Archive for September, 2011

28
Sep
11

Is Now the Time to Buy a Used Truck or SUV?

When is the right time to buy a used car, specifically a used truck or SUV? According to one article the best time is now because wholesale prices are dropping in both the used truck and SUV category. Some of the best research that supports this is research that Black Book does every week at auctions.  For the past months Black Book.com has found that within the Top 5 declining vehicle segments in the used car market are: midsize pickups and compact crossovers. Combine this information with these useful tips from Save Money on Your Next Truck or SUV and it may just be the time to buy.

A few tips when trying to save money on your next used truck or SUV purchase are:

  • Independent dealers need your money more: there is a greater pressure to deal
  • Find a smart dealer: If dealer website are updated with new pricing daily then you’ve found one with smart business practices
  • Cash is king
  • Do your homework on the Options
  • Be willing to settle
  • Avoid Certified Pre-Owned

To read the full article as well as complete list from Save Money on Your Next Truck or SUV, please click here.

26
Sep
11

FTC Workshop on Dealer Practices

On November 17 the Federal Trade Commission will have its 3rd and maybe last roundtable on dealer practices. So far no agenda is set but one of the panelist from the National Automobile Dealers Association is set to be there. The FTC is currently considering streamlining the rule-writing authority over dealer-assisted financing and a spokesman for the NADA hopes to make the case that, “dealer-assisted financing expands access to vehicles and reduces consumers’ cost of credit to pay for those vehicles”. The 3-5 sessions that the FTC said it would conduct were to help them decide if they wanted to exercise the new expedited authority it was given by legislation passed in 2010. So far no further rules have been proposed.

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

23
Sep
11

Fourth Quarter Looks Promising

Good news, Kelley Blue Book predicts that the industry will see a strong fourth quarter. According to Kelley Blue Book analysts 62% of new and used car shoppers will be ready to buy in this last quarter of 2011. This coupled with incentive battles that they predict, should make for a good finish to the year. These prediction are based on a few key factors: fourth quarter is typically when dealers roll out big sales events, production will be back at 100% capacity since the March earthquake & tsunami and carmakers will have cash incentives on lease offerings to try to make up for the first part of 2011.

Since the March 11 earthquake many car manufacturers have been below normal sales levels for this time of year. In this fourth quarter many of the Japanese brands will finally be at full production and Kelley Blue Book anticipates that these manufacturers will attempt to recapture lost market share therefor offering stronger incentives to move cars.

To read entire article in F & I Magazine, please click here.

22
Sep
11

NADA University – General Manager Training Seminar Next Month

On October 24-28th NADA University will be holding a seminar for general managers and those that would like to be general managers. The seminar will cover how to lead change in your dealership specifically by gaining understanding of managing a dealership by what metrics to track, questions to ask and performance standards to expect. The seminar will be held at the NADA headquarters in McLean, VA.

The integrated seminar will be led by NADA University partner trainers such as:

Jeff Sacks, president of Jeff Sacks & Associates

Jeff Cowan, president of Jeff Cowan’s Pro Talk, Inc

Jared Hamilton, founder and CEO of Drivingsales.com

and many more.

To read entire article in F & I Magazine and find out more about the seminar, please click here.

14
Sep
11

Facebook to Sell Cars?

Are you effectively using your Facebook page to help move your inventory? Is your dealership using Facebook at all? According to a post on About.com, consumers in the market for a used-car can should use Facebook as a resource to find a car. By “friending” dealerships and keeping track of what inventory they have that may be of interest to them, consumers can make their search for a used-car, easier. Of course the car buying process is more complex than that but Facebook can be yet another online resource to reach a potential customer and show your used-car inventory.

To read full article on About.com Used Cars, please click here.

12
Sep
11

17th Annual BHPH Convention is here

The Leedom Group 17th Annual BHPH National Convention will be this week, September 12-14 in Las Vegas. The conference this year has more than 40 new workshops and panels as well as an expo hall full of exhibitors, which will include Nowcom at booth #323.

Look forward to seeing you!

To find out more information about the BHPH Convention, please click here.

09
Sep
11

“adapt to an online world or die”

The clear message during a meeting at the National Independent Automobile Dealers Association convention was, “adapt to an online world or die.” Used-car dealers are for the most part late adopters to using online resources to advertise & engage with consumers. The opportunity to reach consumers online is huge according to a survey presented that shows 57% of people talk more to people online than in real life and used-car buyers said the internet was the, “most influential information resource” they use in car buying usually starting their search with sites like Cars.com or AutoTrader.com.

To give you an idea of the customers process when using the internet to find a car, these are the first few sites a consumer goes to when car shopping:

  1. The car dealer’s website
  2. AutoTrader.com
  3. Kelley Blue Book
  4. Manufacturer’s websites
  5. Cars.com
  6. Craigslist

For used-car dealers, being online is essential and just as important is monitoring their reputation in this market.

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




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