Automotive Industry Benchmarks and where to find them

Guys, I'm wondering where / what are your go to's for the most current Automotive benchmarks. I would like to get a good informative thread going so users can find / add informative benchmark data. I was recently looking for Paid Search benchmarks and I found this thread on Searchengineland.com. It has info on it from this wordstream page. I found some of it interesting.

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@Alex Snyder, at one time I think I read that based on your studies, customers are contacted 4 or 5 times before the first FQR (First Quality Response) goes out. Is that still true or has it gotten any better?
Is the data still true for Sales Appointments? Of the appts set, half show and half buy?

Thoughts?

Twilio Video EOL

Last week, Twilio wrote a letter to their company. (from SEC filing)

One way or another, trends among the underlying tech suppliers for SaaS come into play for this community.

Live Video

With a small footnote in this letter, Twilio confirmed End of Life (EOL) of their Programmable Video offering. For some, this wont be missed. For others, this a seismic shift for core products built around 1:1, group, or large broadcast video.

If you use live video chat through a software platform at your dealership, that platform may now have some decisions to make.

If you have any sort of live video use case you plan to embed in your app in the future, it will not happen on Twilio.

No, Vonage did not get the nod for Twilio's migration guide on video. It shouldn't. Vonage Video API (formerly Tokbox Opentok) is one the of most mature and innovative WebRTC offerings on the market. Strategically, it likely wouldn't be smart for Twilio to send customers to a leading competitor that can also go head-to-head on their focus in SMS/Voice.

Call to Action

What is the sentiment here related using live video in Automotive? (example 1:1 video chat)

Does a 33% workforce reduction in a "year of many changes" raise another conversation about business continuity?

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#RefreshFriday Headless Dealer Websites are SOOOO Yesterday | Ben Hadley of Auto Genius

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The last time we hosted Auto Genius, they dropped headless websites on us. You probably saw the lightning-fast website they built for Koons. They're back with something new... and also blazing fast!

Ben says this is one of the few times the car business is paving the way for all other industries. If you like websites and technology, you'll like what Ben and Kyle have been cooking.

Join us LIVE on Facebook, LinkedIn, or YouTube Friday at 1PM
https://www.facebook.com/dealerrefresh
https://www.linkedin.com/company/dealerrefresh
https://www.youtube.com/dealerrefresh

NEED HELP AND TIPS

hey guys my name is omar and I own little york autosales I opened up the dealership back in 2020 with 5 cars and have expanded to 25 car inventory on average. we have had 3 years of growth and profit, however, this past 6 months I have noticed almost no deals being made. We get enough leads with a range of different credit scores (400-650). But it seems like the banks such as Westlake and Flagship, don't want to lend out. If someone has any idea or tips that can help me start getting deals done again I would greatly appreciate it.

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#RefreshFriday Using AI to Reveal Fascinating Trends in your Dealer Reviews | Matt & Jake of WideWail

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Using AI to reveal fascinating trends in your reviews


Widewail returns. So soon, you ask?

@Matt Murray and @jakehughes are back to follow up on that promise and to share some more industry-level insights.

In their last appearance, they promised to dive deep into case study presenting some interesting insights they've uncovered in Cadillac reviews to "show what's possible." If time permits we may also go over reviews for Mercedes-Benz of Hagerstown (the store where @Jeff Kershner works) - getting super personal with the data.

Tune in for the case study and to see what fascinating trends your dealer reviews can produce when using AI.


Join us LIVE on Facebook, LinkedIn, or YouTube Friday at 1PM
https://www.facebook.com/dealerrefresh
https://www.linkedin.com/company/dealerrefresh
https://www.youtube.com/dealerrefresh

FRIKINtech Car Dealership Guy says people with equity are trading down

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The data looked a bit cherry-picked and the story wasn't adding up for me. So, we looked at all the sales we had for the past 3 months.

  • The average equity on trades was $9,560.
  • The average age of trades was 47 months which equates to a 2019 model year.
  • There was very little difference in terms financed originally to the next vehicle. If they financed for 72 months in 2019, they financed for 72 months in 2023.
  • The APR increased 1.8% since their last purchase, on average.
  • The monthly payment increased by $191, on average, per month to go along with that APR... plus some decent dealer profit.

Most customers stepped up in car. Few went backward from doing some visual scans of the data. I'd like to go back and focus on the deals where the original MSRP of the trade was higher than the MSRP of the car they bought in 2023. I think that would be a better representation of what FullPath and the Car Dealership Guy are trying to imply.

For the record, I'm a huge fan of the Car Dealership Guy. I mostly follow him on LinkedIn. I just thought this data smelt fishy.
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Reviving Nostalgia: Exploring Vintage Car Photo Marketing Strategies

In the bygone era of automotive marketing, capturing the essence of classic cars required a distinct approach that blended artistry and promotional strategy. The marketing landscape for old car photos reflected a unique charm that has evolved over time. Let's delve into the captivating world of vintage car photo marketing strategies that once ruled the industry.
1. Print Advertisements:
  • Artful Photography: In the absence of digital platforms, print advertisements were a cornerstone of automotive marketing. High-quality, artfully crafted photos adorned magazines and newspapers, showcasing the elegance and power of vintage cars.
  • Storytelling Captions: Print ads often incorporated elaborate captions that told a compelling story about the featured vehicle. This narrative approach aimed to evoke emotions and create a lasting connection between the consumer and the car.
2. Brochures and Catalogs:
  • Detailed Visual Collaterals: Car manufacturers invested heavily in producing detailed brochures and catalogs. These visually rich materials featured an array of car photos, providing potential buyers with a comprehensive view of the vehicle's design, features, and specifications.
  • Thematic Presentation: Brochures were often designed with thematic elements, reflecting the era's aesthetic preferences. The photography style and layout were meticulously chosen to resonate with the target audience.
3. Showroom Displays:
  • Curated Showroom Exhibits: Car dealerships played a pivotal role in marketing vintage cars. Showrooms featured carefully curated exhibits, where large, framed photographs adorned the walls, creating an immersive experience for visitors.
  • Interactive Photo Displays: Some dealerships employed interactive displays, allowing customers to flip through photo albums or view slideshows that highlighted the beauty and craftsmanship of classic cars.
4. Event Sponsorships and Competitions:
  • Photo Contests: Engaging the community through photo contests was a popular strategy. Owners were encouraged to submit their best shots of their vintage cars, fostering a sense of community and enthusiasm around the brand.
  • Event Sponsorships: Vintage car shows and events were a playground for marketing. Sponsoring these events provided manufacturers with opportunities to showcase their vehicles through captivating photo displays.
5. Limited Edition Collectibles:
  • Collector's Items: Creating limited edition prints or collectible photo cards became a cherished marketing tactic. These exclusive items were often distributed during promotional events or with the purchase of a vintage model, enhancing the sense of exclusivity.
While digital marketing has now taken center stage, the allure of these vintage car photo marketing strategies persists in the hearts of enthusiasts. These time-honored approaches not only sold cars but also wove stories around them, contributing to the rich tapestry of automotive history.
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Mac compatibility in a dealership

Hi everyone,
So i am wondering about Mac compatibility inside a dealer and wonder if anyone else is running Mac OS. I myself daily a MBP 16” M2 and use it for almost all my work since I am in marketing.

We currently are using CDK as our DMS and are swiching to PBS Q1 2024.

I wanted to update the look of our front reception and now we ordered a IMac M1. I hated the look of the cheap looking HP all in ones.

Has anyone tried CDK or PBS on Mac? Or tried to integrate Mac OS into a dealership?

Rev Up Your Weekend Sales: Friday Car Marketing Tips and Tricks for Dealerships

Unleashing the Power of Friday Car Marketing​

In the fast-paced world of automotive sales, Fridays present a golden opportunity to rev up your weekend sales and leave competitors in the rearview mirror. Elevate your dealership's success with these tried-and-tested Friday Car Marketing tips and tricks.

1. Strategic Promotions for Accelerated Sales

Make Fridays memorable for potential buyers by offering exclusive promotions. From discounts on select models to enticing financing options, create a buzz that drives customers straight to your showroom. Craft compelling messages that highlight the limited-time nature of these deals, fostering a sense of urgency.

2. Dynamic Social Media Engagement

Tap into the vast potential of social media to fuel your Friday Car Marketing strategy. Leverage platforms like Instagram, Facebook, and Twitter to showcase eye-catching visuals and engaging content. Utilize relevant hashtags, and encourage followers to share their excitement about your dealership. A well-timed social media campaign can generate buzz and foot traffic.

3. Showcase Featured Models with Interactive Displays

Transform your showroom into an immersive experience for potential buyers. Highlight key features of your top models through interactive displays. Allow customers to explore the latest technology, safety features, and design innovations. The more hands-on and engaging the experience, the more likely customers are to envision themselves behind the wheel.

4. Revitalize Email Marketing for Maximum Impact

Leverage the power of email marketing to target your audience effectively. Craft compelling subject lines that pique curiosity, and ensure your email content is visually appealing. Incorporate irresistible offers, exclusive invites, and personalized recommendations. A well-crafted email campaign can keep your dealership top of mind as customers head into the weekend.

5. Collaborate with Local Influencers

Partnering with local influencers can extend the reach of your Friday Car Marketing efforts. Identify influencers with a significant local following and invite them for an exclusive test drive or behind-the-scenes experience at your dealership. Their endorsement can add credibility and authenticity, driving more potential customers through your doors.

6. Create a Sense of Community with Events

Host events that create a sense of community around your dealership. From themed test drive events to family-friendly gatherings, provide an experience beyond the transaction. Building positive associations with your brand can lead to long-term customer loyalty.

Seize the Opportunity Every Friday​

In conclusion, Fridays are not just the gateway to the weekend; they're a gateway to increased sales and brand visibility for your dealership. Implement these Friday Car Marketing tips with precision, and watch as your weekend sales soar. Stay dynamic, engage your audience, and leave an indelible mark in the competitive world of automotive sales.

FRIKINtech Return on Investment in 2023

What’s the best way to end a series on stats from 2023? ROI of course!

For dealers utilizing FRIKINtech’s automations to mine their service drive, mine their sold database, show payments on their website, respond to internet leads with payment quotes, and/or show matching payments in their marketing here’s how they did in 2023.

Average new leads per month generated: 75

Average closing ratio on those leads: 13%

Average sales per month per store: 10

Average ROI on FRIKINtech products: 38X

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NADA showed an average advertising cost per new car sale of $692. SERVICEiQ and EQUITYiQ incept the idea into people’s heads to buy a car. These people were not looking at other dealership ads because they usually weren’t in the market at that time. Dealers utilizing those products saw an overall $77.39 cost per sale for deals attributed back to FRIKINtech.

Electric Chill: EZ Auto Movers' Winter Driving Tips for Electric Vehicles

As the winter season sets in, electric vehicle (EV) owners may find themselves facing unique challenges when it comes to maintaining optimal performance and efficiency. The team at EZ Auto Movers, a leading name in state-to-state auto transport and car shipping, understands the importance of providing comprehensive guidance to EV owners navigating winter weather. In this article, we’ll explore some essential tips to ensure a smooth and efficient winter driving experience for your electric vehicle.

Battery Management in Cold Weather​

One of the primary concerns for electric vehicle owners during winter is the impact of low temperatures on battery performance. Cold weather tends to reduce the overall efficiency of batteries, resulting in decreased driving range. To combat this, EZ Auto Movers recommends pre-conditioning your EV while it’s still plugged in. This involves heating up the battery before starting your journey, which can significantly improve its efficiency in colder climates.

Tire Maintenance for Optimal Traction​

Winter driving conditions often mean snow, ice, and slippery roads. Proper tire maintenance is crucial for maintaining traction and ensuring a safe driving experience. EZ Auto Movers emphasizes the importance of checking tire pressure regularly, as cold temperatures can cause tire pressure to drop. Additionally, investing in winter tires with adequate tread depth can greatly enhance your EV’s grip on the road, providing stability and control in challenging conditions.

Efficient Cabin Heating​

Heating the interior of your EV can be a significant drain on the battery. EZ Auto Movers advises utilizing the vehicle’s pre-conditioning feature while still connected to a power source to warm up the cabin without relying solely on battery power. This ensures that your EV is ready to hit the road with a comfortable interior temperature while minimizing the impact on driving range.

Strategic Route Planning​

For those embarking on state-to-state auto transport or shipping a vehicle during winter, strategic route planning is key. EZ Auto Movers recommends choosing routes that prioritize well-maintained roads and avoid areas prone to extreme weather conditions. Planning ahead can help minimize the risk of unexpected delays or challenges during your journey.

Regular Maintenance Checks​

Routine maintenance checks become even more critical in winter. EZ Auto Movers encourages electric vehicle owners to schedule regular maintenance appointments to ensure that all components are functioning optimally. This includes checking the brakes, fluid levels, and other essential systems to prevent any issues that could be exacerbated by colder temperatures.

Driving an electric vehicle during winter requires careful consideration and proactive measures. Whether you’re embarking on a cross-country adventure or shipping a vehicle to a different state, EZ Auto Movers’ winter driving tips can help you navigate the challenges of the season while ensuring your electric vehicle performs at its best. Stay charged, stay safe, and enjoy the winter journey with your electric vehicle.

ActivEngage Are you already using AI for your dealership?

Hi dealership friends,

as we all know, AI tech (artificial intelligence) has been the latest craze that everyone's been talking about. Internally we've been discussing AI for years and we feel that the technology is a great middleman to help out our live chat agents get relevant information quicker in front of customers. However, with the rise of ChatGPT and competitors, we're seeing many companies out there are trying to get AI chat in front of customers as the first impression.

This feels like a missed opportunity in our eyes to build trust, but maybe some of our dealer friends disagree with us on here. We're very curious...

What's been your experience with using artificial intelligence for your business? Are you using AI at all? Let me hear about it!

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