• 28.10 million auto loans and leases, totaling $611.3 billion, were originated January-December 2017, representing a 3.5% decrease in total new accounts, and a 1.1% decline in balances over the prior year, reflecting a market shift from new to used cars.
• January through December 2017, 9.2% of auto leases were issued to consumers with a subprime credit score, the smallest subprime share since 2011.
• The severe delinquency rate (share of balances 60+ days past due) on…

Dealers are great at creating expectations. They advertise their dealerships as family owned, friendly, hassle-free and low-price leaders. These promises are what motivate the customer to call in the first place.

Then the expectation gap opens up. Typical problems that dealerships run into include:

• Calls…

When consumers search for vehicle service options in your area, does your dealership’s website appear on the search engine results page (SERP)? For most dealers, ranking organically for search terms is difficult because their websites are optimized for sales and not necessarily for service. Additionally, it’s difficult to compete with aftermarket service centers that have…

One of the largest concerns facing the automotive industry is the shortage of technicians. Many qualified technicians have left in retirement or have moved on to other markets that also have needs such as fleets or oilfields. Adding to this concern is very few young technicians have chosen to enter a market with so many challenges. A few of the obstacles…

Have you ever found yourself with low energy during an important presentation or big sales day? This week, Jeff discusses the impact of vacation blues, holiday blues, or convention blues. He gives tips for keeping your best foot forward: don't over drink to celebrate a sale, eat right, sleep, and a few more "no-brainers"! Take these tips serious to maximize your return and time away from the office. Copyright 2018 Wm Jeff Cowan…

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…

Urbandale, IA—April 3, 2018—Flick Fusion today announced that its flagship video marketing platform, Smart Flicks, has won a 2018 Automotive Website Award (AWA) for the Best Website Merchandising Software. The award was presented to Flick Fusion at a ceremony hosted by PCG Companies on March 22^nd at the Aria Resort & Casino in Las…

Step by Step Guide to Selling Your Car

Selling a car is easy. The real challenge in selling your car is to sell it at a good price. Not that many people have the skills to wheel and deal, but with this guide, you could make an extra dollar or so.

The secret in selling a vehicle is to think like a buyer. If you are going to buy a car, what are the things that you would look? Once you've figured that out, you then ask yourself how you could make those qualities stand out from the…

What is BullCutter.com ? What does it DO for dealers?

CHRIS: First, welcome, Keith, and how are you? Most importantly, what made you decide to build and launch BullCutter.comTM? What does it DO for dealers?  

KEITH: Thanks, Chris, and I'm great. BullCutter.comTM is my response to real dealer problems with bad vendors in advertising, websites, and CRM: In…

Every May, thousands descend upon the Indianapolis Motor Speedway to watch and be part of the “Greatest Spectacle in Racing”, the Indy 500.  Millions more watch on television from around the world. All know that Indy is the biggest single day sporting event in the world, but what many do not know is that it is also a college and an institution of higher learning. For just one day a year, by attending this event, you can get a lifetime of knowledge that will take the average student years to…

Black Book, a division of Hearst Business Media that provides industry-leading used vehicle valuation and residual value forecast solutions, announced today its latest joint vehicle depreciation report with Fitch. Black Book forecasts an annual depreciation rate of 17% in 2018 as the supply of used cars and trucks increases, up from a lower-than-expected 13.2% experienced in 2017 due to strong sales activity stemming from hurricanes last fall. The latest joint vehicle depreciation report can…

Albany, NY – April 2, 2018​ – Auto/Mate Dealership Systems (http://www.automate.com) announced that Chief People Officer Dave Druzynski will present "How to Spot Liars with Effective Interviews” at the upcoming Digital Dealer 24 Convention & Expo in Orlando, FL. Druzynski’s session is scheduled for…

LONG BEACH, Calif.,-- April 2, 2018-- -- myKaarma, software that helps dealerships communicate better with their customers at every stage of the service process, right from check-in through to payment, today announced that Mercedes Benz of North Palm Beach stopped using their regular phone system in service and now puts every call, text and email through myKaarma. The system keeps a record of every customer interaction, is fully searchable…

When following up with unsold showroom buyers,  start the deal fresh and let the objections come from the buyer.  Be careful not to jump directly into the old objection.

                               "OR Versus "AND" .... Another TheoryOf5 Philosophy

My mentors and I believe most people think they are realistic about what they want in life. We understand not everyone wants to work 60 to 90 hours a week to become a multimillionaire. They don’t need to earn a doctorate just to find satisfying work. They don’t need to be an elite athlete to simply stay in shape.…

There is nothing more frustrating to a customer than being told a repair will take X amount of time - only to be informed later that it will take longer. To those who work in busy dealership service departments, this happens frequently. Customers come in for one thing and, during the multi-point inspection, additional issues are found. Or, as can sometimes be the case, a…

Recruiting and hiring quality personnel for vehicle sales has never been easy, but according to most dealers I talk with, it’s never been as difficult as it is today. Even most of those in the job market with an interest in a “sales” career state that they want to stay away from selling cars!

Although the automotive sales profession has pretty much overcome the stereotyping of the ‘50s, ‘60s, and ‘70s, it is still plagued with negative perceptions, the most…

This week, Jeff visits yet another common mistake that service advisors make: not asking for future business! Future business requires the advisor to not only sell the service, but also sell themselves! The most effective way to do this is by using the proven techniques: The Next Visit and The Proactive Next Visit. Both word tracks will secure you more future business than you can imagine! Copyright 2018 Wm Jeff Cowan…