Archive for June, 2011


KBB Joins National Member Benefit Program

Kelley Blue Book is now part of the roster of reliable companies for National Independent Automotive Dealers Association’s National Member Benefit Program. As part of this Program Kelley Blue Book will be listed to NIADA members as a reliable company offering products and services. This listing will help NIADA members to be aware and updated of the many solutions that Kelley Blue Book provides for the new and used vehicle industry and make it easy for Kelley Blue Book to keep NIADA members updated.

To read more on this in F&I Magazine, please click here.


Simple Tip to Help Sell More Cars

There are many things that can help a dealer to sell more cars, starting with the right dealer management solution and strategy but how about some more basic ideas.

When thinking of how to better run a dealership or sell more cars there are always some obvious and simple ideas that may elude us. One recommendation made by Keith Griffin from; make sure your used cars are cooled off! In these hot summer months, you want to make sure that when a customer goes to sit in a vehicle that it’s nice and cool or at least not hot. The worst first impression would be sitting in the stagnant heat of a closed car that’s been sitting in the summer sun. This simple yet brilliant idea will at minimum have a car shopper sit in your vehicle a little longer and paying attention to the car, not the heat.

To read more on this on Used Cars, please click here.


Why car shoppers would choose your dealership. . .

Apparently dealership behavior has a lot to do with if a car shopper accepts a deal when shopping and buying a car. According to 54.6% of the time buyers did not buy their car from the dealership with the lowest priced offer.  After they looked at all the data, they saw that there were 4 major elements that go into the car-buying decision:

  1. Professionalism of the dealership staff, including engagement and responsiveness
  2. Right vehicle and how close what’s offered meets the buyer’s wishes and specification
  3. Price in the context of its competitiveness in the market
  4. Distance to the dealership

As you can see the data highlights the importance of professionalism and staying competitive overall. Professionalism and price are important to a car shopper and this study shows that potential buyers are looking for both the right car and the right dealership to buy it from. There are many factors that can aid dealers in being competitive and one such factor is having proper inventory management and really just overall proper dealer management. This can help to move used car inventory off your lot quicker and make you more competitive. 

To read more on this in, please click here.


NIADA Convention & Expo: June 19-23

Next week Nowcom will be at the National Independent Automobile Dealers Association (NIADA) Convention and Expo, Booth #501. The convention begins Sunday the 19th and will run through Thursday the 23rd and will be held at Caesars Palace in Las Vegas. It will be an event full of networking opportunities, a place to find solutions and services for your dealership as well as educational sessions. The Education sessions throughout the week range from “Compliance Solutions Lab”, “How To Protect Your Dealership: Lawsuits, Tax Reduction, Liability, Assets”, “Business Operations, back to the Basics”, “7 Keys to BHPH Success” and more. For more information, visit the NIADA site.

To see full schedule of events on NIADA, please click here.


BHPH Customers & the Opportunity with Credit Repair

At the National Alliance of Buy Here, Pay Here dealers conference in May, shared the results of a study that they had done regarding BHPH. Study found that BHPH customers are also interested in rebuilding their credit so BHPH dealers that aren’t reporting data to credit bureaus are missing out on opportunities with these customers.

To read more about this in Used Car News, please click here.


FTC Finds Dealers Compliant

Good news, the FTC found that auto dealers are in compliance with the Holder in Due Course Rule. They investigated nearly 50 auto dealers across the country and found broad compliance. Under the Holder in Due Course Rule if a dealer made any misrepresentations or fraud in selling the car on credit, the consumer could bring the dealers behavior as a defense to the lender’s demand for payments. It requires the dealer to include notice in the credit contracts of this and therefore gives lenders incentive to work with reputable dealers.

To read the full article in Used Car News, please click here.


Westlake finalized revolving securitization facility with Wells Fargo Securities

On May, 26 Westlake Financial Services finalized a revolving securitization facility with Wells Fargo Securities worth $250 million. CFO Paul Kerwin said, “This latest securitization is another step towards realizing our goal of becoming a programmatic issuer in the market”. Along with increasing their dealer base they look forward to helping their dealers finance more customers. This deal helps Westlake to reach the aggressive growth strategy they have for the year.

To read more in SubPrime Auto Finance News, please click here.


June 2011
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