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Celebrate Get to Know Your Customers Day at Your Dealership

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Get to Know Your Customers Day is Thursday, October 19th.  These days, it seems like there's a day for everything. There's National Cheeseburger Day (September 18th), Thank a Mail Carrier Day (February 4th), National Fried Scallops Day (October 2nd), just to name a few.While you're busy running your dealership, you probably won't have time to commemorate most of these silly celebrations, but there is one special day that you'll want to circle on your calendar. Get to Know Your Customers Day—observed on the third Thursday of each quarter—encourages companies to clear their calendars of ordinary tasks and engage in meaningful customer research and th... Read More
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Drive to Success: Hiring Millennials

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Drive to Success is a weekly series capturing the most influential articles, tips, and tricks from industry experts and publications to help drive your dealership to success. Each week will focus on a specific key topic in the automotive industry.  The Millennial generation is entering the workforce. In this week's Drive to Success you will learn how to attract their skill set to benefit your dealership operations. 1- Why You Should Be Hiring Millennials... Read More
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DSES 2017: Data Security for Today’s Dealerships

In Business, Security by Dealer Track HoldingsLeave a Comment

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Kai Nielsen, Director of Strategy and Business Operations, will be joined by Erik Nachbahr, President of Helion Automotive Technologies, at the 2017 DrivingSales Executive Summit. Their workshop, "Data Security for Today's Dealerships," will begin at 2:55 P.M. on October 23rd. Putting simple policies and procedures in place to protect your dealership data should be top of mind. Hackers want to directly access your money, and important client information, and they are able to do so more often than you think. Download our guide, "Cloud Cover," to learn more about the security advantages of a cloud-based DMSAt the ... Read More
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Drive to Success: Selling to Millennials

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Drive to Success is a weekly series capturing the most influential articles, tips, and tricks from industry experts and publications to help drive your dealership to success. Each week will focus on a specific key topic in the automotive industry. Millennials make up a large portion of today's car buyers. Find out what your dealership can do to win over this new generation of automotive shoppers. 1- The Millennials Are ComingAutomotive News: Reaching out to Millennials is im... Read More

Drive to Success: Digital Retailing

In Business by Dealer Track HoldingsLeave a Comment

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Drive to Success is a weekly series capturing the most influential articles, tips, and tricks from industry experts and publications to help drive your dealership to success. Each week will focus on a specific key topic in the automotive industry. Consumers prefer buying and selling vehicles online—we have seen that in the most recent years. This week's Drive to Success focuses on how you can create a stronger digital retail presence for your dealership. 1- Automotive Retail is Simple: Go Digital or Go Bust... Read More
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DMS Edge Dealer Panel: Leveraging Technology to Gain the Competitive Edge

In Business, Finance, Government, Mobile Technology by Dealer Track HoldingsLeave a Comment

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DMS Edge is an opportunity for our dealer clients to learn how to sharpen their DMS skills and improve their dealership. Our latest DMS Edge event took place September 19-22nd. We want to thank all those who attended and offer the recordings to those who missed it. Kurt Olnhausen, Rick Sweeney, Clay Johnson, and Mike Kelley on the set of DMS Edge.  Click here if you would lik... Read More
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Drive to Success: Hire and Retain Top Talent

In Start Up by Dealer Track HoldingsLeave a Comment

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Drive to Success is a weekly series capturing the most influential articles, tips, and tricks from industry experts and publications to help drive your dealership to success. Each week will focus on a specific key topic in the automotive industry.  Hiring and retaining talent is one of the automotive industry's biggest challenges. This week's Drive to Success gives you an inside look into what others are doing to combat the challenge. 1- Why Retention Will be th... Read More
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Using Technology to Increase Your Bottom Line

In Business, Government, Science & Nature, Security, Uncategorized by Dealer Track HoldingsLeave a Comment

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Is there anything that moves faster than technology? From computers to phones, and science to software, there's always something new on the horizon. In the automotive industry, technology is a two-way street. For those who embrace it, technology can be the key to better sales and greater growth. But, if you're not paying attention, technology has a way of leaving people in the past. Here are a few ways you can embrace technology to improve your dealership's bottom line. Spend Money to Make MoneyThe old business adage, you have to spend money to make money is especially true with technology. Many dealerships feel that with shri... Read More
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Drive to Success: Improving Customer Satisfaction

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Drive to Success is a weekly series capturing the most influential articles, tips, and tricks from industry experts and publications to help drive your dealership to success. Each week will focus on a specific key topic in the automotive industry.  We all know that the customer is the most important aspect of our businesses. This week's Drive to Success offers key insights into ways you can improve customer satisfaction in your dealership.1- Predictive Analytics Enhances t... Read More
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Successful Dealerships Embrace Change

In Business, Government, Science & Nature by Dealer Track HoldingsLeave a Comment

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Most businesses only consider change when things aren't going well. But proactive change is actually a regular habit of successful dealerships. Kelly Webb Roberts, President of Webb Automotive Just ask Kelly Webb Roberts, president of Webb Automotive, a five-dealership group in Chicago. Roberts was recently featured in Automotive News' list of "40 Under 40 Retail" for her accomplishments in growing her business. Under her leadership, the company has a... Read More
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Low Cost Benefits that Will Retain Your Dealership Staff

In Business, Education, Gaming, Government by Dealer Track HoldingsLeave a Comment

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You might now realize it, but the inner workings of your business have a lot in common with the entertainment industry. From pro sports to theme parks, and everything in between, it's all about the atmosphere. People like to spend time in places that are interesting, friendly, and out of the ordinary. So, how does this apply to your dealership? The answer is simple: if your employees don't enjoy spending time at work, they'll find someplace else to go, and it's going to cost you money. Crafting CultureHigh turnover in the auto industry costs dealerships ... Read More
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Innovations Are More Than Great Ideas

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Mandi Fang is a vice president of product at Cox Automotive. She will be speaking at DMS Edge, an upcoming virtual conference for users of Dealertrack DMS, where she will discuss innovation, modernization, and her vision for seamless integration between Cox Automotive products. The event—the first ever of its kind—will provide a chance for Dealertrack clients to work closely with DMS experts to unlock additional, untapped potential within their businesses.  ... Read More

Is Your Dealership’s Sales Experience in the Path of (CSI) Totality?

In Business by Dealer Track HoldingsLeave a Comment

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It’s not the end of the world. And it should be a pretty amazing sight to see, this rare solar eclipse that’s coming our way on Monday, August 21.Even if you’re not able to be within the 70-mile-wide ribbon that experts are calling “The Path of Totality,” you will still get to see a partial solar eclipse. There will still be parties, and of course we will all enjoy the sight of millions of people wearing funny protective glasses. Just remember – the sky isn’t falling! It’s just momentarily going dark. And be sure to keep those eclipse glasses on. ... Read More
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Digital Thought Starters: Mobile Magic, Straub Automotive and Wandering Customers

In Business, Events, Government, Mobile Technology by Dealer Track HoldingsLeave a Comment

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We’re a long way from rotary phones. In case there’s any doubt about that, or the total and utter dominance of mobile technology, consider the coming launch of the Apple iPhone 8.Rumors indicate that the “8” will feature new innovations such as facial recognition (Face ID), a dedicated AI chip and a full-face OLED display. All that seems targeted toward creating a better, faster and more convenient user experience, and for good reason: According to a 2016 eMarketer report on media usage, people spend more than three hours a day (3:23) on mobile -- ... Read More
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Stay Ahead of the Competition

In Business, Gaming, Government by Dealer Track HoldingsLeave a Comment

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Competition makes the world go 'round. You can either be behind or ahead of it, and if you forget to pay attention to it, your competition completely passes you by. This is especially true in the automotive industry, where shrinking profit margins mean no one can afford to get into a price war. The dealership with even the slightest competitive advantage can quickly move ahead of the pack, and it might as well be you. Here are three tips to give you a leg up on your competition.1. Understand Your Audience... Read More
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Sell Millennials on the Dealership Experience

In Business, Education, Events, Science & Nature by Dealer Track HoldingsLeave a Comment

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There’s a generation of digitally-savvy people getting ready to buy cars. That sounds like a pleasure cruise of sales opportunities, right? But there’s a catch: they’re a demanding bunch with specific ideas about how the transaction should unfold.So what’s a sales person to do? How does a dealership adjust their business to take advantage of this watershed opportunity in automotive retail? They sell Millennials on the experience of buying a car. ... Read More
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Millennials Flex Their Purchase Power

In Education, Finance, Government by Dealer Track HoldingsLeave a Comment

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With every promotion or newly minted job, with every move to the suburbs, Millennial spending power is growing.Yes, the “digital native generation” is changing the experience of car shopping, but perhaps even more important than that is their influence in the auto finance market.Selling Millennials onthe Dealership Experience... Read More

Is Your Technology Keeping Up with the Trends?

In Business by Dealer Track HoldingsLeave a Comment

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Fortunately, the technology door swings both ways. While ignoring changes in technology can be disastrous, embracing them can unlock the promise of better connections with customers, information, and the state of the industry. Technology and connection have always gone hand i... Read More
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Millennials are Making the Online and In-Store Connection a Reality

In Education, Events, Science & Nature by Dealer Track HoldingsLeave a Comment

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Think back to the most important retail moments of the last 50 years. What would you put on your list of the top ten? The Great Recession of 2007 would surely make it, and perhaps the introduction of SUVs, along with other models. Most likely, the emergence of the Internet would be right at the top – along with the major technological advances (mobile, Wi-Fi, etc.) of the past two decades.... Read More
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Infographic: Is Your Dealership In the Cloud?

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Today's dealerships are leveraging cloud technologies to improve the profitability of their businesses. Web-based DMS platforms can be especially beneficial because they allow managers to monitor key dealership metrics anytime, anywhere. In our infographic, Is Your Dealership in the Cloud?, we explain seven specific ways that your dealership can benefit by using a cloud-based DMS, including:Fewer costs associated with buying and maintaining server equipment... Read More
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Dealerships Should Look For Technologies That Listen

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*https://500px.com/photo/97516741/hello-by-christian-siedler Tired of distant, unproductive relationships, today’s dealerships are beginning to demand more personal support and more human interaction from their technology providers.Voice recognition is the latest craze in consumer technology. Between Apple’s Siri and Amazon’s Alexa, people are now used to shouting questions and commands at their electronic devices. While voice-activated personal assistants are fairly... Read More
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Ten Years Ago the Apple iPhone Debuted. The World (and Automotive Retail) Has Never Been the Same

In Business, Mobile Technology, Science & Nature by Dealer Track HoldingsLeave a Comment

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Almost exactly 10 years ago, the Apple iPhone went on sale. That’s right. It’s been 10 years, with 1.2 billion phones sold and the world irretrievably changed.From how we communicate to the way we take pictures and even find our way around, mobile devices like the iPhone have altered our habits, our behaviors – heck, almost every aspect of our lives.   That includes automotive retail, as well. Graph courtesy of Forbes and Statista ... Read More
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What Percent of Your Technology Gets Used?

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When dealerships don’t use technology tools to their full potential, they fall short of what they could achieve. They can overcome that shortfall by engaging with their technology providers and participating in continuous learning activities.We've all heard that humans only use 10% of their brains. While not true, the myth has endured because it implies that irresistible possibility of unlocking additional, untapped human potential. Most auto dealers, it turns out, are using their whole brains trying to run efficient and profitable deale... Read More

Dealership Decision-Making: More Data Means More Money

In Business by Dealer Track Holdings

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Gaining access to data within your dealership may require a shift in mindset and a change in technologies. But, given the track record of your gut feel, now is the time to start demanding the use of better decision-making tools in your business. Most people are very selective about the tools they use in their businesses. You’ve probably seen this within your own dealership—service technicians want the best wrenches and your IT manager wants a top-of-the-line computer. But, when it comes to making business decisions, you’re pro... Read More
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Millennials: Moving Out of the Basement, with Better Credit and More New Car Purchasing Power

In Business, Finance, Healthcare by Dealer Track Holdings

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Millennials are increasing their share of credit segments above Subprime, and are consistently gaining more approvals. In the Subprime segment alone, those approvals are over 66%.*In every corner of the dealership, change is afoot, inspired by Millennials. They’re becoming the primary generation of car buyers, and they routinely reject traditional retail practices -- those habits and routines that many salespeople have practiced over decades. Their preference is to gravitate toward dealerships that apply an online to in-store experience – a blend of digital access, mobile convenience and showroom integration that’s focused on speed and efficiency. As such, these digital natives have natural expectations, habits that are s... Read More
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Three Keys to Data Security and Identity Theft Protection

In Business, Government, Legal, Security by Dealer Track Holdings

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Think data security and ID fraud are only “big business” issues? Think again. In today’s era of digital dependence, smart dealers are keeping a tight grip on data, and guarding against fraud. The reason? Small to Midsize Businesses (SMBs) such as auto dealerships face the same threat, but often lack those "big business" resources – and as such are perfect targets. In fact, according to the Securities and Exchange Commission (SEC), “60 percent of all targeted cyberattacks last year (2015) struck SMBs.” * The June 2015 report also revealed that “75 percent of all spear-phishing scams in June were directed at SMBs, with the very smallest companies — those with 250 employees or fewer — bearing the majority of tho... Read More

Infographic: Switching Your Dealer Management System

In Uncategorized by Dealer Track Holdings

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There's a lot of things dealers consider before making the switch to a new DMS provider. We've taken some of the highlights from a recent study conducted with over 200 dealer participants and created an at-a-glace preview of the findings. Overall, dealer expectations in their DMS technology are increasing—and causing many dealers to reconsider their providers. See what we learned in the infographic below.  ... Read More
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Are you doing the same thing over and over, but expecting different results?

In Business, Gaming by Dealer Track Holdings

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Albert Einstein is credited with saying, “The definition of insanity is doing the same thing over and over again, but expecting different results.” All of us are guilty of this behavior at some point or another. We root for the same sports teams, despite years of disappointment and failure. We eat at the same bad restaurants, somehow expecting better food. Even Einstein himself, a genius by all accounts, failed over and over again until his mistakes served as inspiration to try something new.Insanity, as it turns out, is part of our everyday behavior. But, when it creeps into our business practices, affecting our customers, employees, and bottom lines, it might be time for a change.It’s Like Déjà-vu All Over... Read More
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Classic Summer, Classic Cars

In Business, Government, Security by Dealer Track Holdings

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Since Ford opened up that factory and started selling the Model-T, we've dreamt and plotted and schemed to get our own ride. Why? Because it was four wheels and an open road to the making of our own adventure. It was independence, a first foray onto the byways and main streets of America. No one is immune to the romance of cars.From Motor City to all points across the nation, cars are a colorful, dynamic part of Americana, a special connection passed on across generations. Want proof? Go to practically any town in America, and on any given weekend morning someone has put together a casual car show in front of a donut shop. That's especially true as we turn the page toward the Fourth of July, and settle into the summertime.... Read More
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When Technology Empowers People: The Critical Connection that Helps Build a Positive Retail Experience

In Business, Events, Government by Dealer Track Holdings

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Ultimately, the business of cars is the business of people. It’s something you may already know, especially if you work at a car dealership. After all, selling cars is about building relationships: the give and take of negotiation, and of establishing a connection between buyer and seller.It’s a fundamental part of a story that starts online and runs through sales, service and operations. None of that has changed. It’s true even now, as automotive retail moves headlong into an era where technology-driven automation drives fundamental changes in retail operations. Even with changes brought about by the emergence of Millennials, innovation has spurred consumers across generations to adopt an online to in-store approach, and ... Read More
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The Research of DMS Change

In Business, Government, Security by Dealer Track Holdings

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While it's true that change is never easy, under the right circumstances it can be good for your business. If you've been thinking about a change, consider looking for a DMS with the features your peers are looking for.Change is hard, especially in the workplace. Remember what happened the last time your company decided to move the break room? Some of your employees still don't know where to find the fridge. When it comes to enterprise level changes, especially those involving deeply integrated systems and tools, the difficulties tend to be magnified. In fact, recent research conducted by two third-party research firms, confirms those assumptions and provides insights into the specific reasons why change can be so hard, and is s... Read More
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Dealertrack Cuts the Ribbon on New Headquarters

In Business, Finance, Healthcare, Science & Nature by Dealer Track Holdings

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In a word: Amazing. Awe-inspiring amazement, in fact, from the confident way our new home stands above New Hyde Park Road to how it symbolizes the strength of the brand and our principles of innovation and community.Confidence. Innovation. Community. That's Dealertrack, and amazing is about the only word that describes our new HQ. After years of dogged determination and a relentless focus on fulfilling the dream of this building, Wednesday’s ribbon-cutting ceremony bookmarked a new chapter with the ceremonial snip of a ribbon and the official opening of the building. And once open, boy - did it ever live up to expectations. From the open-air design to the fully-equipped gym, yoga room, basketball court and auditorium, the 233... Read More
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eBook: Top Five Menu Selling Tips

In Business, Government, Science & Nature by Dealer Track Holdings

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There’s no doubt about it: Today’s automotive retail environment is a red-hot mix of aggressive incentives, hyper competition, and razor-thin margins.Selling the car isn’t enough, and while F&I product sales are a good way to increase profitability, there is still a huge disconnect between consumer expectations and the dealership’s F&I office. A recent study by Cox Automotive, in fact, found it to be one of the most painful parts of the in-dealership experience.* The solution? Successful dealerships are using mobile technology to create a positive and consultative aftermarket sales experience. CTransform your menu selling workflow with these helpful tips. ... Read More
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The Warning Signs of Time-Wasting Tech

In Business, Government by Dealer Track Holdings

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In order to benefit from the promise of technology-induced efficiency, dealerships need to demand simplicity, flexibility, and proactive partnerships from their vendors.Several decades ago, as personal computers became commonplace, tech companies began promising the arrival of the “paperless office.” In reality, computers have had the opposite effect, enabling more printing and accelerating our use of paper. In similar fashion, technology companies have been telling us for decades that their products will simplify our work when, in reality, they’ve become a major source of frustration and lost p... Read More
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Say Goodbye to Yahoo! And Hello to the Evolved and Connected Digital Experience

In Business, Gaming, Government, Healthcare, Legal, Science & Nature, Security by Dealer Track Holdings

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Believe it or not, I still have a Yahoo! email account. I no longer use it for much more than the “secondary” email address on password settings because, well, the contents of the inbox resemble a tangled weed patch of spam and phishing missives. I’d rather not waste my time.It’s sad. And reflective of how this once ubiquitous portal went from powerhouse to afterthought, and now a part of Verizon. Back in the day, it was different: Yahoo! was the first website/search engine/portal experience for many people – a true conduit to a whole new digital world. Yet as time went by, other digital players caught up, traffic dwindled, and so did revenue. Which was a shame because the company invested in and produced good content, b... Read More
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How to Get Your Team Onboard with Switching Your DMS

In Business, Government by Dealer Track Holdings

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Dealerships should expect their providers to have well-defined, streamlined processes for DMS installation. Any car dealership that has attempted a DMS conversion can attest to the difficulties of organizational change. Because the DMS affects the work of so many people, efforts to switch often encounter resistance from employees who have to learn a new system. One of the best ways to counter that resistance is to rely on the support of a committed and experienced DMS provider. Specifically, dealerships should expect their DMS partn... Read More

Run Your Dealership, Not Your Technology

In Business by Dealer Track Holdings

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Technology has the potential to make dealership employees more efficient and more productive. But, research shows that outdated and inefficient technologies are having the opposite effect in many dealerships.Does your dealership's technology save time or waste it? In today's high-tech workplaces, dealerships often worry that their employees are killing time on frivolous technologies like social media and mobile apps. A recent study confirmed that your workers are wasting tim... Read More
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Who is Mary Meeker, and Why Does She Matter to Automotive Retail?

In Business, Government, Science & Nature by Dealer Track Holdings

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Mary Meeker is the Queen of the Internet. Or at least, that's what Wired.com says. Okay. Maybe not. Meeker actually is a venture capitalist who happens to be one of the only universal points of agreement when it comes to discussing what’s next. Since the mid 2000s, she has published the mostly accurate and insightful annual Internet Trends Report – a voluminous presentation delivered rapid-fire and containing a treasure trove of data. Consider her the Thought Leader of the Internet, then, so much so that agencies study her report to direct their clients on future trends and digital marketers/retailers pick apart her findings to uncove... Read More
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The Three Laws of a Connected and Deal-Centric Retail Workflow

In Business, Government, Legal, Science & Nature, Start Up by Dealer Track Holdings

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Today’s typical car buyer spends around 60% of their time online, and visits just two dealerships before making a purchase.*It's a surprising statistic, and one that accurately reveals current changes in buyer behavior. It is, in fact, a simple and powerful reflection of what consumers want: An experience that begins at their convenience, and connects the online world to the showroom. We know this thanks to a mountain of car buyer feedback. Yet just when we think there’s a clear path to follow, we realize that each customer navigates through this journey differently – and so does each dealership. The key is to create a flexible, deal-centric approach based on three basic tenets, a path that improves the buyer experience a... Read More
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Make the Most of Your Sales Event: Three Workflow Tips for a Busy Holiday Weekend

In Business, Government by Dealer Track Holdings

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Would you rather be grilling dogs and enjoying the sunshine? Sure. Maybe sipping a cold beverage pool side instead of wearing out your dress shoes and wrangling test drives? Absolutely!But look at the bright side: The stars and stripes are fluttering on cars up and down the lot, streamers are streaming, and the floaty Uncle Sam balloon guy is (also) working overtime. It's time to get down to business and sell some cars. In fact, according to the National Automobile Dealers Association (NADA), a holiday weekend can lift car sales up to 25 percent -- when compared to a typical mid-month weekend. Many people simply have more time to shop, to check out cars, do their research online, and go for a test drive. And as such it pays to... Read More
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Use Top Technologies to Attract and Retain Top Talent

In Business, Government, Healthcare by Dealer Track Holdings

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In today's labor market, prospective employees are more selective about where they work and often have a lot of items on their wish lists for new employers. It's common for job searchers to hold out for comprehensive benefits packages, including paid time off, health benefits, and 401/k accounts. Recently, though, young employees have been adding one more item to their list of demands—great technology. The automotive industry doesn't have a great track record for hiring and retaining talent. In a recent study, ... Read More
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Cox Automotive Insights: Improving the Car Buying Experience for Millennials…and Everyone Else

In Finance by Dealer Track Holdings

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They are the largest generation at 75.4 million people, and are poised to become the most influential car buying demographic since, well, ever.Ready or not, the reality is that Millennials are impacting every aspect of the auto industry, from staffing strategies and pay structures, to sales, marketing and even brand positioning. Millennials are even beginning to influence the type of vehicles manufactured and marketed. In short, they’re in the market for cars and jobs – with very specific ideas of what they want and how they’d like to go about it. Simply put, the importance of being prepared to engage the right way simply can’t be overstated, and one of the reasons why Cox Automotive has developed a comprehensive look at... Read More
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Digital Thought Starters: Alexa Speaks, and Watch Out for Smartphone-wielding Gen Z Buyers

In Government, Mobile Technology by Dealer Track Holdings

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Safe to say, there’s just a little bit of uncertainty as we head into the summer selling season. And apprehension – there’s some of that as well, thanks to tumbling sales, inventory levels and aggressive incentive programs.As always, time will tell just how good (or bad) the next few months will be in terms of new and used vehicle sales, but one thing is abundantly clear: dealerships are not only battling slowing demand, they’re also facing a new set of expectations from car buyers. Savvy dealer managers are already looking for answers across the sales and marketing spectrum to help handle the shift to Millennials, and what comes with this first true “digital native” demographic. Layer in the coming influence of Gene... Read More

May the 4th (and Force) Be With You: Four Ways Auto Retail is (Kind of) Like Star Wars

In Uncategorized by Dealer Track Holdings

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There may not be light sabers involved (one hopes), but when it comes to Star Wars and the technology that drives auto retail, we can make a few fun comparables.After all, the last thing any sales manager or dealership controller wants is to get stuck on a virtual outpost, searching for solutions like a desert scavenger. The sunset might be nice, but that outpost is no place to find cutting-edge workflow technology. So in the spirit of the day, and the pursuit of connected retail, here are four ways auto retail technology is (kind of) like Star Wars:1. Jumping to light speed is like using Accelerated Title.When it comes to title release, Accelerated Title gets you from start to finish 70 percent faster than the i... Read More
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Millennials are Moving Out of the Basement, with Better Credit and More Purchasing Power

In Business, Finance, Healthcare by Dealer Track Holdings

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Millennials are increasing their share of credit segments above Subprime, and are consistently racking up more approvals. In the Subprime segment alone, those approvals are over 66%.*In every corner of the dealership, change is afoot, much of it inspired by Millennials. They’re becoming the primary consumer, and they routinely reject traditional retail practices, the things salespeople have done for decades. Their preference is to gravitate toward dealerships that apply an online to in-store process – a blend of digital access, mobile convenience and showroom connectedness that’s more than just talk. These digital natives have natural expectations, habits that are shifting the automotive retail business toward a true onlin... Read More
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Fixed Operations – A Great Way to Step Up Your Game

In Business, Gaming, Government by Dealer Track Holdings

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In times when consumer demands dips or plateaus, it's important to rely on the other, more literal tools of your trade. If you haven't done so already, it's time to invest in fixed operations. It today's world, it takes more than just one good trick to be successful. If you follow sports, then you know that a player's ability to achieve success depends not just on the level, but the variety of skills he brings to the game. A baseball player who can hit for power probably won't get far if he's a liability on defense, can't hit for average, or get on base consistent... Read More
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Your DMS provider may be using these 3 tactics to charge more fees.

In Business, Government, Legal by Dealer Track Holdings

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Remember how amazing camouflage was when you were a kid? There was something so cool about wearing clothes that made it impossible to know where the forest ended and where your cargo pants began. As adults and business owners, we often see camouflage in the workplace too, but unfortunately, the things being hidden are rarely as cool as those cargo pants. Take, for example, your dealership’s latest invoice from your Dealer Management System. While it wasn't printed on splotchy green paper, it probably included plenty of camouflage in the form of complex line items that cleverly conceal extra fees. The complicated invoices of legacy DMS providers can cover a host of hidden fees and unpopular upcharges. By loading their ... Read More
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Digital Dealer 22: Discovering the Magic of Millennials

In Business, Government, Mobile Technology by Dealer Track Holdings

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They are somewhere between 18 and 34, and have a strong aversion to waiting around, feeling pressured or signing actual paperwork. They want most things on their terms – and only if it starts online. Or better yet, a mobile device.At Digital Dealer 22, the influence of Millennials shaded most sessions with talk about keeping pace with trends in workflow technology, digital habits and workforce changes brought about by this new and powerful buying demographic. From a sales and operational perspective, the Millennial influence on the conference was obvious: the sheer amount of Facebook advertising sessions was an indication of shifting buying habits from “traditional” online websites, to the power of social media platforms.... Read More
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Searching for a Digital Dealer, at DD 22

In Business, Government by Dealer Track Holdings

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What exactly is a “Digital” Dealer, anyway?Do they echo the look and persona of Max Headroom, that fictional 80s’ interpretation of artificial intelligence? Or is it more of a Tron vibe? I went to Digital Dealer 22 in Tampa this week to find out, and to discover how differently these digital professionals are from regular old ordinary automotive dealers. Turns out, digital dealers are the same thing as regular automotive retail experts – owners and managers, salespeople, service pros – and all are interested in finding ways to use technology to improve the way they operate. In fact, aside from a few social media presenters, there weren’t even any of those slightly petulant, vaguely disinterested and bored digital age... Read More
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Who Runs Your Dealership, You or Your DMS?

In Business, Government, Healthcare, Security by Dealer Track Holdings

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Society is obsessed with individual performance. Think about it–when was the last time you left a concert and all you could talk about was the amazing backup band? Even your dealership isn't immune to overemphasizing individual performance. The catch here is it's not your people who are being singled out, it's your technology. Yes, you may love your CRM or that inventory tool that's improved lot turnover, but what about your DMS that allows all that tech to run smoothly together? Or does it? Integration is the true performer here. Without it, your DMS calls the shots in your dealership. Don't... Read More
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3 Ways You're Gambling Away Dealership Profits With Old Technology

In Business, Events, Gaming, Government, Security by Dealer Track Holdings

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You can probably picture it – smoky casino, bank of shiny slot machines, and, of course, the guy with a coin bucket bigger than his brain dropping quarter after quarter into the slot and pulling the lever. As the machine swallows up his money, he hopes that each pull will bring him closer to the cash prize. But the jackpot never comes. Instead, the many small disappointments combine to create a large and devastating loss.  There’s a harsh lesson for your dealership in this story. And, guess what? You’re the guy with the coin bucket.Then what’s the shiny slot machine, you ask? Your outdat... Read More
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2017 Compliance Guide: Unfair and Deceptive Acts and Practices Laws

In Business, Government, Legal by Dealer Track Holdings

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Unfair and Deceptive Acts and Practices laws are designed to protect consumers from unfair and deceptive trade practices in the marketplace, including false or misleading advertising.While these laws and regulations cover merchants of goods and services generally, not just auto dealers, it’s important to know auto dealer liability risks for UDAP practices under the FTC Act, the Dodd Frank Act, and state UDAP laws. As these laws are a “catch all” for bad conduct, they present a substantial risk for a variety of misdeeds in selling vehicles to, or financing vehicles for, consumers. Check out the following best practices tips, and then log onto the 2017 Compliance Guide for more vital information about UDAPs:   1. A... Read More
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Selling Cars the Way People Shop for Them

In Business, Finance, Government, Science & Nature by Dealer Track Holdings

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Today’s shoppers expect a connected retail workflow that starts at their personal digital device and ends in a dealership environment, prepped and ready to meet their needs. They expect the sales team in the showroom to continue the conversation started online and to use technology to do it.Skeptical? Don’t be. Consider that according to Cox Automotive’s 2017 Buyer’s Journey, 60 percent of the time spend shopping for a car is indeed spent on the Internet – and the number of dealerships visited by shopper is down to around two.You get the picture. More time online, fewer dealerships = a consumer that knows what they want. But why does meeting those expectations begin with technology? Because workflow solutions th... Read More
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Talking Points: Auto Group Settles with FTC Over Deceptive Finance and Sales Claims

In Business, Finance, Government, Legal by Dealer Track Holdings

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This week, the Federal Trade Commission (FTC) announced that an Auto Group in Los Angeles had agreed to pay $3.6 million to settle charges it used deceptive and unfair sales, advertising and financing practices.According to the FTC’s press release, the amount was returned to consumers. In addition, the dealerships involved were barred from “engaging in other unlawful conduct when a sale is cancelled, such as failing to return any down payment or trade-in or seeking legal action, arrest, repossession or debt collection unless the action is lawful and the defendants intend to take... Read More
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F&I Compliance Tip: Data Safeguards and Identity Theft Protection

In Business, Government, Legal, Science & Nature, Security by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Identity theft and data breaches continue to be a serious and ongoing issue for consumers and businesses.In fact, according to the U.S. Department of Justice, “An estimated 17.6 million Americans — about 7% of U.S. residents age 16 or older — were victims of identity theft in 2014.” That includes the misuse of credit card data, as well as personal identity information. In terms of cost, Javelin Strategy & Research found that $15 billion was stolen in 2015 – bringing the total amount ove... Read More
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At-A-Glance: eMenu for iPad®

In Science & Nature, Security by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Let’s face it: Paper menus just don’t work well in an interactive and tablet-friendly world.As a result, selling F&I products is changing, from a strained and disliked customer experience into one of the most effective applications of automotive retail technology. In this case, using technology helps to create a positive and consultative experience, so that customers can learn about valuable products and services in an environment conducive to sales and engagement. Dealertrack’s Menu Selling technology leverages a tablet-driv... Read More
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2017 Compliance Guide Case Study: Credit Applications, Credit Reports, and Contracts

In Finance, Legal by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article A dealer sold a vehicle to a consumer under a RISC (Retail Installment Sales Contract) and allegedly committed numerous violations in connection with the sale and financing.For example, the plaintiff was not given a review copy of the RISC disclosing the finance charge prior to the time of sale; and she didn’t take delivery because the dealer was going to install a GPS device. When she returned to pick up the vehicle and a copy of the RISC, she was told the price she was being ch... Read More
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Talking Points: Virtual Reality, Millennials and Family Cars

In Business, Education by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Once a week (or so), we take a look at interesting surveys, stories and perspectives about the business of buying and selling cars.It’s a Virtually Real ExperienceAt this point we all know that consumers go online to shop for a car. But would they also test drive a car online, and make a buying decision based on that virtual experience? A recent study conducted by eBay found that 43 percent of those surveyed said, well, “sure,” meaning that they would consider using Virtual Reality to tes... Read More
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Expect More from your DMS: Performance Management

In Business, Government by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article This is the third entry in our blog series entitles, "Expect More from your DMS." Each post discusses the gap between available DMS technologies and the solutions currently being utilized by most dealerships. In this post, John Griffin, Vice President of Performance Management at vAuto, shares his thoughts on the importance of having the right team in place to get the most out of technology.  ... Read More
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Now Available: The 2017 Dealertrack Compliance Guide

In Government, Legal by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Dealertrack has long been known as the industry’s single best source for Compliance insights, and for good reason: we provide the expertise and the solution to help you protect and defend your dealership. It’s all based on experience that comes from time spent learning and leading the way through a compl... Read More

NADA 100: Three Questions to Ask About Accelerated Title

In Uncategorized by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article When it comes to car sales and financing, the relentless search for efficiency touches all areas of a dealership. Smart dealer operators are finding steps and tasks that can be connected, automated and perfected; they’re reviewing workflow and expecting time and cost savings. For example, ask yourself this question: When a customer brings a car to trade with a balance due, how many days do you have to wait before you can remarket that vehicle? How long will that car sit on your lot, taking up valuable space, just because the ... Read More

NADA 100: Three Questions to Ask About In-State Reg and Title

In Business by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article It may not happen on the sales floor, or in the F&I office – but the business of "reg and title" is a significant part of the car buying journey. Do it right and you reduce the hassle, delays and errors that can be associated with registering a vehicle. That’s more than business office productivity – it’s one of the last opportunities to make a great impression through quick processing and value-add services. Automated registration systems help in achieving this optimal experience, but only when paired with dee... Read More
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Expect More from your DMS: Anytime/Anywhere Access

In Business, Events by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article This is the second entry in our blog series entitled, "Expect More from your DMS." Each post discusses the gap between available DMS technologies and the solutions currently being utilized by most dealerships. In this post, Kai Nielsen, Director of Strategy and Business Operations at Dealertrack DMS, shares his thoughts on the importance of data accessibility and the benefits of cloud-based solutions. ... Read More
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NADA 100: Three Questions to Ask About Menu Selling Technology

In Business, Legal, Science & Nature by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article In large and small ways, technology has changed virtually every aspect of the automotive retail experience. Few areas, however, have seen as much of a transformation as menu selling. Sitting down with customers to go over product options for their newly purchased vehicle has gone from a piece of paper in the F&I manager’s office to an interactive conversation in the showroom. Today, your aftermarket sales should be done on a tablet, where the customer is most comfortable, and should help create a consultative environ... Read More
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NADA 100: Three Questions to Ask About eContracting Technology

In Business, Government by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Few technology solutions solve a pressing retail issue as efficiently and precisely as electronic contracting. Indeed, virtually every aspect of the contract process is improved through this technology, starting with an improved consumer experience, and ending with a streamlined workflow between dealership and lender. eContracting is a simple and elegant answer to the errors and delays that previously caused this final step in the car buyer’s journey to bog down. Today, it’s emerging as a required solution that keeps d... Read More
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Expect More from your DMS: Open Integration

In Business, Government, Security by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article This is the first entry in our blog series entitled, "Expect More from you DMS." Each post will discuss the gap between available DMS technologies and the solutions currently being utilized by most dealerships. The first topic, open integration, perfectly demonstrates the value that dealerships can gain by proactively seeking new technologies.  ... Read More
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NADA 100: Three Questions to Ask About F&I Compliance Technology

In Government, Legal, Security by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article The power of automotive retail technology is, in part, about connecting steps in the buyer’s journey to make the process more efficient. But it also handles other, crucial aspects, such as ensuring compliance with government regulations and providing protection against ID fraud. That’s important, and as such it’s vital to make sure your compliance solution is integrated across your sales and F&I workflow. Keep that in mind when you’re examining the value of this type of technology, and be sure to ask the fol... Read More
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Spotlight: Key Dealertrack Product Demos at NADA 2017

In Business, Finance, Government, Legal, Security by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Let’s face it: you go to the annual NADA convention for three reasons. First, there’s the networking that happens. It’s clear that NADA is first and foremost about connecting with the greater automotive family. There’s also meetings and knowledge sharing, and – of course – product demos. Fact is, the show is still the best way to get an up close look at the latest technology solutions driving automotive retail. It’s key if you want to actually try it out, talk to a rep and learn how to best apply innovation to exist... Read More
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Five Key Menu Selling Tips

In Science & Nature by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article When sales and showroom traffic cool, dealers usually turn up the temperature on F&I revenue – especially dealer reserve. But that’s changing, thanks to the current regulatory environment, as well as customer expectations around financing. Today, the heat is still on the F&I department, but this time it’s all about flat-rate financing and aftermarket sales. That’s right: menu selling.Things like GAP, warranty and maintenance options are now front and center when it comes to per-vehicle revenue (PVR) &ndas... Read More
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F&I Compliance Tip: Recordkeeping and the Destruction of Records

In Business, Government, Legal, Mobile Technology, Science & Nature, Security by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Staying compliant with State and Federal regulations means more than Red Flags and Adverse Action notices. In fact, there are federal laws and regulations regarding company records around vehicle sales, leases, F&I documents, and more. That includes things like memos, emails, a contract, or something less obvious such as a computerized desk calendar, a text message, or a social media website entry. Information contained in flash drives, memory sticks, PSTs, USB drives, and backup tapes, and on wireless devices s... Read More
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5 Things You Should Know About Cloud Technology

In Business, Security by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Cloud-based technologies are making it easier than ever for businesses to collect, access, and analyze their data. And best of all, early adopters of these technologies are finding that they provide significant competitive advantages. If your dealership is looking to make a move to the cloud, it's important to understand exactly how the technology can help your business and its customers. We rea... Read More
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Three Reasons for an Automotive Retail Thanksgiving

In Business, Government, Science & Nature by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article The simplicity of Thanksgiving is what makes it special.  Sure, it’s just a day (or two), filled with football, food and shopping – but it’s a sincere and unadorned day, a chance to pause for a moment, take in the year and say, simply – Thank You. In the automotive retail space, there’s much to be thankful for: robust sales have tracked along for most of the year, and we stand poised to see another record. Even with sales slowing, analysts estimate that activity in 2016 will meet or break last ye... Read More
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Fast and Efficient Contracting is Changing the Way Deals are Done

In Business, Government by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Good technology simplifies. It creates efficiencies in process, and expands the possibilities of increased profitability -- in the short term and long term. As critical aspects of the automotive retail workflow evolve with technology, dealerships and the lenders they do business with are beginning to see these improvements come to life, especially in the area of electronic contracting. From data verification to contract review, signing, approval and funding, it’s this specific application of technology that acc... Read More
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DSES Keynote: Ken Schmidt Explains Why You Can’t Sell Harleys (or Cars) Out of a Tool Store

In Business, Events, Government, Science & Nature by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Ken Schmidt is Mr. Cool. Self-assured, confident and, well, the word loquacious comes to mind – Schmidt remains the embodiment of the Harley brand even though almost 20 years have passed since he left his position as Director of Communications. That’s not by accident, and not just for show. His testimony is steeped in Harley culture and passion for the brand because the lessons therein are as valuable today as when he began to tell them. It’s still very much a tattoo-worthy per... Read More
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Keeping Pace with the Speed of Automotive Retail Requires Efficient Title Management

In Business, Finance, Legal by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Efficiency and speed are always among the most important keys to success for any car dealership. From sales floor to finance and the business office, it’s imperative that core operations are consistent, seamless, and optimized to keep pace with consumer expectations. That includes this year, with consumers expected to buy and lease over 17 million vehicles. For lenders, that means they must be ready to keep pace with the changing dynamics of car buying in order to provide an optimized and pro... Read More
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SubPrime Forum Preview: Myths about Online Subprime Auto Financing

In Finance by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Well, that was fun.  And it’s a shame that the long ride to the top of the car sales mountain is over – or at least slowing down. But according to the National Automobile Dealers Association (NADA), that's exactly what’s happening. They’ve predicted that total sales will drop to 17.1 million units in 2017, as pent-up demand from the recession finally dissipates. Indeed, like the fall, change is in the air when it comes to auto retail, and it’s not just the slack demand. Consumers ar... Read More
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DSES Keynote: Three Smart Things Dealers Can Learn from Southwest Airlines

In Business, Education, Government, Science & Nature, Security by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Jim Parker is one of those speakers who seems unpretentious. Perhaps even a little ordinary. He comes across as just a guy in business suit, and acts with a deference that speaks to a humble personality. This is a guy who’s not afraid to make a little fun at his own expense.But then the homespun stories begin to roll.And along with it comes wisdom gained from his time as Southwest Airline’s General Counsel and CEO. It’s then that you realize – whoa – I may want to pu... Read More
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Spooky Tales: Top 3 "Scariest" Halloween Car Commercials

In Events by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Let’s face it: Halloween is one of the very best days of the year to have some fun and connect with the community at large. What could be better than setting up a quick trunk-or-treat in the showroom, or holding a costume contest? By getting into the “spirit” of the day, dealerships can create a positive experience for sales and service customers. Fact is, the day is a big spending event.According to the National Retail Federation (NSF), spending on Halloween is expected to reach $8.4 billion – an ... Read More
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DSES Highlights: Using Mobile Data and Technology to Make the Sales and Service Connection

In Business, Legal, Mobile Technology, Science & Nature by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Question: What’s the technology breakthrough having the most significant impact on the way vehicles are bought and sold?Answer: Is “All of the Above” an acceptable answer?There have been many advances in technology that have changed the work of automotive retail. It’s fair to claim, in fact, that the application of technology into the sales and service workflow is an ongoing evolution, one that likely will always be in a state of progress. But... Read More
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Registration and Titling Best Practice Spotlight: Oliver Ford of Plymouth, Indiana

In Business, Finance, Government by Dealer Track Holdings

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[responsivevoice_button voice="US English Female" buttontext="Play"] / Go to Source Article Oliver Ford in Plymouth, Indiana is a thriving dealership with a clear call of duty: satisfy their customers. They do that by being proactive in their approach to customer service, by leaving no stone unturned, and by keeping customer needs first and foremost. It’s no surprise, then, that they have won the Ford President’s Award for 16 years. The secret? It’s in the details. While most dealerships focus on big and obvious issues to enhance the appearance of the customer experience, Ol... Read More
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DSES Keynote: Jared Hamilton Talks Competency, Excellence and Empowerment.

In Business, Government, Science & Nature by Dealer Track Holdings

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The closer we move toward connecting the dealership showroom to a world of websites, search engines and social media, the more critical it is to consider whether sales people are positioned to apply the online to in-store workflow throughout the sales experience.   That was the question at the heart of Jared Hamilton’s opening keynote address on Day 2 of the 8th Annual DrivingSales Executive Summit. Held in Las Vegas, the summit is a collection of breakout sessions and keynote addresses that examine the point where the online automotive experience and the dealership showroom process meet. It’s a retail moment in the sales journey that irrevocably impacts the overall experience. Part dealer th... Read More

Empowering Dealerships Through Better Implementation

In Business by Dealer Track Holdings

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Kurt OlnHausen, VP of Operations at Dealertrack DMS.  At the end of the day, car dealers are in business to do two things – sell and service cars. Having to worry about emerging technology and how that technology helps to further those pursuits, though important, isn't the top priority and often results in a shift of focus away from the dealer's main objectives. In my experience, car dealers are looking for an experienced, tech-savvy organization to sit down with them and proactivel... Read More
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Five Questions to Ask About Your Compliance Program

In Business, Government, Legal, Security by Dealer Track Holdings

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Some may say that the cost of compliance comes with the reality of doing business. That it's just a fact of life. And while that may be true, according to The Center for Automotive Research (CAR) that expense is pretty high. In a 2014 study conducted for the National Automobile Dealers Association (NADA), CAR found that the average dealership spends close to $200,000 annually on overall regulatory compliance. Put another way, “regulatory costs comprised 21.7 percent of the average dealership’s 2012 before-tax net profits...or nearly $2,400 per dealership employee.” The study, which included exhaustive research along with interviews with dealer managers and owners, found that the “dealership financia... Read More
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Using the Right Tools to Solve the Industry's Biggest Challenges

In Business, Events, Government by Dealer Track Holdings

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Kai Nielsen, Director of Strategy and Business Operations at Dealertrack DMS.  In the age of digital proliferation, we’re being bombarded with life hacks, or unconventional solutions to common problems. While these tricks may be cl... Read More
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Favorite and Famous Autumn Drives

In Business by Dealer Track Holdings

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It’s an easy thing to forget, in the hustle and bustle of automotive retail. But what we work on, the innovations we strive to produce and the experiences we aim to create, all is centered around one of the greatest-ever inventions and industries. Cars. Put a car on the open road, and you just may get a song or a story about the experience, especially during Autumn. In fact, there’s no better time to experience the feeling of an open road, a full tank, the top down…and nowhere in particular to go. So to celebrate the car person in all of us, take a look at a few famous and notable byways across America – and chime in with your own favorite drives. ... Read More

CUES: Technology Drives Faster Loan Approval

In Business by Dealer Track Holdings

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It can’t be overstated: Speed is vital when it comes to the services indirect lenders provide dealers. From loan approvals to the funding of signed contracts and the management of documentation, dealers expect fast service that meets the ever-growing expectations of their customers. Dealership managers are increasingly under pressure to save time within a process designed to take time; as a result they reward fast and efficient lenders with favored status and a steady stream of business.Lending in the Fast LaneAll of which makes good technology a vital part of the solution indirect lenders offer to dealers. In the below article from CUES Credit Union Management Magazine, writer Richar... Read More
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Millennials: The Key is a Low Monthly Payment

In Finance, Government by Dealer Track Holdings

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Who buys cars? Well, everyone does – including, as it turns out, Millennials. In fact, stories published at Automotive News and MediaPost.com this week put to rest the notion that the so-called “me” generation isn’t interested in purchasing vehicles.There’s a multitude of practical reasons why, but the bottom line is that Millennials see the value of personal transportation just as much as previous generations. The stories underline that fact by using Dealertrack data insights, along with quotes from our own Jason Barrie, vice president of market performance, lender, sales and F&I solutions. It reveals actual Millennial purchase patterns and compares those to the preferences of previous generation... Read More
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F&I Compliance Tip: Save and Store Your Pencils

In Events, Security by Dealer Track Holdings

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A pencil is the proposal a salesperson uses with buyers to outline deal scenarios – on the way to the final agreement. Your desking solution should automatically save a record of pencils in every customer’s deal jacket.Why it MattersIn terms of compliance, saving pencils matters because it could prevent misunderstanding, and may be helpful in terms of showing an auditor, regulator, or plaintiff’s attorney how a deal progressed. It’s essential since the Federal Trade Commission (FTC) and the Consumer Financial Protection Bureau (CFPB) emphasized the need for transparency in consumer financing of automobile purchases and leases. Follow these best practice tips to help ... Read More
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Is Auto Retail Ready for the Internet of Things?

In Business, Government, Science & Nature by Dealer Track Holdings

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On paper, it sounds amazing: Place a few beacons around a car at a dealership, and create a connection point between the shopper who’s wandering the lot, the car they’re looking over, and a salesperson ready to build a relationship. In a flash, that person is treated to key model features, aftermarket options…not to mention financing and special incentives. The opportunity to actually connect a car to the systems dealers use to market, retail and process a vehicle purchase may well open a new chapter in the online to in-store evolution of automotive retail. It’s beyond RFID codes, and printed brochures. It’s an idea that could re-imagine that initial moment of engagement at the showroom, and help deale... Read More
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F&I Compliance Tip: Monitor Dealership Activity

In Business, Security by Dealer Track Holdings

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One of the biggest threats to dealership compliance is inside the showroom. That’s right: your employees. Some studies claim that a majority of data breaches are caused by workers, a sobering statistic that may be due to negligence or mistakes – such as leaving credit applications, credit reports and deal jackets open and in plain sight – or could be caused by willful acts of disgruntled employees. Point is, today’s dealership management must be prepared and proactive, with comprehensive training and real-time monitoring. For example, electronic databases should give you the ability to track employee access, and oversight of operations should include a compliance dashboard.Why it Matters... Read More
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F&I Compliance Tip: Properly Disclose Aftermarket Products

In Business, Finance, Legal, Science & Nature by Dealer Track Holdings

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Make no mistake: the world of aftermarket product sales is changing, right along with the ongoing evolution of automotive retail. A 2015 study commissioned by MakeMyDeal showed just how quickly it’s happening: As a part of the survey, 63 percent of consumers said that “they would be more likely to buy F&I products if they could learn about them on their own time, before finalizing their vehicle purchase.” Add in the scrutiny by the FTC and the CFPB, and the message is pretty clear: dealerships need to adjust the way they approach F&I product sales.Why it MattersUnfortunately, it’s not quite as simple as going online with a few product blurbs and images. Accor... Read More
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F&I Compliance Tip: Adverse Action Notices

In Business, Finance, Government by Dealer Track Holdings

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An “adverse action” is, basically, a refusal to grant credit, the termination of an account, or the changing of an account's terms in a manner unfavorable to the consumer -- such as unwinding a spot delivery contract. Why it Matters As creditors, dealers are required to give adverse action notices to consumers in three situations:When a dealer takes a credit application but does not send it to any financing source, typically because the consumer is credit-challenged.When a dealer unwinds or re-contracts a spot delivery deal.When the dealer is unable to get the customer financed on terms acceptable to the dealer, or because the customer declines the de... Read More

Staying Ahead of the Automotive Technology Curve

In Business by Dealer Track Holdings

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Sharon Kitzman, VP and GM at Dealertrack DMS.  Working in the automotive industry, you probably feel like cars and trucks are in your DNA. And, in some ways, you might be right. People have been working on alternatives to pedestrian travel for a long time. As early as 1335, our automotive ancestors were building wind-propelled vehicles, which evolved over time to include steam and gunpowder propulsion. There is a fascinating tale of human automotive evolution, which becomes even more interesting when you realize that we are ... Read More

F&I and Showroom: Merging Technology with F&I Product Sales

In Business by Dealer Track Holdings

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Technology, on its own, does little to sell cars.  But when technology is applied to a human process, that’s when it becomes a powerful force in the showroom. Few things better represent that effectiveness than F&I product sales. It’s here, right after the deal, where opportunity exists – as well as risk. Make customers wait too long, or hard sell them something they do not need…chances are your CSI will end up with a nasty bruise. There’s a better way. The below story, published in F&I and Showroom, walks readers through the process of aftermarket sales at Bernie Moreno Companies, a group of 15 dealerships that use eMenu for iPad® within an organic and consultative sales experience. The article provi... Read More
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F&I Compliance Tip: Red Flags Rule

In Business, Events, Government, Legal by Dealer Track Holdings

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Designed to prevent your dealership from becoming a victim of identity fraud, the “Red Flags Rule” requires your dealership to develop and implement a written Identity Theft Prevention Program (ITPP) to detect, prevent, and mitigate identity theft. This is not a “one size fits all” rule – your ITPP must be appropriate to the size and complexity of your dealership, and the nature and scope of its activities. The Red Flags Rule lists 26 potential indicators that you should consider for your ITPP, as appropriate for dealerships. Why it Matters Your dealership’s highest gover... Read More
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Three Ways to Protect Your Deals and Defend Your Dealership

In Government, Legal, Science & Nature by Dealer Track Holdings

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Bring up the topic of compliance and many dealers feel a headache coming on. And for good reason.  With so many laws, regulations, and rules to contend with it’s easy for dealers to feel frustrated and confused. The trouble is that non-compliance can lead to thousands of dollars in fines, class-action penalties, and reputation damage. And while enlisting the help of qualified legal counsel is the best approach, there are a number of specific and proactive steps that dealers and their employees can take to protect their deals -- and defend the dealership. Save your “pencils.” A pencil is the proposal that a salesperson uses with customers to outline deal scenarios – on the way... Read More
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3 Lessons Learned at Digital Dealer 21: Keep it Simple, Sweat the Details, and Be Open to Change

In Business, Government by Dealer Track Holdings

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If there was a theme to Digital Dealer 21, it was of exploration – of defining and discovering how technology makes business better for dealerships, and which techniques managers should use to leverage the advantage of digital solutions. The reality is clear: many of the tasks that go into buying a car can be bette... Read More