CBT Automotive News: Recent Episodes
CBT Automotive News
Car dealers have learned now more than ever how to react quickly and stay resilient when faced with challenges. However, reactivity can only get you so far, especially as short-term adjustments are transforming into long-term trends. Today on Inside Automotive, we discuss some of these trends, specifically in the advertising and marketing space, with Bob George, Assistant Vice […]
The post How the auto industry’s digital transformation is changing marketing – Bob George | Dealer.com appeared first on CBT Automotive Network.
Today on Kain & Co., host David Kain, President of Kain Automotive, sits down with Brian Toole, Director of Carpathic, to take a deep dive into managing first-party data at the dealership level. In this episode, we’ll find out how car dealers can best clean, manage, and utilize their first-party data. Toole has been in the car business […]
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The post How to improve your car dealership’s first-party data with guest Brian Toole appeared first on CBT Automotive Network.
CDK Global recently launched CDK CarSource, an online wholesale marketplace that connects car dealers to used vehicle inventories across the country. Today on Inside Automotive, we’re pleased to welcome back Fred Fordin, Vice President of DMS for CDK Global, to learn more about CDK CarSource and the solution it provides dealers today. Two years ago, when COVID-19 hit […]
The post How CDK CarSource is transforming wholesale profitability for car dealers – Fred Fordin | CDK Global appeared first on CBT Automotive Network.
Serra Automotive ranks among the top 10 privately-held retail automotive groups in the nation; with 51 dealerships and representing 63 franchises. On today’s show, we’re pleased to welcome the President of Serra Automotive, Joe Serra, to walk us through what business looks like for his group, and what his perspective is on the current state of […]
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The post Dealer Joe Serra on inventory shortages, electric vehicles, and more appeared first on CBT Automotive Network.
Today on Inside Automotive, we’re pleased to welcome Chris Walsh, the brand new President of the Reynolds and Reynolds Company, and we’re also joined by Dave Bates, the Chief Customer Ambassador for Reynolds and Reynolds as well. In this segment, the pair discuss customer success, industry relations, and the development of the Reynolds Retail Management System. […]
The post Reynolds and Reynolds reveals 3 key areas of focus for 2022 appeared first on CBT Automotive Network.
For the past 52 years, the American International Automobile Dealers Association has been representing dealerships that sell international nameplate brands. Now that we’re in the first quarter of 2022 we want to know how the Association is representing dealerships today and what’s on their agenda for the year ahead. We’re pleased to welcome Cody Lusk, AIADA President […]
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The post AIADA Pres. Cody Lusk on smoothing the transition to electric vehicles appeared first on CBT Automotive Network.
Yesterday, AutoNation, Inc. (NYSE: AN) released the results of its most profitable quarter in its history. Revenues came out to $6.6 billion, an increase of 14% year-over-year. Adjusted earnings per share (EPS) came in at $5.76, a staggering increase of 137% from Q4 2021. Although new vehicle revenue declined, used vehicle revenue soared with an increase of 55% to […]
The post CEO Mike Manley on AutoNation’s stunning Q4 earnings results appeared first on CBT Automotive Network.
Welcome to this episode of The Friday 5 with Steve Greenfield, Founder and CEO of Automotive Ventures, an auto technology advisory firm that helps entrepreneurs raise money and maximize the value of their companies. 2021 was a record-breaking year for M&A deal values, exceeding expectations at an unmatched $5.9 trillion dollars, according to Bain & Company. In a […]
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The post Steady venture capital funding and strategic M&A activity signal robust outlook for 2022 appeared first on CBT Automotive Network.
Today on Inside Automotive, we’re pleased to welcome back the no.1 certified Honda and Acura dealer globally, Brian Benstock, Partner GM and Vice President of Paragon Honda and Acura. Benstock sits down with Jim Fitzpatrick to discuss how his stores are performing today and what their goals are for the future. In light of robust profitability throughout the […]
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The post How Brian Benstock continues to push his business to new heights appeared first on CBT Automotive Network.
Sonic Automotive, one of the auto industry’s top performers, had an incredible 2021. The expansion of its pre-owned brand EchoPark Automotive, the acquisition of RFJ Auto Partners, and record net incomes are a reflection of this. The Fortune 500 company based in Charlotte, North Carolina is reporting record fourth-quarter revenues of $3.2 billion, up 13.8% year-over-year. Today on […]
The post Sonic Automotive Pres. Jeff Dyke on record earnings: ‘we’re not slowing down’ appeared first on CBT Automotive Network.
Welcome to this episode of The Friday 5 with Steve Greenfield, Founder and CEO of Automotive Ventures, an auto technology advisory firm that helps entrepreneurs raise money and maximize the value of their companies. Well, the show must go on, and this week Mike Stanton, the CEO of NADA reiterated that the NADA Conference is still on in […]
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The post CDK Global introduces new marketplace and a self-driving tech firm raises $1.35B appeared first on CBT Automotive Network.
On the heels of an unpredictable, yet robust and profitable year for many, car dealers are starting to incorporate unique strategies to close more deals. Whether you’re a manager or salesperson, our next guest will share skillful ways to build better customer relationships and close more often. On today’s show, we’re pleased to welcome Matt […]
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The post How to completely crush your sales goals this year – Matt Easton | Easton University appeared first on CBT Automotive Network.
Welcome to this week’s episode of Used Cars Weekly, the original CBT News show dedicated to bringing car dealers best practices and tips for the used car department, in-depth dealer interviews, hands-on dealership strategies, as well as vendor analysis. Today, host Jasen Rice discusses the increase in inventory. Many car dealers experienced a slow down in […]
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The post Strategizing for the return of new and used car inventory appeared first on CBT Automotive Network.
In some ways, the automotive industry saw some of the most amazing growth and profitability over the last two years. While this is an exciting time for car sales, savvy car dealers have started to pick up on the negative effects. On the latest episode of Mind Your Own Business, host Jonathan Dawson, founder of Sellchology Sales […]
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The post Cure complacency culture and save your car dealership’s reputation appeared first on CBT Automotive Network.
Welcome to another episode of Founder Focus, a CBT original series that dives into the inside stories behind some of the automotive industry’s most impressive entrepreneurial journeys. Join us for intimate conversations with innovative entrepreneurs and the great companies they have built. Today, host Steve Greenfield, founder of Automotive Ventures, sits down with serial entrepreneur Hugh Hathcock, owner of Velocity Automotive. Hathcock also founded Fresh Beginnings in the 1980s, and then created a company called ELEAD1ONE, now known as elead, which was acquired by CDK Global in one of the largest auto tech exits ever.
It all began when Hugh’s specialty advertising company was puzzling over how to help his car dealer clients boost their customer satisfaction scores. He then developed the concept of sending fresh, soft, and moist chocolate cookies from a nearby bakery to engage customers and prospects. The cookies would also be accompanied by a survey-type comment card that clients could fill out. This was the start of Fresh Beginnings. Over time, the strength of Hathcock’s relationships with dealers became key to the evolution of the company. After Fresh Beginnings branched out into call center services, Hathcock then recognized a new opportunity to develop CRM technology for auto dealers in the 1990s, and ELEAD1ONE was born.
Back then, Hathcock says, he didn’t realize how big the CRM would eventually become. He started the system for his own business needs. 20 years later, Hathcock decided to sell ELEAD1ONE to CDK Global. He says it was one of the hardest decisions of his life. Hathcock, self-admittedly, was obsessed with his company. However, CDK’s offer came at a good time, and the deal closed for a staggering sum.
Instead of stepping back from the industry for a quiet life of retirement, Hathcock returned to market with a brand new venture aimed at solving fixed-ops and digital retailing process failures. Velocity Automotive offers car dealers a suite of products available on one intuitive platform that addresses vehicle reconditioning, digital retailing, document management, and much more.
| Related: Dealers are raving about this latest digital retailing tool developed by Velocity Automotive |
From his perspective, Hathcock says most successful business owners are more often born entrepreneurs, not made into them. In his case, he quickly figured out that college wasn’t a necessity to become an entrepreneur. While he’s a big believer in college education, he knew right off the bat that he wanted to be his own boss, and didn’t want to pursue the college path. Hathcock adds that he learned the business from hands-on experience and with help from mentors like Royce Reynolds, founder of Crown Automotive, and Luther Coggin, founder of Coggin Automotive Group. Sonic Automotive’s Jeff Dyke was also an important figure throughout Hathcock’s career.
Hathcock’s advice to other entrepreneurs and startup founders is to think 10 to 20 times bigger than you are right now. Accept the risk and be prepared for obstacles and challenges in your path. Learn from your mistakes and work hard not to repeat them.
As for his five-year plan, Hathcock says he not sure yet. He is still passionate about the car business and passionate about growing Velocity Automotive. However, with some exciting developments in his personal life, he looks forward to stepping back and mentoring the next generation.
Did you enjoy this podcast episode of Founder Focus? Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at newsroom@cbtnews.com.
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The post From cookies to multi-million dollar software: A look inside Hugh Hathcock’s entrepreneurial journey appeared first on CBT Automotive Network.
Today on Kain & Co., host David Kain, President of Kain Automotive, sits down with Gary Bang, Vice President and Dealer Partner for Ferman Auto Group’s motorcycle division. Bang currently oversees four Harley-Davidson stores with a fifth store under construction. Over the years, Bang has been devoted to developing positive dealership culture at every one of his […]
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The post Harnessing the power of a positive dealership culture appeared first on CBT Automotive Network.
Car shoppers today don’t evaluate parts of the journey, they evaluate the sum of the journey, and how frictionless their path to the transaction is. On this edition of Inside Automotive, we further discuss how to create exceptional customer journeys with Brian Benstock, Partner GM and Vice President of Paragon Honda and Acura. We’re also joined by David Boice, Co-Founder and CEO at Team Velocity.
From Benstock’s perspective, too many vendors in the industry focus on their little part of the ecosystem, and their solutions tend to be stacked on top of one another. This means that car dealers don’t have eyes on the entire customer journey. To combat this, Benstock wanted a single source of customer data that could be managed on one platform for maximum efficiency. Just because car dealers are experiencing record profitability, does not mean that they always will. There are nuances to selling, adds Boice.
“One of the things that we work on very hard with the Apollo platform and, and at Paragon is making sure that we’re selling cars to people that are going to generate the highest gross profit,” says Boice. “Not on the first transaction, but on multiple.”
In order for car dealers to achieve building positive customer journeys, they should turn their attentions to the five following areas:
- Wake up from the profitability coma: The time to repair the roof is when the sun is shining, says Benstock. Some car dealers are getting very comfortable with their high profitability. You might even be thinking to yourself— My dealership is already performing at a high level, do I really have to make changes now? The answer is yes. Both Benstock and Boice agree that now is the time to invest in what the future looks like. Customers are moving towards end-to-end online transactions.
- Seamless transactions both online and in-store: Today’s customer wants options. Between Omicron concerns and low new vehicle inventory, car dealers need to meet consumers wherever they pick up (or leave off) in the car buying process.
- Customized scalability: Personalize your content marketing strategy at scale. Car dealers shouldn’t rely on generic content that fits everybody. More customers with diverse backgrounds are searching for inventory now than ever before. While you can’t scale individual content or messaging, you can segment your audiences and customize your advertising on a tier-based system.
- Re-tool your advertising strategy and budget: Huge car dealers like CarMax have doubled down on their advertising budgets because they see an opportunity in the market which is almost entirely online. Evaluate your messaging to promote online car buying and private-party acquisitions.
- Service pickup and delivery: Service is an $800 billion industry and yet, car dealers only have 20% of the market share. Make it easier for customers to do business with you. Demonstrate the convenience of service pickup and delivery. Over the past four years, Paragon has completed 150,000 pick and deliveries for service alone, which has yielded $53 million in gross profit and fostered customer loyalty.
To learn more about Team Velocity and its customer experience platform, Apollo, click here.
Did you enjoy this podcast with Brian Benstock and David Boice? Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at newsroom@cbtnews.com.
Be sure to follow us on Facebook and Twitter to stay up to date or catch up on all of our podcasts on demand.
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The post 5 key areas car dealers can optimize to create superior customer journeys appeared first on CBT Automotive Network.
Before the competition and inventory ramps back up, now is the time to make sure your house is in order. Joining us now to talk about what she’s seeing in terms of salespeople and what she’s recommending for her clients is Jennifer Suzuki, President of e-Dealer Solutions and acclaimed sales trainer. Suzuki focuses on strengthening […]
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The post Jennifer Suzuki’s ‘competitive not complacent’ mindset for progressive car dealers appeared first on CBT Automotive Network.
Buyers today want to shop with the brands and the people they trust. Cox Automotive has done a lot of work around lead quality and consumer buying signals. Here to discuss how data can be leveraged to build customer connections, is Robert Dimson, Senior Director of Client Marketing for Cox Automotive.
At a time when inventory is at its lowest, not all sales are the same. Leads might be coming in at a fast pace, but how can car dealers identify the right ones to spend their time and energy on? Many car dealers still believe that a higher volume of leads equals more sales, however, data shows us that is not always the case. Not all leads carry the same value or quality, says Dimson. Car dealers have to develop a process in their CRM that prioritizes leads. That is what Dimson and Cox Automotive are helping to do.
| Related: How past and current auto retail trends are shaping the outlook for 2022 |
It is also crucial to have a diversified, digital advertising strategy that can lead to positive disruption in the marketplace. Dimson recommends that car dealers take a closer look at how they reach and engage with active shoppers. In such dynamic times, to qualify leads, dealers need strategic insight to close deals at a faster rate.
In order to validate return on investment and analyze their inventory investments, car dealers are using tools like Market Extension Essential and nVision. These digital marketing analytics tools capture predictive insights for real-time shopper engagement. These insights can be accessed through a single user-friendly dashboard. Market Extension also allows car dealers to list vehicles outside of their market which opens up a whole world of possibilities. To cap this off, car dealers can utilize a digital retailing platform like Accelerate My Deal to meet consumers further down the funnel in whatever markets they want.
So, how does this all translate into digital marketing opportunities for 2022? Here are Dimson’s recommendations:
- Quality of your market audience is key. Look for partners who can help you build audiences in real-time.
- Activate the data you already have. Consider a first-data partner.
- Create long-term customers. Develop a strategy that measures the changes in consumer behavior.
It’s really about relationships and building trust and connection with consumers. Cox Automotive is doubling down on first-party data and leveraging insights and buying signals across all of its brands. They are constantly monitoring where consumers are in their shopping journeys. Who better than, to help car dealers identify those quality leads?
Did you enjoy this podcast with Robert Dimson? Please share your thoughts, comments, or questions regarding this topic by submitting a letter to the editor here, or connect with us at newsroom@cbtnews.com.
Be sure to follow us on Facebook and Twitter to stay up to date or catch up on all of our podcasts on demand.
While you’re here, don’t forget to subscribe to our email newsletter for all the latest auto industry news from CBT News.
The post How to make the most of your car dealership’s digital marketing opportunities – Robert Dimson | Cox Automotive appeared first on CBT Automotive Network.
Trends come and trends go, so what should your team be focused on for continued success in this new year? On today’s edition of Inside Automotive, we’re pleased to welcome back Guy Schueller, Industry Director of Automotive for Twitter, to lend us his insight into what car dealers should concentrate on today. After many debuts and […]
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The post Twitter’s Guy Schueller shares advice for auto marketers as EVs gain momentum and chip shortages linger appeared first on CBT Automotive Network.