FRIKINtech How good is AI at getting appointments? No BS example.

[Alex Snyder]

The key is to tune for the lead source and to give the AI a single goal: get a FRIKIN appointment!

 

[joe.pistell]

AI removes friction. 'AI' stores will see higher revs and be more profitable.

Stock investors will like this concept:
$CVNA: Carvana Co., 13,700 employees
$AN: AutoNation Inc., 21,000 employees
$LAD: Lithia Motors Inc., 21,150 employees
$GPI: Group 1 Automotive Inc., 13,000 employees
$ABG: Asbury Automotive Group, 14,200 employees
$SAH: Sonic Automotive Inc., 10,200 employees
$KMX: CarMax Inc., 27,000 employees
(AI gen list)

 

[BillKVMotorCo]

I mentioned this on the RefreshFriday yesterday, but the greatest power of AI will be asking the tough questions we know we need to ask, but that salespeople often don't. What we see in this example is also following the correct process. Salespeople know that they need to try to get the guest into the store and we have given them good word tracks for how to handle this, but salespeople are notorious for taking the path of least resistance and going straight to the sight unseen appraisal.

 

[Carsten]

I think it was either Bill's or Kevin's DR Friday video which talked about sales people avoiding appraisals.
I just had a conversation with a Real Estate Broker friend about listings.

We agree that every warm body that interacts with the business is a potential sale.

Why are dealers so interested in Ai doing "people" work?

 

[joe.pistell]

Why are dealers so interested in Ai doing "people" work?

FORD: 100 RFQ emails sent, 24 hrs later, 21 replied, 13 sent a quote.


TOYOTA: 100 RFQ emails sent, 24 hrs later, 17 replied, 9 sent a quote.


TAKEAWAYS:
When I show these vids to my car guy pals, they go into self defense mode explaining why these 2 vids are flawed. From my seat, this is what opportunity looks like.

 

[joe.pistell]

AI+CRM = AI personal assistants.​

1. Introduction:

Adding LLM's into CRM systems represents a paradigm shift in the automotive retail industry. This high-level document explores how LLM's are set to redefine sales tasks and CRM practices, making reps more efficient and customer-centric than ever before.​

2. CRM Tasks Replaced by LLMs:

• Automating Routine Administrative Tasks
• Personalized Customer Assistance

3. LLMs as Sales Reps' Personal Assistants:

• Enhancing Customer Interactions
• Streamlining Workflows
• Real-time Information Support

4. Impact on Current CRM KPIs:

• Evolution of Traditional KPIs
• Introduction of New KPIs

The Importance of AI Utilization Rate: AI Utilization Rate will become a critical KPI, reflecting how effectively AI personal assistants UX improves sales processes.

Misc Thoughts

AI is to work what the gasoline engine was to the horse. LLM's ability to make order from chaos means the AI rollout into our highly fragmented automobile dealership industry will blossom into new levels of dealer profitability. From a Dealer Principal's POV, AI's ability to empower your staff will reshape the entire dealer organizations' structure. From Wall Street's POV, AI is the gasoline Wall Street needs to roll up this industry. Its highly likely, Aimee Allen, MBA,Haig Partners, Steve Greenfield and other strategic thinkers will be shifting projections as the AI Gold Rush unfolds.

(Full article - linkedin 2023)