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AI and the Car Buying Process: Enhancing or Hindering?
Part 1: The Quest for Clarity In an era where technology promises to streamline and enhance the car buying process, our newest survey of dealers and lenders unveils a critical paradox. The integration of AI-driven pricing decisions, coupled with diminishing lender transparency, is casting a spotlight on significant discrepancies that are adversely affecting the consumers…
Read MoreDigital Finance Transformation: 4 Key Innovations
If you are in the business of selling cars or managing a successful dealership, you already know digital innovations have already fundamentally changed the way cars are bought and sold. Whether it’s enhancing customer buying experiences, streamlining workflows or driving profitability – the future of car sales is here, and it’s digital. Beyond digital retailing,…
Read MoreAutomotive Solutions Dealers Need to Boost Sales
At eLEND Solutions, an automotive fin-tech pioneer, our goal is to help dealers sell more cars in less time. In this blog, we’ve compiled actionable strategies and tools for your dealership, designed to refine customer experiences, boost sales performance, and drive continual growth within a competitive market. Navigating through all the available automotive solutions and…
Read MoreDealer Tools: Key to Your Dealership’s Success
The automotive retail industry is undergoing significant changes driven by the digitization of the car buying journey, evolving consumer buying experiences, personalization, and AI-powered sales and technology advancements. Success requires a comprehensive strategy that involves transforming beyond traditional, outdated sales processes to sell the way the customer wants to buy. A more simplified, convenient process…
Read MoreInnovate Your Automotive Desking Software Strategies
Uncovering the transformative impact of automotive desking software strategies and the pivotal role of pre-desking tools in refining sales processes and elevating dealership customer interactions. Join us in exploring the dynamics of automotive desking software systems and their integration with pre-desking tools for a streamlined retail experience and more profitable transactions. Automotive Desking Software In…
Read MoreBridging the Trust Gap: How to Achieve Transparency and Profitability with Digital Desking
Introduction The automotive retail industry is approaching a tipping point, facing a dilemma that centers on diverging preferences: how dealers want to sell and how buyers want to buy. Traditionally, dealers have hesitated to fully embrace transparency, understandably fearing it might undermine profitability. However, this mindset is increasingly at odds with the buyer’s demand for…
Read MoreFrom Invisible to Visible: How Car Dealerships Can Unmask Synthetic Identity Fraud
In recent years, synthetic identity fraud has overtaken credit card fraud and identity theft to become the fastest-growing kind of fraud globally. According to Aura, synthetic identity fraud is now the fastest-growing type of financial crime in the United States. The Federal Trade Commission estimates that synthetic identity fraud now accounts for 80-85% of all…
Read MoreThe Essential Digital Finance Software Checklist for Automotive Digital Retailing
As dealers continue adapting to evolving customer expectations and the digitized car buying journey, the path to embracing a comprehensive digital retailing (DR) solution can seem complex and fraught with potential pitfalls. In its purest form, DR offers a comprehensive solution, enabling customers to self-direct their car buying process online. The entire transaction sequence, from…
Read MoreDigital Retailing: New Sales Opportunities, New Fraud Schemes
The automotive industry is undeniably undergoing a significant digital transformation. This evolution, accelerated by consumer preferences and technological advancements has opened a new frontier of sales opportunities for car dealers. The move towards digital path-to-purchase experiences and fully digitized transactions is more than just a trend—it’s the future of car buying. However, as with all…
Read MoreFour Common Digital Retailing Disconnects
The retail automotive industry, by choice or by force, has experienced an undeniable and irreversible shift toward digital retailing – adapting and evolving to meet the ever-changing needs of today’s consumers. What does this mean for dealers? It means buyers are always going to prefer to shop and transact on their own terms and your…
Read MoreHow To Choose The Right Digital Finance Platform For Your Dealership
There probably isn’t a dealer out there who hasn’t been approached with a dizzying array of shiny objects under the ‘Digital Retailing/Digital Finance Platform’ label, purporting to do anything from solving each friction point in the dealership sales and finance process to putting a man on the moon (well, the last one is not true,…
Read MoreAutomotive Digital Retailing: What Dealers Should Know
It’s the excitement of another deal made, funded, and delivered that ends with a sticker beside a salesperson’s name. Making deals and selling cars is what automotive retailers do best, but it is a process built by dealers for dealers that is a significant source of anxiety and dissatisfaction for most car buyers. Over the…
Read MoreDigital First, Credit First Customer Experience
Improving the customer experience and transforming the transaction are not limited to offering digital buying capabilities for remote buyers. If profits are determined by sales and sales are determined by sales process, there’s little doubt that the greatest obstacle to success and customer satisfaction is the time it takes to complete the deal structuring and…
Read MoreWhy Are Some Dealers in the ‘Back Seat’ Regarding DR?
Imagine someone walking into your dealership – perhaps a consultant or vendor – and suggesting that you are operating your dealership wrong. Immediately, you’d be fiercely defensive and most likely question their credibility, knowledge, and intentions. After all, your operations have been financially successful for years, even decades or generations. That is how a lot…
Read MoreDigital Retailing Benefits Dealers, Not Just Buyers
A good way to start answering the benefits of digital transformation is first to accept some truths about your customer. Offering a digital path-to-purchase experience increases the likelihood a shopper will buy from your dealership – 85% more likely according to the Cox Automotive Digitization-of-End-to-End-Retailing-Study. And when it comes to choosing a dealership, 83% of…
Read MoreWhat is Digital Retailing?
It’s the excitement of another deal made, funded, and delivered that ends with a sticker beside a salesperson’s name. Making deals and selling cars is what automotive retailers do best, but it is a process built by dealers for dealers that is a significant source of anxiety and dissatisfaction for most car buyers. Over the…
Read More3 Reasons to Believe Digital Retailing Will Help Future Proof Your Business
The retail environment has been forever changed. The days of salespeople herding near the front of the dealership, waiting to ‘sell’ a car to the next information disadvantaged ‘up’ are almost certainly in our rear view mirror. Instead, informed leads (digital walk-ins) will be looking for sales professionals to add value in a way that…
Read MoreAutomotive Digital Retailing: Upsetting The Status Quo Has Its Challenges
Dealers everywhere have found themselves navigating a new normal…a new normal accelerated by the pandemic. But it is important to understand that the new way to retail digitally isn’t a COVID-19, Millennial or Gen-Z-only conversation. It’s for anyone with a smartphone who desires a more convenient, simplified car buying experience, regardless of economic reality –…
Read More6 Ways To Make Your Website More Transactional
Allow shoppers to remain anonymous Digital retailing is the start of the deal. it’s not a generation tool. sell the car. Not the appointment. Engage in real time Make it easy for your customers to communicate with you. Basic integrated communication options such as a built-in chat, messaging, email widgets are just the start. Shopping…
Read MoreThe Pandemic Drove a Great Leap Forward in Digital Retailing Adoption, Part 3: What’s the Auto Dealership New Normal – and is it a Blessing or a Curse?
Change is hard. But sometimes, it’s necessary to learn a new skill, find a new employer, or adapt to altered circumstances. And when it comes to auto dealerships and the COVID-19 pandemic, change has been seismic: those able to stay in business did so by making quick and comprehensive changes to the way they sell…
Read MoreThe Pandemic Drove a Great Leap Forward in Digital Retailing Adoption, Part 2: What Happened When “Everything” Changed?
For starters, not everything did change – though as time passes the stories of the great pandemic will surely grow more dramatic. The reality is, frankly, dramatic enough: there was a fair amount of disruption to the automotive space, enough to shut factories down for months and close many dealerships. But, dealers are a resilient…
Read MoreThe Pandemic Drove a Great Leap Forward in Digital Retailing Adoption Part 1: How the Pandemic Changed Sales Operations – and Accelerated Digital Retail Adoption
It was perhaps the most extraordinary time that any of us will ever live through – 9/11 notwithstanding. At the start of the second quarter of 2020, everything – absolutely everything – just stopped. Car buyers on lockdown. Dealerships closed. People forced to stay home. After a solid start to the year, it was as…
Read MoreCOVID-19 Accelerated Digital Retailing. Are Dealers Moving Closer to Permanent Adoption in the ‘New Normal’?
In other words, did COVID accelerate digital retailing (DR) closer to its potential? A new report about the pandemic’s impact on dealership sales and operations shows mostly positive results – and a definite way forward that will shape the dealership of the future. Based on a survey of auto dealers fielded by eLEND Solutions in…
Read MoreCan COVID-19 Finally Cure Dealers of Their ‘Enhanced’ Lead Generation Addiction?
The effects of COVID-19 on our industry are overwhelming, as are the claims that Digital Retailing (DR) will be its savior. The reality is that real Digital Retailing, including getting to a fundable contract – versus ‘enhanced’ lead generation masquerading as DR – has the potential not only to save our industry by helping auto…
Read More4 Ways to Protect Car Dealers From ID Fraud
Selling a car to someone – only to discover later that the transaction turned out to be fraudulent – is a shared fear across auto dealerships. It is an expensive problem that risks damaging your reputation. Not to mention, an unwelcome distraction to the business of selling cars. During these “self-isolating” times – and very…
Read More6 Ways Auto Dealerships Can Prepare to Restart Sales
Chances are good that as a result of the pandemic you’ve had to either furlough or lay off some of your sales team as you figure out what comes next. You’re likely operating with a skeleton crew of high performers and management folks that will be key to your success once the world gets beyond…
Read MoreWill Social Distancing Be What Finally Shortens In-Dealership Transaction Times?
People will always prefer to buy cars from people. They will always want that test drive and the personal connection that happens at a dealership. Countless surveys across the industry have dissected the question, analyzed the topic and found a remarkable consistency to their answers: people buy and will continue to buy from people they…
Read More15 Pandemic Do’s & Don’ts for Car Dealers
As we all deal with the current pandemic, your daily operations have probably been impacted. Your physical showroom may even be closed. But your virtual showroom probably has never been busier. Digital retailing means you are open 24/7. Are you making the car buying process easier or harder for your customers? Below are 15 pandemic…
Read MoreDigital Retailing – What Will Happen in a Post COVID-19 Dealership?
Even though NADA took place just a few short months ago, I think we can all agree that the Coronavirus pandemic makes it feel more like a decade ago. Writing this at the close of March 2020, I’m in the dark about what might happen next in terms of “stay-at-home” orders, dealership closures, and auto…
Read MoreMyth Buster #1: Never Put F&I Pricing Online So You Can’t Be Rate-Shopped
When dealers are asked why they are reluctant to put F&I pricing information online so they can be competitive with direct financing options, what we commonly hear is that they don’t want to be ‘rate-shopped;’ they can’t afford the risk to profits. On its face, that sounds like a very reasonable concern. But, if…
Read MoreDigital Finance SOS – Is Digital Retailing the Answer? Part Three: What is Digital Retailing’s Impact on Dealers and Consumers?
Part Three: What is Digital Retailing’s Impact on Dealers and Consumers? Digital Retailing is all about giving the customer what they want – and doing so within a profitable sales and finance model. As the technology has evolved, it is no longer a matter of sacrificing one for the other; the technology is unique in…
Read MoreDigital Finance SOS – Is Digital Retailing the Answer? Part Two: Why Aren’t Dealers Adopting Digital Retailing?
By now everyone knows about digital retailing. There are enough automotive technology providers hawking their version of “Retail Magic,” it would be hard to miss it. At its most basic, digital retail technology empowers car buyers to move through the buying journey online and seamlessly transition in to the dealership. Meaning dealers are able to…
Read MoreDigital Finance SOS – Is Digital Retailing the Answer? Part 1: Is the Strong Preference for Automotive Dealership Financing Shifting?
Part 1: Is the Strong Preference for Automotive Dealership Financing Shifting? We recently took a deep dive into some key industry numbers around digital retailing (DR), including proprietary data from a survey eLEND conducted earlier this year. Our goal is to assess online auto financing trends, investigate DR’s potential impact on auto finance, and understand…
Read More6 Questions You Must Ask Every Digital Retailing Vendor Quoting Payments
There probably isn’t a dealer in the US who hasn’t been approached with a dizzying array of shiny objects under the ‘Digital Retailing/Finance Technology’ label, purporting to do anything from solving each friction point in the dealership sales and finance process to putting a man on the moon (well, the last one is not true,…
Read MoreThe Strong Preference for Dealership Financing May Be Shifting
Is the preference for dealership financing shifting? According to FICO’s 2019 Consumer Survey of Vehicle Financing, most U.S. car buyers (63%) opted for dealer-arranged financing in 2018. That’s down from 73% a year earlier. More concerning is that for their next purchase, only 40% said they would inquire at the dealership. Meanwhile, according to a…
Read MoreKeep it Simple…and Smart!
There are a lot of expensive technology solutions out there that,you are constantly being told, can accomplish great things for your dealership. Almost everyday, there is a headline about the next great tech solution. But there are fewer headlines about how they often come with added costs, increased complexity, and, a ton offrustration for your…
Read MoreI.D. Fraud: Dealer Fights Expensive Problem with a Simple Solution
Let’s call him “Bill.” At least that’s what’s on his identification. “Bill” is sitting in your F&I area right about now, working out the details of a new vehicle purchase. He’s going for a premium car, as well – with plenty of profit margin for you to enjoy. Yet something doesn’t feel right. Bill is…
Read MoreThree Ways Dealers Can Benefit from Blockchain Technology
Revenue opportunities are dealership opportunities Here’s why: In many respects, the future of automotive retail is connected to blockchain because it’s a scalable, secure ledger system that can be used in virtually any type of transaction, no matter how small or what the data may be. In fact, auto retailers sit at the intersection where…
Read MoreBlockchain technology really could be the next big thing for dealers – here’s why
Is it me, or does it seem like there’s an exciting new technology solution for dealers almost every day? A new way to sell cars online, another approach for menu selling, a better way to desk a deal…always something new, and always something that’s supposed to be better than the way retail has functioned for…
Read MoreThe 3 ways to increase visitor to sales ratios
As the influence and reach of the internet continues to grow, it can be difficult to determine how to harness its power to capture more than your fair share of the benefit. As a dealer operator – and someone probably not at expert in SEO/SEM and all things social – it’s a huge challenge. …
Read MoreDigital Retailing: Where There’s a Will, There’s a Way
Dealers know the value of digital retailing and how effectively it can increase visitor to sales ratio’s and make the showroom process more satisfying and profitable. Yet the adoption of digital retailing solutions is still fairly low. In fact, we recently surveyed dealers and found that, though dealers understand its value. Most are still reluctant…
Read MoreAre dealership vendors getting in the way of an improved car buying process?
It dawned on me the other day that there sure are a lot of people telling dealers what to do. In fact, it’s pretty much the same message all the time: Get more efficient! Speed up the sales process! Car buyers don’t want to go through a 3-hour ordeal just to buy a car! Make…
Read MoreMake more customers happy: 3 easy ways mobile tech can boost CSI
There are few absolutes when it comes to the business of selling cars — which is a little amazing, right? Most dealerships work hard to define an optimized path to success, one that starts the moment a car buyer sets an appointment or walks into the showroom. Yet even though there’s this clear and organized…
Read MoreHow automated communications benefit your auto dealership
The ideal car buying experience is relatively streamlined. A potential customer, having already done their research, comes to your lot, picks a car, loves the test drive, and walks away with the car thanks to favorable financing. But every dealership manager knows the reality doesn’t tend to be nearly that straightforward. Potential customers leave without buying…
Read MoreThe 3 things every car buyer wishes auto dealers knew
When you work in the world of car sales, it is imperative to consistently brush up on new ways to improve the car buying experience for the shopper. Taking the time to research new techniques is important and beneficial for you, the entire dealership, and the person buying the car. But all of the research…
Read MoreIncremental changes can bring a mini revolution
Have you heard that customers hate the car buying process? I thought so. Fact is, lately it’s hard to avoid the constant sound of critical voices telling dealers they must make dramatic changes to the way they operate their business. It goes something like this: Change everything you’ve ever known about the car business, then…
Read MoreTips to Give Your Customers the Best Buying Experience
Selling vehicles can be a hard business. Though people need cars every day, most people don’t buy them often. Instead, the fix their old ones until it is no longer feasible. Since people don’t buy new (or used) vehicles often, there is a lot of competition between car lots and dealerships. When people do decide…
Read MoreAuto Dealership Process Tips: How Are Other Dealerships Succeeding?
Do you ever look at other auto dealerships in your community and wonder how they are meeting their quota every month while you are struggling to get by? It can be very easy to find someone to blame for the struggles your auto dealership is having. You can blame your sales staff for not being motivated…
Read MoreAuto Dealership Sales Tips: Best Practices and Addressing Common Issues
Trying to sell cars is one of the most challenging career choices, though it’s not impossible when you truly understand unique sales tactics. More so, you need to understand the psychology of customers and how to approach them. Because you’re likely dealing with competitors a few miles away, using smart auto dealership sales tips differing…
Read More5 Things You Can Do Today to Create a ‘Customer First’ Buying Experience
1. Make it easy and convenient for your online shoppers to find the information they are looking for. Dealers should want an easy, seamless experience for their customers that starts online because that’s where consumers are making their vehicle purchase decisions. Dealer websites need to be more transactional. As an example, lets start…
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