According to Moll, “many dealers have been using the same system for decades, with years of accumulated customer lists, outdated setups, old reports, records and files that need to be dusted off and sorted through.” Fortunately, in a recent interview with the team at Jim Browne Auto Group, Moll assured dealers that a DMS switch doesn’t have to be scary. Here are Susan’s four keys to making a successful switch: 

Step 1: Make an Action Plan   

Before you begin, you and your management team should set up time with your future partner to establish a clear roadmap for the implementation. This should include a thorough timeline that defines how and when the new technology will transition.  

Most DMS transitions will take around 90 days from start to finish which should include planning and training your crew. 

Step 2: Find Your Team Champions 

A successful DMS switch doesn’t happen overnight, of course. But it also doesn’t happen without the help of individual department champions. Identify team members who are eager to learn and ready to help lead change. Make sure to incentivize your crew as the new technology rolls out. Your champions will become an important part of the process as learning and training assignments are distributed. 

Step 3: Keep an Open Door  

Fine-tune your change-management skills as this will become the key success factor when making a big technology switch. Aligning your goals to your values is a great way to start, so be sure to keep an open-door policy and allow employees to reach out when they become frustrated. Communicating openly, and frequently, goes a long way. And it simply must come from leadership. According to Moll, “The most successful implementations start at the top.” Hold weekly status updates, send frequent emails to the staff, and let people know that you’re proud of their progress. 

 

 

Step 4: Practice with the New DMS Technology 

Learning a new DMS will take some time and practice. Your team will be given access to train on the new system inside of a “sandbox” environment. You will be assigned lessons and training that cover how to use the new technology. Dealertrack is rated the #1 easiest-to-use DMS, but it will be different than the current tool you have used before. 

Automotive dealerships are a fast-paced business that deal with change, daily. Covering your basics and preparing for a successful DMS switch will help ensure that your entire staff is ready to hit the ground running once you flip the switch.  

Ready to learn more? Check out the tips and best practices below to make sure you hit the ground running with your new solution here. 

 

 

5 Unique Lessons from the Experts: Hire Better, Not More

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The automotive industry faces high turnover, employee burnout, and staffing struggles that cost dealerships more money than most realize. Considering most employees reach their highest level of productivity at three years on the job, it’s disheartening to learn the average employee tenure rate at most dealerships is as low as 18 months. Dealertrack DMS AVP of Operations, John Grace, reached out to Van Horn Auto Group’s leadership team to learn the secrets of their high employee tenure rate. In their conversation, Chief Financial Officer Tom Stocco discusses Van Horns’ innovative hiring practices and unique strategies. Here are five valuable takeaways from the conversation, which was recorded and is available to watch anytime here.

Those Annual Reviews Should Really Be Daily Reviews
The saying goes, “Culture eats strategy for breakfast.” According to Tom Stocco, if you’re focused too much on the strategy of people management, and not on the culture of where actual people are working, those annual reviews are not going to work out for you. Instead, Tom recommends managers check in daily to get a pulse on the team’s satisfaction with their role and their workload. Checking in once a year is, sadly, too little, too late.

When Hiring, Tell The Story Of Your Dealership
When a candidate is interviewed at Van Horn Auto Group, transparency is key. Tom suggested that dealerships make an effort to tell the story of their dealership. Where did you come from and where are you going? What are your goals and aspirations as a company? Let the candidate know, and be upfront, because this will tell them more about your culture than you know. And, speaking of culture…

It Shouldn’t Take A Personality Test To Learn About Someone Sitting Across From You
Tom and his team threw out the personality tests a long time ago and instead opted to go with trust. According to Tom, it hasn’t always worked out. However, it feels more honest. Having multiple people within the dealership meet and interview each candidate, and giving each person the benefit of their full attention and time, is part of their culture.

Make Your Dealership Family A Priority
Investing in your employees needs to be more than lip-service. Company picnics and parties are nice, but your dealership needs to do more to prioritize their people. At Van Horn Auto Group, the leadership knows employees work harder for companies who actually care about them. Van Horn wants to see their team become successful long-term, and to prove it, they’ll pay half of the tuition cost for their employees to get a college degree. They also have serious focus on creating community, with shared experiences, within the dealership.

“Everything that we’ve done has focused on creating shared experiences and building a family.” – Tom Stocco, CFO of Van Horn Auto Group

Technology Is Critical Today. Embrace it!
Technology can, and should, bring knowledge to the transaction, to the customer, to your entire sales experience. If you aren’t making training and learning opportunities mandatory for your staff, you’re making a mistake. Reach out to your vendors and ask for additional training if you feel that your team would benefit from it. The bottom line is that dealerships spend a lot of money on technologies, and if you’re unable to optimize it, you’re hurting your employees.

In addition to these valuable takeaways from John Grace and Tom Stocco, you can view the full webinar on-demand here.

Does Your Vendor Pass the Technology Top Ten List?

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Choosing a DMS provider is a big process, but the transition itself can be (practically) painless when you select the right fit. Your best bet, according to this on-demand webinar from John Grace Vice President of Fixed Ops and DMS of Cox Automotive, is to choose the right technology vendor. The key is to ensure your vendor passes the following Top Ten Technology Checklist:

#10 – Ease-of-Use: Technology should save time—not create more hassle. Ask yourself (and your vendor), honestly, if the platform, tool, or technology is designed to make your life easier. Does it offer all the functionality I need? Is it easy for everyone on my team to pick up?

#9 – Flexible: Can you use the technology when, and where you need it? Or, is your team required to log into an on-premises server? Do you need multiple instances of the technology to run multiple rooftops? Do the systems “speak” to each other?

#8 – Real-Time Data: Sure, everything updates almost instantly. But, what about your third-party vendors. If you’re using a DMS that doesn’t allow all players to update in real-time, then what is the point?

#7 – Open Integration: You will use an array of solutions to build your network of tools within the dealership. Does everything work with your DMS, or do they require inflammatory (and pointless) fees?

#6 – Flexible Contract Terms: What if your DMS provider no longer fits your needs? Will you be tied to a system that you dislike for a period of months (or years) because you signed a long contract? Or, do you have the freedom to do business your way?

#5 – A Committed Team: How knowledgeable is the team assigned to assist you? Will they help you get the most out of your DMS, or are they salespeople in disguise?

#4 – Solutions-Oriented Structure: Are you limited by the technology, or are you free to interact with it the way your technologists, staff, and key team members prefer?

#3 – Proactive Support: Every DMS provider has a 1-800 number for emergencies. But, what about on-going training, learning initiatives, and summits? What programs do they offer to build a community for you and other users to get the most out of their product?

#2 – Long-Term Fit: Is your provider invested in your dealership’s growth potential and strategy? What about your key business objectives?

#1 – People You Trust: At the end of the day, it’s the team, not the technology, that matters most. Trust your gut and go with someone you trust.

Technology is everywhere in your dealership. You shouldn’t feel like you’re on your own when it comes to implementation or on-going maintenance. Make sure your DMS provider is a good fit with the advice in John Grace’s webinar—available here.