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From 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 Credit & Finance 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/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, but…
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, Customer First, Credit First
Transforming the transaction is 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 F&I portions of the car-buying…
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 a benefits question 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 consumers prefer…
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…
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