Let’s face it: the business of automotive retail is changing.
Today, car buyers spend more time shopping online and less time going to dealerships; when they do walk into a showroom, it's likely that they know what they want, right down to the amount of time they're willing to spend on the deal. That's where good technology helps, by making the process easier, more efficient and thus aligned with today's emerging consumer expectations. Check out the summaries below, post any questions or comments you may have:
It may be a cliché, but it’s true when it comes to automotive retail operations: Time is money and time spent on a task is what all retail managers look to reduce. That includes title release. Advances in technology are streamlining payoff quoting, release, and even tracking and reporting, creating a direct link that significantly reduces the title release time frame. Dealertrack’s Accelerated Title is at the forefront of this technology, with key features such as the ability to request payoff quotes directly from lenders, electronic payoff, and expedited payment.
Innovations and improvements to Dealer Management Systems have improved the efficiency of retail operations. But what about the people behind the technology? They need a solution that delivers actionable insights. The Dealertrack DMS meets this need with features such as real-time Business Intelligence, including built-in NADA guidance reports – an industry first. Combined with our Performance Management offering, where experts work directly with dealership management, Dealertrack DMS can help effectively identify opportunities to optimize process and performance.
As the pioneers of eContracting, the use of the Dealertrack eContracting solution has grown increasingly popular in dealerships because it speeds funding – which cuts interest expenses and improves cash flow – and ensures contract accuracy. That helps to eliminate the cost and hassle of recontracting. Important features of Dealertrack eContracting include a mobile review and sign function, as well as the availability of over 20 key lenders nationwide such as Ally, Bank of America, Capital One and Chase.
F&I products like GAP, warranty and maintenance options are a key way to boost per-vehicle revenue (PVR) – and customer satisfaction scores. As a result, menu selling is emerging into one of the most effective uses of automotive retail technology, but the experience must be consultative and relaxed. In other words, paper menus just don’t work in a tablet-friendly world. Important features of the Dealertrack Menu Selling solution includes the use of friendly iPad technology enabling customer engagement through surveys which can then be applied to the menu presentation, opportunities to display declined products, and interactive product tours provided all on a mobile device.
According to The Center for Automotive Research (CAR), the average dealership spends close to $200,000 annually on overall regulatory compliance, and that the financial burden is greatest for the regulations in the vehicle financing category. It’s this kind of cost that makes an integrated and robust F&I compliance solution critical – one that helps to protect dealerships from ID fraud, data security and government audits. To that end, a good solution includes document storage benefits, Red Flags Reports, adverse action notices and more. The Dealertrack F&I Compliance solution includes these features, as well as aftermarket product disclosures, and on-demand tracking/reporting of all deal activity.
Out-of-State Registration: Faced with reg and title requirements for a far-away state? This is a key area of dealership operations where technology serves a valuable purpose, by simplifying unfamiliar paperwork and ensuring that all those strange out-of-state requirements are met. Appropriate benefits here include the ability to accurately estimate vehicle fees, access state forms and requirements – and do so quickly and easily. Dealertrack’s RegUSA solution also features perfected liens for out-of-state registrations and easy-to-understand, flat-fee pricing for any transaction in the country.
In-State Registration: Smart workflow management doesn’t stop with sales and F&I. In fact, title clerks and controllers in the business office have a critical role to play at the conclusion of each and every sale. Registration and titling can be challenging and time-consuming. Capable solutions should provide an accurate calculation of taxes and fees, and offer extensive, automated error-checking. Couple this with a combination of local experience, advanced technology and expertise in the process to deliver a fast and optimal experience on a consistent basis. Dealertrack Reg and Title does just that and more. Our in-state registration and title solutions also feature faster deal audits, a user-friendly application, and expedited data entry with DMS Import.
Salesmaker is a desking tool that gives sales personnel the ability to quickly and accurately structure deals. That’s important, especially when the showroom is crowded and you need accurate options at the first pencil. A good desking solution will do exactly that, including retail, lease, balloon and special finance programs – as well as preloaded incentives and rebates. Important features of Salesmaker include capturing customer information, and identifying the right lenders with the right rates and programs to maximize profits. There’s also a “Max Profit” benefit that helps staff find the most profitable vehicles in inventory. Salesmaker is winner of the 2016 Dealers' Choice Gold Award, and has been a top recipient for 10 years running.