- Feb 9, 2012
- First Name
I am curious if anyone here on Dealer Refresh can name names of any independent dealer they think has their game on....Thanks!
That particular store, @joe.pistell, was actually one of mine in my GM days. That town chewed me up and spit me out but I wouldn't trade that time for anything. They're at 87% Cost to Market and 97% Price to Market in that total bucket. Interested to know your take on that looking at that Price Rating mix. As far as Echo Park, we have been eyeing that as an option in our Lincoln, NE market since we have moved away from Finance Managers and committed to one-touch with sales people handling the process all the way through Finance product and paperwork. It would seem counter intuitive to focus on back-end after having removed F&I Managers, but I'm sure most of you understand the advantage of providing a better experience for shoppers. One a side note, since you mentioned the customer rating, we have struggled with Service reviews being the main drag within our ratings. A Used dealer typically isn't running a thousand RO's, if they even have a service facility, so their Reviews are going to be mostly all Sales related. We use Podium and drive all Reviews to one main GMB profile per rooftop which ends up muddying the waters. We have been focusing on Service reviews but if we had Sales alone, our Reviews would easily be in the 4.8 range. I know its a separate thread topic but Service vs Sales Reviews are an issue for us across the group.@Todd Caputo, I find EchoPark's biz model to be the most disruptive in the Indie Dealer space. EchoPark is a profitless frontend dealership. IOW, it sells cars at cost and all buyers are required to finance thru them. Think printers & ink.
If you think price sells cars, look at the advantage EchoPark has on the market. Using Cargurus deals box, compare Carvana vs EchoPark in dallas tx.
I'll not label the 2 boxes, do you see what I see?
View attachment 5189 View attachment 5190
If you believe price generates ups and sells cars, look at the ratios of the 2 stores.
- EchoPark (left) has 74% of its inventory in Good or Great Deal buckets
- Carvana (right) has 13% of its inventory in Good or Great Deal buckets
Another example, @Dan Sayer's Anderson Ford of Grand Island has 12% of its inventory in Good or Great Deal buckets
View attachment 5191
Similar to Carvana, EchoPark uses the car as a tool to generate F&I income, but, clearly, EchoPark is far more aggressive at using $0 front end as it's weapon of disruption.
Don't think EchoPark is a viable biz model?
So, if your EchoPark, you can
- Read Sonic Auto's 10k and 10q's, EchoPark's $0 frontend, $2k backend multiplied by it's super fast turns are generating more profits than the traditional stores.
- See its reviews. 4.5 stars.
- pay more at acquisition and not care (auction/street-buy/trade).
- payless for ad traffic because your killing all dealers on price sensitive marketplaces like CarGurus
Carvana gets all the attention, but EchoPark is the biggest threat.
Hope this helps...
Carvana Dallas https://www.cargurus.com/Cars/m-Carvana-sp375400
EchoPark Houston https://www.cargurus.com/Cars/m-EchoPark-Automotive-Houston-sp415965
Anderson Ford https://www.cargurus.com/Cars/m-Anderson-Ford-Lincoln-of-Grand-Island-sp376385
Depends on what your definition of best is, but our largest volume competitors in the Florida market are:Looking for non publics....Just would love everyone's opinion of the best of the best ..Thank You !
Well @Todd Caputo here is a list from 2019's Auto Remarketing's TOP 100 (volume 2018). These are the top 25 of the non-public (because most of the Top 100 are CarMax, Hertz, and Carvana... Google away my friend as I'm not sure if you are looking for Best Volume, Best Rated, Best Gross, etc. Maybe the question is what area of your business are you wanting to compare? Like my mom says, "Comparison is the thief of joy."Looking for non publics....Just would love everyone's opinion of the best of the best ..Thank You !