Increase CSI, Sales and Gross by Catering to Consumers with an Interactive Digital Buying Experience
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1 Increase CSI, Sales and Gross by Catering to Consumers with an Interactive Digital Buying Experience Ali Mendiola
2 Why do we go to work every day? To sell cars!!!!!! To make $$$$ What s the easiest way to get there? FOCUS ON THE CUSTOMER 2
3 Competitive Advantages: We Are In The Age Of The Consumer Source: 2014, Forrester Research, Inc.
4 Agenda Consumer automotive shopping patterns Sales workflow that capitalizes on interactive technology and starting the deal online Sell the way a consumer wants to be sold. The Online to in store hand-off Engaging online and in-store tablet optimized technology Case studies of successful dealers who have implemented these best practices including results of better customer experience, less time in the store, higher gross profit and better CSI scores
5 How are your customers shopping? And what do customers expect during the sales process?
6 Shoppers spend hours researching for a new car. 29% offline 71% online Source: 2014 Polk Automotive Buyer Influence Study
7 Auto Shoppers Are Researching More Than Ever On average, today s shopper turns to 24 research points Source: Google Shopper Sciences, Zero Moment of Truth Study, U.S
8 Dealer Websites Influence Customers Which of the following resources did you use to research? Visited a dealership Test Drive Dealership Website Sales Person Manufacturer Website Search Engines Vehicle Evalution Websites Professional Review Websites Family Members/Friends Consumer Generated Review Sites Regional Dealer Websites 62% 59% 57% 56% 69% 89% 89% 83% 82% 81% 77% Source: Compete/Google Auto Purchase Study, August
9 Device Usage Consumers take a multi-device path to purchase 2014 Borrell Inc. Report
10 67% of new-car buyers don t contact the dealer prior to the first physical showroom visit. Source: Polk and AutoTrader, 2013 Automotive Buyer influence study
11 Average car-buyer will make only 1.6 lot visits before purchase. Source: McKinsey & Company, February 2014 study. Source: Dealertrack Digital Retailing
12 Consumers dislike the current car buying process * * Source: AutoTrader Car Buyer of the Future 2015 Study
13 No patience for traditional process 9 10 out of Consumers want an extremely efficient purchase process.* *2014 Deloitte Automotive Consumer Study Average acceptable time per dealership phase 2014 Deloitte Automotive Consumer Study
14 They Demand Openness and Transparency Fully prepared before walking into a dealership. 89% Build trust by making information accessible online. Want a guaranteed price upfront. 66% Customers see and understand the value of upfront pricing as it will save them time and generally lead to a smoother transaction process at the dealership. Want the guarantee to be VIN specific and available. 82% Shoppers are turned off by offers on vehicles that are not on a dealer lot Edmunds Car shopping trends
15 It s not just about price Consumers are conscious of monthly payments/cost, but are also seeking out dealers delivering a better experience. * * Source: AutoTrader Car Buyer of the Future 2015 Study
16 Technology Enables the Transformation CUSTOMER PERCEPTION TODAY CONTROLLED Single Process for Everyone TEDIOUS 3 to 4 Hours in the Dealership RIGID Limited Options UNCOMFORTABLE Unpleasant Interactions and Negotiation TRANSFORMED SELF DIRECTED Personalized Shopping Experience FAST Process is Measured in Minutes not Hours TRANSPARENT Profitable and Predictable ENJOYABLE Building & Strengthening Relationships
17 1990 Information Age Lead Generation WWW DEALER WEBSITE ONLINE SHOPPER CAR DETAILS 11.5 hrs Online Research 4.7 hrs* in dealership
18 1990 Information Age Age of the Consumer Lead Generation Deal Generation ONLINE SHOPPER WWW DEALER WEBSITE CAR DETAILS DIGITAL RETAILING DEALERSHIP Press here and the bluetooth is all set. Beep Beep! 3 hrs* shared online 1.7 hrs* in dealership 11.5 hrs Online Research
19 28 Sales and F&I Deal Flow hrs* online hrs* in-store Drive Efficient Dealership Work Flow. This should be Fun!!
20 Why should I use Digital Retailing Tools? 1. Meet consumers expectations- transparency and pricing. 2. Start the sales process online- more work that is completed with your store- the more likely you will get the sale. 3. Improves efficiencies for customer and Dealership sales staff. 4. Higher Conversation Rates 5. Higher Gross Profit on Digital Retailing Deals vs Non-Digital Retailing Deals 6. Higher grosses on deals that include a payment calculation with Finance Application vs. a single credit application. 29
21 Transforming Automotive Retail Begins with Transforming the Consumer Journey.
22 Digital Retailing Workflow A true online to in-store experience.
23 Digital Marketing Targeted ads drive shoppers to dealer websites
24 From Digital Marketing to Digital Retailing Integrated dealer and manufacturer incentives
25 Digital Retailing- Putting affordability front and center
26 DIGITAL RETAILING Consumer finds a car of interest, what s next?
27 Built in Shopping Experience
28 Built in Shopping Experience Views Saved Time Savings Working the Deal
29 Starts integrated Digital Retailing experience
30 Pre-qualification or credit approval
31 Relevant warranty & maintenance options- Preparing the Consumer for the In-Store F&I Process
32 But, the consumer leaves before completing the process A retargeting ad or an alert that their saved trade or finance information is about to expire, brings them back.
33
34 Luckily, everything was saved Shopping cart functionality drives engagement and advances path to purchase.
35 Consumer makes deposit
36 Case Studies and Analytics Case Studies and Analytics
37 Digital Retailing Conversion Metrics T3 Sites Senior Manager Business Development
38 Digital Retailing Conversion Metrics T3 Sites Digital Retailing Suite Performance Aug 2014 Sep 2014 Oct 2014 Nov 2014 Dec 2014 Jan 2015 Captives on DT # Unique Visitors / Dealers # Average Leads / Dealer Lead to UV Conversion% 4.87% 4.57% 3.93% 3.78% 3.40% 3.28% % Total Leads Opened 61.30% 61.50% 62.30% 60.70% 61.80% 61.40% % Total Leads Submitted 42.70% 41.50% 41.50% 41.30% 42.50% 40.20% % Total Leads Approved 39.60% 38.20% 38.30% 38.40% 39.60% 37.20% % Total Leads Contracted 27.10% 25.00% 25.10% 25.50% 26.70% 24.00% % Total Finance Leads Contracted 30.30% 28.40% 28.70% 29.8% 30.80% 28.40% Acura Carland generates finance-ready leads that close at 35% with Digital Retailing tools (Payments, Finance and Trade workflows). % Total Trade Leads Contracted 3.60% 3.00% 3.60% 3.90% 3.60% 3.80%
39 Acura Carland Workflow Best Practice: - consumer link to exact vehicle they are interested in - consumer link to credit application 52
40 Best Practice Dealer- Online Digital Retailing Tools Dealertrack Blog by: Ali Mendiola March 25, 2015 Digital Retailing tools that connect to in-store Finance Portal- Online Finance, Trade, Payments Within a month of implementing Digital Retailing including 1 st Pencil Lease/Loan, trade offer, and financing tools Port City Nissan experienced: More quality leads 71% increase in website leads. Closing more Internet leads A new benchmark of 49% Internet lead-to-sale close rate on finance leads. Boosting new vehicle gross 69% higher front-end profits, about $700 more per deal. Increasing new vehicle finance sales 23% increase in finance penetration, about $200 more per deal. Shifting new to used ratio Sales shifted from 30% used and 70% new to a more profitable 50/50 ratio.
41 Best Practice Dealer Online Digital Retailing Tools Best Practice Sending Credit application data to finance portal
42 Internal Study Digital Retailing Profitability Analysis Methodology Digital Retailing leads were matched to sales records. FinanceDriver and TradeDriver were used. Sales data provided by DTDMS. Analysis included retail and lease sales only. Fleet, wholesale, dealer-to-dealer sales and other custom sale types were not included. 19,507 sale records were analyzed in total. Analysis period generally covers May 1 st through December 16 th 2014.
43 Digital Retailing Leads New & Pre-Owned Profitability 20% DR deals had a 20% increase in front and back end margins over non DR deals (average of 539 dollars per transaction) 17% Front-End Margins over Non-DR Deals 27% Back-End Margins over Non-DR Deals
44 Digital Retailing New and Pre-Owned Breakout 4% 26% New Car Sale Profits Front-End New Car Sale Profits Back-End 18% 31% Pre-Owned Sale Profits Front-End Pre-Owned Sale Profits Back-End
45 The More Dealers Leverage Digital to Meet Shopper Needs, the Greater Their Profits. Example: Displaying realistic payments online further increases dealer profitability. Incremental per vehicle gross-profit on Digital Retail deals +$419 Incremental gross-profit per vehicle when dealers also provide customers realistic payments online (+$366) FinanceDriver +$785 PaymentDriver and FinanceDriver
46 How are your customers shopping in your store? And what do customers expect during the sales process?
47 Website and App Usage at Dealership
48 Showrooming Creates an Opportunity to Build Trust Compared price at competing dealers 25% 51% Price, Payments and Offers 29% Inventory 17% Reviews Trade-in vehicle pricing Calculate payments Research price for vehicle I m considering Research incentives and special offers Research financing Find vehicles at other dealerships Check inventory of the dealership where I am Read vehicle reviews Read dealer reviews 10% 7% 11% 9% 19% 18% 17% 22% 15% 54% of consumers state that getting an actual price and payment is their largest unmet need online. 16% Advice Vehicle shopping advice Verify information from dealer staff 10% 9% - Edmunds.com Source: Mobile Content Actions While on Dealer Lot Placed, Inc. and Cars.com, January 2014.
49 In-Store Digital Experiences are Embraced and Expected. Interactive touch screens to view car information with pictures and videos. 3D virtual vehicle configuration Virtual test drive stations Cars in showroom have digital info available (e.g., for display on mobile device) Tablet for me to use in the showroom to get detailed information, compare vehicles, configure cars, etc. 31% 29% 29% 27% 47% 47% Prefer interactive touch screens to view car info with pictures and videos. Ability to transfer data to your mobile device (e.g., vehicle configuration, price offers) Wi-Fi hotspot for your mobile device Ability to transfer data to your mobile device (e.g., contact details, previous configurations) Digital shopping assistant/avatar helping you with your questions Ability to check-in at dealer location via social media (e.g., location check-in via Facebook) 20% 19% 18% 18% 12% 27% Prefer a tablet to use in the showroom to get detailed info, compare vehicles, configure cars, etc. None of these 16% Source: Expected Digital Experience in the Showroom Capgemini.
50 Integrated Digital Tools and Processes Drive Success 52% Higher SSI with In-Store Tablets Vehicle Payments and Credit App Aftermarket Presentations Contract Review and Signing App and Contract Status Source: 2013 JD Power.
51 The Online to In Store Handoff An accelerated experience. A seamless transition from online to in-store.
52 Retailer Receives Online Deal Alert - Calls/greets customer with online data loaded. - No data re-entry. - No back to square one. - Focus on what matters. - Product/Test Drive. - Finalize Deal. - Delivery.
53 Finalize Proposal with Client
54 Review Program Details, Save to Lead and Start Credit Application.
55 Consumer Completes Credit Application
56 NOW What?
57 Keep the customer engaged and excited!!!!
58 F&I: Thinking Outside the Box Leads to Efficiency and Profitability 1. Excited about their new purchase 2. Primed to learn more about your dealership and their car options 3. Let them buy the way they are comfortable.leads to Improved Wait Time, CSI and Gross.
59 Survey Consumer? Data Creates Closer Connection to Customers
60 Transparency Builds Trust The benefits of not hiding from customers: 1. Better CSI Scores 2. Better Experience 3. Shorter Wait Time 4. Reduce Risk of Price Shopping or Buyer s Remorse 5. More Revenue opportunities
61 Customer Reviews F&I Options
62 Collaborating with the Customer
63 Retailer Presents Compliant Electronic F&I Menu
64 F&I Menu Products
65 F&I Menu Product Information and Videos
66 Finalize Menu and Deal Structure 2015 Audi S3
67 Options Goods and Services Disclosure
68
69 econtracting- Keep it Digital and Eliminate Paperwork
70 econtracting/esign and Deal Finalization
71 Finally, Deal is Stored in the DMS
72 Winning with Technology and Workflow Starts with Transforming the Consumer Journey.
73 Technology: Integration Is Everything Website The online to in-store workflow depends on consistency for consumer trust and dealer efficiency. Ads Digital Retailing CRM/ DMS F&I
74 Evolving The Consumer Journey Digital Marketing Vehicle Information Website Trade Offer 1 st Pencil Payments Credit App Online Aftermarket Menu Information econtracting Online In-Store Attract Display Retargeting Paid Search Organic Search Shop Research Locate Vehicles Real Time Pricing and Availability Structure Trade Appraisal Desk the Deal Financing Options Transact F&I products Finalize Contracting
75 Case Studies
76 Best Practice Dealer Digital Showroom Automotive News Article Chevy store redo goes above and beyond by: Mike Colias- January 26, 2015 McCluskey Chevrolet: 40 imac computer workstations where salespeople work with customers and process deals.
77 Best Practice Dealer Dealertrack Blog January 16, 2014 Earning More F&I Revenue Per Vehicle with Mobile Technology Dealer Profile Mercedes-Benz of Coral Gables, Florida Scott Cooper and his team at Mercedes-Benz of Coral Gables, Florida, have embraced innovative electronic menu technology on an ipad to present aftermarket F&I offerings and wow and appeal to today s tech-savvy consumers. Their initial results include an increase of more than 16 percent in F&I revenue per vehicle retailed (PVR), an average aftermarket sale of more than $2,000 and more than two F&I products sold per contract for the dealership.
78 Self Directed Menu Delivers Results ipad Menu Selling vs. traditional method: No ipad: $876 per car with.79 products sold based on 15,419 deals With ipad $ 1,378 per car with 1.28 products sold based on 2,048 deals Most recent 60 days activity, ending 4/30/14 91
79 Takeaways
80 Think Online to In-store The consumer of the future is here now. Sell the way they want to be sold. Transparency Efficiency Integrated workflow is the path to success. Improves customer experience Reduced time in-store Increased gross profit
81 CONTACT INFO Full Name: Ali Mendiola Company: Dealertrack Technologies Job Title: Senior Manager Business Development
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