Make the connection.
Really, that’s what the first day at NADA is always about: renewing your connection with old friends, forging new relationships, and building toward standards of excellence in the showroom.
And this year is no different, except for perhaps one thing: There’s a sense of optimism in the air, a feeling that while sales may plateau a bit in 2017, the industry is moving toward a consultative, consumer-friendly sales process – one that is also incredibly efficient.
It turns out that consumer happiness and efficiency really aren’t exclusive concepts, and that in reducing the time it takes to complete a sale, dealer managers are uncovering productivity gains throughout their operations. As a result many are focused on optimization: creating a better buyer’s journey and improving F&I profitability, for example. According to Cox Automotive’s 2017 Car Buyer Journey, that idea – of streamlining the way cars are sold – is a major expectation as the industry moves to a future that includes advances such as virtual reality, mobility, autonomous cars and car sharing services. Make no mistake, there’s some work to be done: The study found that “of the 3-hours average time spent at the dealer during the purchase process, more than half of that time is spent negotiating or doing paperwork, resulting in a 49 percent satisfaction rate.” Financing and paperwork were among the areas cited as taking longer than expected.
The Future Sales Experience
So goes the talk at NADA 100. It’s of the future, and how we as an industry deliver the right kind of personal experience that leverages the right type of technology. How do we create a connected workflow that goes from online to in-store, and across all the areas and requirements of a car sale? To that end, the Dealertrack booth was buzzing with demos across all solutions, with special attention given products such as Accelerated Title, and eContracting:
Accelerated Title: The Speed of Sales
There were lively demos and discussion about Accelerated Title, and how it significantly reduces the industry standard timeframe for vehicle payoff and title release. That’s for good reason: The solution helps dealers speed the remarketing of trade-ins. Instead of sitting for weeks due to payoff and title processing, the Accelerated Title workflow reduces time by up to 70%, to as little as four to six days.* Get answers to questions about Accelerated Title.
eContracting: Connected Efficiency
Dealers were also interested in eContracting, because it’s once again a story about how making the right connection can and will deliver results. In this case, the connection is between dealer and lender: eContracting reduces time spent processing and obtaining funding. It also reduces costs associated with contracting, such as interest expenses, delivery fees, and more. On day one, one of the most frequent questions asked about eContracting at the Dealertrack booth was simply the number and coverage of lenders on the Dealertrack network. Get answers to questions about eContracting.
*Based on average industry timeframe for vehicle title release and vehicle payoff process of 18+ days, as determined by Dealertrack data.