Reviewing the 8 Most Important Tools at an Automotive Dealership

Reviewing the 8 Most Important Tools at an Automotive Dealership

The most important automotive tools are not a socket wrench or tire jack. They are the ones used to acquire, appraise, merchandise and sell cars.

Below is just a sampling of the many automotive tools you’ll find at MAXDigital.

Does Your Dealership Make the Most of These Automotive Tools?

  • Vehicle pricing tool. A vehicle that is priced based on assumptions and estimations is one that is likely priced incorrectly. A vehicle pricing tool uses actual data to help dealerships price inventory based on market research and sales data. Not only can this tool help you remain competitive, it can provide greater transparency for consumers.

  • Appraisal tool. A trade-in is more than just a blue book value. It’s an opportunity to maximize gross profits. This tool leverages the power of comprehensive and accurate vehicle market data so dealerships know what to buy, how many of them to buy, and what price to pay for them.

  • Vehicle display page. A vehicle display page (or VDP) is perhaps the most important tool in today’s information-centric marketplace. Online visibility is enhanced when all the requisite information such as fuel economy, options and upgrades is visible on a single page.

  • Inventory management. An inventory management tool helps increase gross profits by reducing inventory turnover time and generates data about which cars are right for any given market location.

  • Digital retailing. Easily create web pages, digital showrooms, and relevant ads by integrating this platform with your inventory management tool.

  • Pricing proof points. Accurate data is used to generate reports that justify and explain why a car is priced a certain way. Not only does it protect your bottom line, but it cultivates trust and builds transparency for the consumer.  

  • Online reputation management. Defend your name and business against online attacks. Some 87 percent of car shoppers consulted online reviews when choosing a dealership to visit according to one recent survey. With consumers placing such a high level of trust in social media and online reviews, this tool is critical to reducing or eliminating negative reviews and restoring your reputation.

  • Analytics. Tracking the actions and behaviors performed on your website allow you to customize marketing efforts accordingly.

Open Up The MAXDigital Toolbox  

The key to the MAXDigital automotive toolbox is also the key to maximizing your marketing and sales strategies. Explore some of our other tools, or better yet — schedule a free demonstration to see these tools in action.

How to Monitor Your Online Reputation: What Are They Saying About You?

How to Monitor Your Online Reputation: What Are They Saying About You?

Research suggests that nearly 80 percent of consumers read online reviews before making a purchase. Close to 90 percent of people trust those reviews as much as they do friends or family.

Today’s business owners have less control over their reputation than ever. But there is still plenty you can do to monitor and shape your digital image. Below are five of the best places to seek feedback about your online reputation.

Online Reputation Management for the Digital Car Dealer

Google

So many consumers begin their search for your business with Google so it only makes sense your search for what they’re saying about you begins in the same place.

If you have a Google account for your dealership, use Google’s “About Me” or “Me on the Web” tools. These resources provide a comprehensive snapshot of almost everything on the Web containing your business or personal name.

Yelp!

Yelp! has become a go-to resource for many consumers to post and read reviews, and it’s a prime destination for a dealership owner to seek out what those customers are saying. Yelp! also has instructions for how to respond to a review so you can take back some control of your reputation.

Glassdoor

What your own employees say about you has as much to do with your online reputation as what your customers have to say. Glassdoor is an opportunity for employees to post reviews about their work environment, and it’s a good way for dealerships to see if any bad reviews may be an inside job.

SiteJabber

SiteJabber is centered largely around reporting scams and fraud and is unique in that, unlike some review sites, businesses cannot pay money to remove negative reviews. Business owners are free to respond and manage their online reputation, though.

Social Mention

A huge percentage of online reviews exist not on dedicated review sites but on social media, where people go to tell their friends and followers about their experience with a particular business. Social Mention collects real-time information about your business from over 100 social media channels including Facebook, Twitter, and YouTube.

Take Control of Your Online Reputation with MAXDigital

MAXDigital helps car dealerships create and cultivate their online reputations through a variety of proprietary tools. We can even integrate your website with Dealer Rater to show your online ratings directly on every vehicle display page.

Schedule a demonstration to see how MAXDigital can help you gain control over your online reputation, boost your brand image, and improve sales as a result.

How Long Will the Good Times Last? Selling in an Increasingly Digital Marketplace

Dealerships face a constant struggle to sell in a digital marketplace that continues to grow. The vast majority of consumers research vehicles online before ever stepping foot inside a dealership. On average, they spend 12 hours researching vehicles online, and many times are still researching while in your showroom. This new buying process means it is time to reevaluate and adapt your sales processes to make sure you win over today’s digital consumer. Where to start?

MAXDigital SVP of Strategy and Innovation, Patrick McMullen, will outline how to understand today’s consumer. How do consumers search? How do consumers buy? Can they be separated? Today’s consumers purchase based on a combination of quality and value and consequently want to know they are buying the vehicle at a fair price, but they are not buying based on price alone.

Building trust with your consumers is a crucial step to winning them over and you can only do this by being fully transparent across all information sources.

To hear more from Patrick about how to sell in an increasingly digital marketplace, attend his NADA session:

Thursday, Jan 26

1pm

Room: 201-202

Key Advantages of Co-op Programs and OEM Partnerships

Key Advantages of Co-op Programs and OEM Partnerships

Co-op programs have a reputation in the automotive industry — and it’s not always clearly understood. Too often when we ask someone how a co-op works, they respond: A manufacturer gives a dealership free money to increase their advertising budget.

In reality, it’s not that simple. The money supplied by manufacturers for co-op advertising often comes with guidelines because, by definition, a co-op is a cooperative society, business, or enterprise. Basically, when a dealership opts to enter into a co-op with an OEM, all advertising efforts become a joint enterprise with benefits to both parties.

Find out how co-op programs can actually benefit your dealership when used effectively.

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5 Keys to More Effective Merchandising of Your Automotive Inventory

5 Keys to More Effective Merchandising of Your Automotive Inventory

Anyone with an outgoing personality can be a car salesman, right? While it certainly helps to have a lively disposition when selling cars in person, merchandising your inventory online takes a whole different skill set.

Below are five features of an effective automotive marketing initiative.
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How Car Dealers Can Optimize Used Vehicle Inventory Performance

How Car Dealers Can Optimize Used Vehicle Inventory Performance

If you work at a car dealership in 2016, you’re in a good place. The most recent NADA Data Report says that “the past six years have been the longest period of new-vehicle sales growth since the 1920s,” and this year’s outlook shows the trend continuing.

Here are some of the milestones attached to that assessment:

  • Total dealership revenue across all stores in the US reached a new high of $862 billion in 2015, a 6.9 percent increase over 2014.
  • Franchised new-car dealerships sold more than 17.3 million new cars and light trucks.
  • Average selling price of a new car/light truck: $33,419 (2.5 percent increase over 2014)
  • Average selling price of cars from used vehicle inventory: $19,397 (2.9% increase over 2014)

Perhaps more exciting than growth for the auto industry is growth for local economies. Almost 150 new dealerships opened in the past year, and more than 1.1 million people were on a car dealership’s payroll. That’s a 4.3 percent increase over 2014. Dealerships employed 67 people on average last year.

These numbers are compelling, and they say good things about the health of the auto industry overall, but we know that dealers are always looking to do better. Where is the next big opportunity?

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3 Reasons Why Every Dealer Needs Precision in Pricing

3 Reasons Why Every Dealer Needs Precision in Pricing

Today, savvy car shoppers do most of their research before they stop by your showroom. They narrow down a selection of cars they want, investigate trim levels and feature lists, and carefully consider option packages. Customers want to figure out the mental math behind a vehicle’s price tag before ever hopping in for a test drive.

Now more than ever, the importance of pricing awareness hits home not just with consumers but with dealerships.

As consumer behavior evolves, so too must that of salespeople. Executing precision in the pricing of a vehicle is becoming a critical step in closing the deal. There are three major reasons why car dealerships must be extra careful with the way they price their vehicles.

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How Real-Time Data Improves Your Sales Process

Infographic detailing sales process acquisition price merchandise sell for car dealerships

 

The car-buying process has moved online. Most customers are doing research on a combination of OEM, third party, and dealership websites. Once they visit a dealership, they spend time showrooming, comparing the cars on your lot to your competition across town.

If you want to adapt to the digital age, protect your margins, and stop the drop, you’ve come to the right place. MAXDigital is the only provider that can help you improve your sales process every step of the way. Our software and tools use real-time data to bolster your acquisition, pricing, merchandising, and sales procedures.

Learn more about our solutions here, or schedule a demo for any of our products. Feel free to get in touch with us if you have any questions about how MAXDigital can help you.

What is the Importance of Cost-to-Market Appraisals?

What is the Importance of Cost-to-Market Appraisals?

When you’re doing car appraisals for your pre-owned inventory, you likely have two goals:

  • Acquire cars your customers want to buy
  • Reinforce your bottom line

Further simplified, you’re looking for the right car at the right price. How can you guarantee that these goals are in line with one another? Those are two birds just waiting to be taken care of with a single stone, but you need the proper tools and strategy if you want to pull it off.

MAXDigital offers just the solution you need: an exclusive Cost-to-Market Appraisal tool that lets your dealership effectively leverage data.

Let’s take a closer look at what we mean by cost-to-market appraisal and why it’s vital to your success in the digital age of car-shopping.

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5 Steps to Increasing Your Car Dealership’s Online Visibility

5 Steps to Increasing Your Car Dealership’s Online Visibility

Car manufacturers have a lot of control over their dealerships’ websites. If you own or operate a dealership, you may find it difficult to set yourself apart if you only work with what they give you. Achieving online visibility is easy if you know how to get started.

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