Karl Murphy

Tune in on June 27th to get Don Miller's insights on the latest RECT data and tips for improving service at your dealership.

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TEKION OFFERING SOME NO-CHARGE RELIEF TO DEALERSHIPS WITH THE CDK CRISIS .... Standing with the auto retail community Tekion Digital Processing access for affected CDK dealers. HERE'S THE LINK TO FIND OUT MORE ... https://lnkd.in/eG-nJG6P Dealers are showing incredible resilience in the face of the ongoing CDK outage, coming together to find alternative solutions to keep their businesses running and servicing their customers and communities. We salute their resourcefulness and stand by them to support in any meaningful way we can. Our team has been working on solutions to help dealers in this time of need and are offering free access to our Tax, Title, and License solution, Tekion Digital Processing (TDP), to all affected dealers.  This standalone tool will allow your team to accurately calculate tax, title and license for vehicle, heavy truck, trailer, RV, watercraft and powersports sales transactions in all U.S. States and the District of Columbia. You'll also receive access to a comprehensive library of state specific forms, which will be dynamically populated based on your deal. We are committed to helping dealers navigate this difficult time and hope that this support offers some relief. HERE'S THE LINK TO FIND OUT MORE ... https://lnkd.in/eG-nJG6P https://lnkd.in/eG-nJG6P

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In today's cutthroat automotive market, merely getting by isn't enough. Dealerships must excel in every area—sales, service, marketing, and customer retention—to outperform competitors. This guide, backed by insights from financial experts and industry leaders, highlights transformative strategies for maximizing dealership performance. Our collaboration with esteemed firm such as Innovation Financial Services underscores the importance of sophisticated management. These partnerships enable dealerships to navigate financial complexities, enhance profitability through strategic tax planning and investment optimization, and ensure long-term financial stability with forward-thinking operational improvements. Leveraging data-driven insights is foundational to dealership optimization. Research from McKinsey & Company demonstrates that dealerships embracing analytics can significantly outperform peers. Analyzing key metrics enables targeted improvements across customer acquisition, conversion rates, and service efficiency. Accenture's research reveals that superior customer experiences command a premium. Creating a seamless, personalized journey from online engagement to in-store service is crucial. Empowering teams with product knowledge and customer care skills is essential for delivering exceptional service. Technology integration is key to efficiency and engagement. Virtual showrooms, automated CRM processes, and digital marketing strategies are indispensable in today's digital-first environment. Promoting a culture of continuous improvement ensures adaptability and long-term success. Encouraging feedback and innovation among staff, coupled with a commitment to ongoing training, underpins a dealership's ability to stay ahead. Customer retention is vital. A strategic loyalty program and consistent communication can significantly impact profitability. According to Bain & Company, a 5% increase in customer retention can boost profits by up to 95%. The importance of a market-savvy marketing team cannot be overstated. NADA highlights that dedicated marketing efforts correlate with higher sales. A focus on digital marketing, content creation, and data analysis is critical for reaching and engaging potential customers effectively. In the digital age, AI, virtual reality, targeted advertising, and social media are essential tools for connecting with customers. Choosing the right CRM system and utilizing email marketing are strategic moves to enhance engagement and operational efficiency. Owning the market requires prioritizing customer satisfaction, strategic data use, and brand loyalty cultivation. This guide, presented by Delano Palmer of Innovation Financial Services, outlines a comprehensive approach for dealerships aiming to dominate the automotive landscape, emphasizing continuous improvement and customer-centric strategies for sustained success.

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The best communication is text! Let’s talk about the opportunities in your dealership where we could help drive in sales and service! #textmarketing #helmtechnologies #sales #service

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Yes!!!! So excited to launch our new branding as well as our Benchmark Alert System for dealerships! Benchmark Data Suite www.Benchmarktm.com National Automobile Dealers Association (NADA) National Independent Automobile Dealers Association (NIADA) Automotive News Hank Trinidad Dan Trinidad Andrew Lennox #benchmark #benchmarktm #alert #dealership #dealer #automotive #cuttingedge #innovation #solution #data #tech #datasolution #technology #digital #digitalmarketing #marketing

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With Benchmark's Inventory Dashboard, you'll have access to key KPIs for your used car and aged inventory, enabling you to make quick in-month adjustments to keep your margins intact. Schedule a demo today. https://benchmarktm.com/ #automotive #autodealers #dealersoftware #dealerships #businessintelligence #dealers

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Customers Can Now Get Online Credit Pre-Qualification at Auto Simple in Chattanooga, TN — PRBuzz.co — Auto #Simple #Offers its #Buyers #Online #Credit Pre-Qualification CHATTANOOGA, Tenn., #April #30 #2024 #Auto Simple, renowned for its #commitment to hassle-free #car #buying #experiences proudly introduces its #latest innovation: online credit pre-qualification. Now #available to #customers in #Chattanooga #TN this groundbreaking #feature empowers car #shoppers to expedite financing from the #comfort of their #homes #saving time and eliminating stress. Gone are the #days of uncertainty and lengthy waits at the #dealership With Auto Simple's online credit pre-qualification, customers can effortlessly assess their financing options with just a few clicks. By providing essential details like income, employment status and desired loan amount, shoppers receive instant feedback on their financing eligibility, enabling them to make informed decisions before visiting the lot. Auto Simple's user-friendly online credit application tool, accessible 24/7 on their website, redefines financing. Say goodbye to cumbersome paperwork and lengthy waits – the secure application form allows customers to conveniently submit credit information and financing requests, expediting decisions for a seamless vehicle purchasing journey. Prioritizing customer satisfaction, Auto Simple offers accessible and convenient financing options through their online credit application tool. Liberating customers from traditional in-person applications, the intuitive online platform ensures effortless navigation and prompt feedback, empowering informed decisions and efficient vehicle purchases. In addition to the online tool, Auto Simple provides expert guidance and support throughout the financing process. Their knowledgeable finance team assists customers, addresses inquiries and tailors financing solutions to individual needs and financial circumstances, ensuring transparency and satisfaction. Explore Auto Simple's wide range of vehicle services and offers. For comprehensive information on the user-friendly online credit application process, customers are encouraged to visit the dealership at 2263 Encompass Drive, Chattanooga, TN 37421, visit their website at https://lnkd.in/gGPHT5cN or contact them at

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Dealerships must constantly compliance train. Here are a just few things to consider when training your employees to remain F&I compliant. - No false representations, especially when selling a product. - Train staff on the products they are selling. Not knowing about the product can lead to misrepresentations, misleading the consumer. - Make sure to use a menu. Make sure everything is on the menu, from disclosures, pricing and products. Keep a copy (executed) in the deal file and give a copy to the customer, also making sure they match. - Use a deal completion checklist to ensure everything needed for the deal is in the deal file. There are many more things to consider in training employees to keep your dealership compliant. We're your experts in automotive law. If you have any questions and would like to discuss this topic, contact us at (571) 346-7507

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ATTENTION Car Dealer Owners, GMs & GSMs... You’re missing out on the greatest dealer-to-dealer software! Boost your dealership’s sales with HighBid Marketplace. Core Features: 🚗 On-Demand Car Trading: Trade frontline-ready vehicles without the hassle of auctions. 🌐 D2D Network: Connect with participating dealerships, access a vast virtual inventory. 🔄 Instant Sync: Seamlessly sync your DMS (e.g., vAuto & DealerTrack) to upload your cars instantly. 📱 In-App Messaging: Communicate and negotiate deals quickly and easily. 📄 Digital Paperwork: Smooth title transfers and digital paperwork for hassle-free transactions. 🚚 Affordable Shipping: Make shipping arrangements through trusted transport partners. 🎁 Consumer Incentives: Advertise your cars on dealervouchers.com with unique incentives. Share coupon vouchers with people searching for your car to drive leads and sales. -- Get a 30-Day FREE Trial of our groundbreaking software and experience the future of auto dealing today. Transform your dealership’s operations and never lose a customer due to limited on-site selection again. Cut costs, increase sales, and get rid of aged units faster. Visit highbidmarketplace.com to learn more and begin your FREE trial. Allow your dealership to enjoy the benefits starting today. #Dealership #Automotive #HighBidMarketplace #InventoryManagement #DealerNetwork #VehicleSourcing

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As New Car Prices Drop, Floor plan costs go up! In the ever-evolving auto industry, recent data from Cox Automotive shows a promising trend: new car prices are finally dropping. With average transaction prices dipping to their lowest in nearly two years and inventory levels at a 52% increase year-over-year, dealerships are facing both an opportunity and a challenge. While more inventory on lots means more competitive pricing and better deals for consumers, it also presents a significant challenge in managing floor plan costs and inventory holding periods. High-interest rates are still a hurdle, with the typical new vehicle loan interest rate currently standing at an eye-watering 10.47%. But what if there was a way to mitigate these challenges effectively? Enter YRS, a revolutionary approach to dealership floor plan management. Our unique banking strategy eliminates up to 70% of floor plan interest and gets rid of the traditional 30/60/90 day terms. Imagine a world where: Immediate payment upon sale is no longer required. You are free from lender compliance or promissory notes. Curtailments are a thing of the past. No more dealer audits or lot regulations to worry about. And say goodbye to floor plan fees! Even if you choose to keep your existing plan, YRS can show you how to significantly reduce your costs. With our strategy, even if inventory sits longer on your lot due to fluctuating market demand, the associated floor plan interest and fees won't put your business at risk. Why not leverage YRS to navigate this new pricing landscape more profitably? Our goal is to help dealerships like yours maximize profits while minimizing unnecessary financial burdens. Learn more https://lnkd.in/gRnwHSE8.

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Couple of Dealers are coming to ASOTU CON. It may be too early to say for sure, but this might be one of the largest gatherings of Dealers from a variety of franchises and group sizes outside of the National Automobile Dealers Association (NADA) Show. I hope YOU are one of them! #automotieindustry #cardealership

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Experian Q1 Review offers valuable insights into American Car buyer trends. Key highlights from the report: - Leasing is increasing - 24% pen As OEM incentives gain momentum - 13% of all All New Payments are over $1,000 per month “America Runs on Payment” May be running out of $ - Honda and Toyota have the highest percentage of leased cars- “Quality Matters “ -Super Prime, high end buyers are moving toward used- fastest growing segment - Captives are gaining market share with growing inventory and heated incentives. - SUVs dominate new vehicle financing, accounting for 64% Find the full report attached for a comprehensive understanding of the evolving trends. https://lnkd.in/ecrqZUDr

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Indeed....Damon Lester is speaking at ASOTU CON! 🙌 You probably know him from his tenure as president of the National Association of Minority Automobile Dealers (NAMAD) where he made a significant mark on the automotive industry over 20 years, and we can't wait to hear his insights since becoming a dealership owner himself! Under his guidance, NAMAD played a crucial role in advocating for minority dealership ownership, which contributed to a significant recovery in the number of minority-owned dealerships. His focus on ensuring automakers fulfill their diversity commitments and his work in developing future leaders through the NAMAD NextGen group have been key components of his advocacy. In 2021, he further expanded his influence in the industry by purchasing Nissan of Bowie, gaining firsthand dealership experience. Lester's efforts to adapt to the evolving automotive landscape, including the shift towards electric vehicles, offer valuable lessons on resilience and innovation. Dealers can learn much from his experience in navigating industry challenges, advocating for diversity, and embracing new business models. So join us in Baltimore, MD and learn from him live on day 2's panel "How To Address Today’s Most Pressing Affordability Issues Enhance customer satisfaction, loyalty, and ultimately, your dealership’s success in the current economic landscape." Key Panel Takeaways? -Strategies for offering flexible and innovative financing options to customers. -Sales approaches that highlight value and build trust with consumers concerned about affordability. -Best practices for educating customers on the true cost of ownership and the value proposition of their purchase. See you there! https://www.asotucon.com ____ #automotiveindustry #cardealers #dealerships #automotive #afforability

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Looking for effective strategies to retain your dealership customers? Start by taking time to understand what really keeps customers satisfied. Our retention report provides insights that reveal how maintaining high customer satisfaction requires a more proactive approach than it used to. So what can your dealership do to keep customers happy and loyal? Take a closer look at these 4 solutions 👇 https://hubs.li/Q02y-PtP0

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