This week, Jeff tells a personal story that perfectly outlines how we all act as "closers" in our daily life! By tying together some key points and sometimes unnoticed steps to a sale, we maximize our opportunity. Opportunity does not always equal more money, but stay tuned to hear how it can get you to your goals! Copyright 2018 Wm Jeff Cowan

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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…

These days, the most competitive dealerships win the game by being transparent and finding ways to quickly provide customers with the information they request.

In the not too distant past, prior to the Internet, dealerships had all the information and consumers had little or none. However, today’s consumers have access to a wealth of information which, at…

Have you ever noticed that a single interaction between your customer service representatives and customers could make or break the relationship? At the time when your customers can jump over to your closest competitor, it is critical to identify these moments and try to avert disaster.

At car dealerships, customer service must be…

Staying connected with your dealership’s customers is strongly desirable. If you can communicate everything, things get done – fast. Especially today when time is money and customers are often impatient to get everything completed as soon as possible and as expected – or else they will switch to your closest competitor.

Data…

Several Brands Continue to Offer Discounts on New Truck and SUV Leases Following July 4^th Holiday Weekend

Wantalease.com, the nation’s first online car lease marketplace for new lease deals, reports the latest update on new lease offerings for the month of July.  Several automotive brands offered discounts on trucks and SUV’s entering into the month of July, while many small to mid-size vehicles either increased or retained their current…

Provides Vehicle Valuations for New Marketplace Catering to EV Vehicles

Black Book, a division of Hearst that provides industry-leading used vehicle valuation and residual value forecast solutions, announced today the integration of its vehicle valuation data with Motorsport Network’s MYEV.com, the first-to-market car shopping platform dedicated exclusively to the buying and selling of electric vehicles (EVs).

MYEV.com offers intuitive tools…

Leading innovator in automotive retail digital signage has experienced 65% year-over-year revenue growth by helping auto retailers improve the in-dealership experience

Jacksonville, FL – July 16, 2018 – Automotive Broadcasting Network (ABN), the leading innovator and provider of digital signage solutions for automotive dealerships, has been named to the…

A technician was removing a cylinder head from the engine when he spotted a well-known cardiologist in his shop. The cardiologist was there waiting for the service manager to come and take a look at his car when the technician shouted across the garage, “Hey Doc, want to take a look at this?”

The…

Does the day of the week an email campaign is launched affect whether that email is opened? It does! And boosting your open rates ultimately increases response rates – meaning more ROI for your store.

In a recent study, we identified how dealers could drive ROI by analyzing on-demand email campaign launch dates. In our research, we were able to pinpoint the…

Does the day of the week an email campaign is launched affect whether that email is opened? It does! And boosting your open rates ultimately increases response rates – meaning more ROI for your store.

In a recent study, we identified how dealers could drive ROI by analyzing on-demand email campaign launch dates. In our research, we were able to pinpoint the…

Department Managers have an enormous impact on your Dealerships Profitability. That impact can either be positive, or negative. The choice is really up to you. We would never let the coach on the field without a playbook and a strategy, yet as an industry we let our managers “play” every day without the skills and support to manager their teams. Ask yourself “do I have a…

Tim James shares the importance of quality videos and tips on ways that dealers can make their videos more appealing to customers.

Auto Loan Originations Observations through March 2018 reported as of May 2018:

• 5.82 million auto loans, totaling $130.6 billion, have been originated year-to-date. This is a 2.0% decrease in accounts and a 0.1% decline in balances from this time last year.
• Auto loans represent 87.2% of all auto account originations and 90.3% of auto origination balances YTD.
• 1.37 million auto loans have been originated YTD to consumers with a VantageScore® 3.0 credit score…

Every successful business needs customer feedback to gauge how they are doing. Customer loyalty, experience and retention can’t be modified without hearing what your customers think. Dealerships rely on such things as manufacturer surveys and online reviews to get an idea of how well they are doing. Some will even go a step further and email their own survey, or have their…

Women make a full 45% of new consumer car purchases—that’s no small market. And when it comes to making these purchases, this market tends to consider much more than just cost. Price is definitely a component of their decisions, but emotional factors such as trust of the sales consultant and dealership are much higher on the priority scale. So while providing fast service and keeping up to date tech-wise are important, you need to adopt measures to ensure your female customers and guests…

The decision to switch to a new CRM is not one to be taken lightly. On a daily basis, your sales team relies on your CRM for new leads and opportunities, to remind them what needs to be done, guide them through car deals and keep them on track to meet business goals.

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It’s probably not news to you that, while customers like having new cars, many dislike the dealership experience. And, that dislike often immediately begins from the first moment they arrive and are basically accosted by 10 salespeople approaching their vehicle as they pull onto the lot – yes, that’s mostly an exaggeration, but you get my point.

Here’s the…

Secondary Marketplace Activity Picks Up With Shoppers Looking to Avoid Dealer Down Payments

 Swapalease.com, the nation’s largest car lease marketplace, reports car lease credit applicants registered a 68.4% approval rate entering July, relatively unchanged but up slightly from the 67.9% mark registered in May.

Even though lease origination activity at dealerships has been down slightly in 2018, lease takeover activity has remained healthy,…

As there are several different departments in dealerships, each with their own goals and targets, it is quite common for inter-departmental fighting to occur – a woe of many a manger. This happens because each department attempts to preserve revenue within their own department – other departments be darned!

For example, the used car manager will complain…