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Fastlane: Frequently Asked Questions

Discussion in 'Fastlane' started by Cindy Kurman, Oct 11, 2017.

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  1. Cindy Kurman

    Cindy Kurman
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    Why was Fastlane created?
    Fastlane was created to provide a means for enhancing the car buying experience for consumer and dealer alike.

    What is Fastlane’s business model and value proposition?
    Partnering with automotive dealerships across the US, Fastlane creates value for dealers by complementing their current store operations with innovative e-commerce and showroom technologies, giving them the power to sell more cars and make more money in significantly less time.

    How does Fastlane benefit the car dealer and customer?
    Fastlane increases the advantages of shopping for a car through a dealership. It benefits the car dealers by enhancing their customer experience and enabling the dealer to focus on building the customer relationship. The dealers’ online car-buying process can be personalized and branded, and the sales team can spend less time on paperwork and more face time with the customers, imparting their knowledge, offering advice and building trust. Customers benefit by being able to enjoy the convenience and efficiency of online buying. They can view the car inventory, determine the trade-in value of their current vehicle, explore their service contract options, obtain financing or lease and even shop for car insurance, all from one online site, customized for each dealer.

    How have car buying habits changed in the recent past that warrant the founding of Fastlane?
    Buying habits in general have changed over the past decade, with more and more consumers purchasing most everything online, sight-unseen. Now take the car buying process, a lot of which has continued to move online since the early 2000s with companies including AutoTrader who provided an online advertising medium so dealers could get their inventory in front of consumers. The digital transformation of automotive retailing started there and has continued migrating online ever since.

    For well over a decade, the vast majority of car buyers start their purchase process from an internet browser. As buying habits in the US continue sprinting toward online purchasing, dealers have adapted as well. It was not too long ago that dealer marketing was localized and sales were driven through ads in the Sunday paper. Now marketing a car for sale in Detroit could result in a sale to a customer located in Chicago, for example.

    Today, customers can shop for the vehicle, determine the value of their trade-in, get pre-approved for financing and even educate themselves on warranty and insurance products for your vehicle, but all from different websites or without the ability to move past “See dealer for details” or “Thank you for your inquiry.” Fastlane changes that, providing an all-in-one e-commerce platform for dealers.

    Companies such as Carvana and Tesla are paving the way for consumers to buy entirely online. They continue to prove that online car buying is not the future automotive retailing, it is today.


    How are car dealers adapting to this new world of online car buying?
    Opportunities are plentiful for dealers who can differentiate themselves by providing an excellent online buying experience which enables them to deliver the same car that consumers can purchase elsewhere, perhaps for less, but with the advantage of being able to build a trusting, helpful relationship with the customer from sale through service—something that online-only car-buying sites cannot.

    Herein lies Fastlane’s greatest strength for dealers, as it delivers a service that creates value for car dealers that is perfectly in line with the desires and needs of today’s buyers.

    How have car manufacturers’ challenges/opportunities changed that warrant the founding of Fastlane?
    Manufacturers have similar challenges and opportunities as their dealers, especially regarding the cyclical nature of the car business. Coming out of the recession of 2008, consumers were quick to trade in and upgrade their vehicles, which put manufactures in overdrive, producing large volumes of product to meet this demand. Now that the rush is over, sales are slowing and year-end actuals will likely pale in comparison to year-end projections. Today, as a result of overproduction, we are in a season of bloated lots with overall inventories in excess of 20% above average and a flood of used cars—with no hope of competing with increasing new car incentives.

    Fastlane does not directly solve the issue of overproduction. What it does solve is a dealer’s ability to reach more potential customers and sell them a vehicle whenever and wherever the customer is.

    What are Fastlane’s primary differentiators from other car dealer e-commerce solutions and why are these advantageous?
    Fastlane has taken online car-buying to the next level by letting dealers customize their online check-out flow. Other car-buying platforms have a cookie cutter check-out flow that cannot be changed. Fastlane recognizes that dealers in one market, such as New York, may sell cars differently from dealers in other markets, such as Georgia or California. Fastlane offers dealers a way to personalize the online car buying experience to meet their customers’ needs, while adding value to the overall purchase experience.

    Fastlane differentiates itself as a true e-commerce platform in that it provides customers and dealers with true purchase numbers and does not act as a lead generation tool sending unqualified or partially qualified consumers to dealers. With Fastlane, each purchase experience is unique to each buyer and each e-commerce solution is uniquely tailored to each dealer. Whether a dealer prefers to offer a reservation option, request a vehicle deposit or offer delivery, these and many other features are part of a dealer’s customization ecommerce solution with Fastlane. From trade-in and financing, to eSignature and delivery, Fastlane makes online car buying seamless and simple.

    What are Fastlane’s major competitive strengths as it launches?
    Aside from Fastlane’s product offering advantages, the company has a great team in place with a strong business, technology and automotive acumen who know the automotive industry and understand the needs and wants on both sides of the fence–dealers and consumers. We are positioned to launch at a peak period of online purchasing by consumers worldwide—representing a significant transformation in retailing. Concurrently, the automotive industry is enjoying monumental engineering innovations. Fastlane could not have asked for a more perfect stage to introduce its technology to the industry.

    What are the main challenges the company will face going forward and how will the company address them?
    Technology moves fast and, as with any technology, our challenge will be to stay innovative and maintain relevancy within the automobile industry as we look to increase market share and foster a reputation for innovation. Fastlane’s continued and future success will be founded in its ability to meet challenges that come our way and create opportunities as an industry leader and forge a path for innovation that others may follow.

    Who are the principals of Fastlane?
    Brandon Hall, CEO
    of Fastlane, has built a reputation as a personable and conscientious business development professional and business leader, with a broad experience base and a commitment to providing personalized service for his clients. His entrepreneurial vision to develop a new way for car dealers to sell cars and ancillary services has come to fruition with the launch of the Fastlane online car-buying platform. Brandon manages all operations of Fastlane and has devoted the past year to ensuring that the new platform exceeds the expectations of car dealers. Fastlane provides an online car buying capability that dealers can successfully use to increase productivity, strengthen their brand and provide a high-quality personalized experience for customers.

    David Luce, Vice President of Sales at Fastlane, brings more than 25 years’ automotive industry experience to Fastlane. He is known as a high-performing executive, a team player, who has worked in automotive technology industry and retail automotive sales. As a business development professional, he is highly skilled in sales development, creative problem solving, strategic selling, contract negotiations and sales team development. He prides himself on having developed relationships with more than 1000 car dealerships.

    How can I contact Fastlane?
    For information and/or an online demonstration of Fastlane, please visit the company website at www.fastlane.car.

    Follow Fastlane’s latest news and information at its online newsroom, http://newsline360.com/fastlane.

    Contact Fastlane by telephone at (214) 522-1943 or by email at [email protected].
     
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