The Next Generation Dealership- Managing a Completely Digital Shopping Experience Don’t Derail the...

The Next Generation Dealership- Managing a Completely Digital Shopping Experience

Don’t Derail the Online to In-Store Handoff

Ali Mendiola

Ali Mendiola I Dealertrack I Senior Manager BD- Digital Retailing I ali.mendiola@dealertrack.com

Next Generation Shopping Experience

DIGITAL RETAILING

What is Digital Retailing?

Online Retailing- Website In-Store Retailing- Using Digital Tool

Both of which are extremely important to the customer.Online Retailing- Website In-Store Retailing- Using Digital Tool

The Hand-Off

Intro: Consumers Perception Part 1: Online Retailing

Part 2: The Hand-offPart 3: In-Store Retailing

INTRO:

What do customers think of the current process?

What do they expect in the showroom?

Cox Automotive “It’s About Time” Whitepaper 2014

THE TOP 5 CAR BUYER FRUSTRATIONS ARE ALL ABOUT THE BUYING EXPERIENCE

Cox Automotive “It’s About Time” Whitepaper 2014

9 10Out of

Consumers want an extremely efficient purchase process.*2014 Deloitte Automotive Consumer Study

No patience for traditional processAverage acceptable time per dealership phase

2014 Deloitte Automotive Consumer Study

No patience for traditional process

In-Store Digital Experiencesare Embraced–and Expected.47%

31%29%

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.

Ability to transfer data to your mobile device(e.g., vehicle configuration, price offers)

12%16%

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

withyour questions

Ability to check-in at dealer location via social media

(e.g., location check-in via Facebook)None of these

47%Prefer interactive touch screens to view car info with pictures and videos.

27%Prefer a tablet to use in the showroom to get detailed info,compare vehicles, configure cars, etc.

Part 1: Online Retailing

VDP of 2006 VDP of 2016

Move the Consumer through the shopping steps

Keys to a Sucessful Online Digital Retailing Experience

1. Dealer Control, Accuracy, Consumer Preparation a. Pricing- Does the price used to calculate payments include dealer specific discounts?

1. Dealer Control, Accuracy, Consumer Preparation

b. Trade Offers- Can you stand behind the offer?

Keys to a Sucessful Online Digital Retailing Experience1. Dealer Control, Accuracy, Consumer Preparation

c. Aftermarket

1. Dealer Control, Accuracy, Consumer Preparation d. The Online to In-Store Handoff

Part 2Don’t derail the online to in-Store hand-Off

Easiest Ways not to Derail

• Setting up a process for quickly routing and scoring your Digital Retailing leads.

• Knowing what steps the shopper completed online, and prioritizing leads accordingly.

• Removing potential roadblocks ahead of time

• Acknowledging the work your shopper has done online

• Appointment Setters- Being ready with your shopper’s selected vehicle & next steps when they walk in your showroom

Are you derailing in-store? Process

Are you derailing in-store? Technology• How are sales consultants accessing consumer deal details?

• Which steps did the consumer complete?• Can the consumer and sales consultant review new inventory, adjust payments, send credit

applications from anywhere in the store?

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.

Use the power of Tablet/iPads in the Showroom

Source: “2013 JD Power.

Vehicles, Payments & Credit App

Higher SSI withIn-Store Tablets*

Sales consultant uses the tablet to find shopper information for walkups.

The Power of Tablet/iPads in the Showroom

Lead information reflects consumer’s online activity.

Sales consultant review program details, save to lead and start credit application.

Consumer completes credit application.

Which routes into your CRM and Dealership Finance Portal

The Power of Connection

Part 3In-Store Digital Retailing

NOW What?

Use the power of Tablet/iPads in the Showroom

Source: “2013 JD Power.

Vehicles, Payments & Credit App

F&I Product / Aftermarket Presentations

Contract Review and Signing

Higher SSI withIn-Store Tablets*

Audi North Shore increases F&I products-per-deal-sold from less than 0.90 to 1.38

Schmitt also attributes greater sales to customized presentations. First, he pre-loads the iPad with a customer’s vehicle model and color. “The customer loves seeing their car on there,” he said. “I think that improves sales because they get that ownership feel.” Next, he tailors his packages to the specific customer….It’s easy to do and unlike a paper menu, it always looks professional.”

Dealertrack Blog and Automotive NewsFebruary 6, 2014

“Customer Engagement and Customization Pays Off in More F&I Sales – Dealer Profile”

Audi North Shore Best PracticeUsing Surveys to Understand the Customer

-Survey results allow F&I Managers to highlight and upsell the right products.

- Gives the customer 15 to 20 minutes to view the product presentation,then retrieves the iPad and reviews which products were viewed and for howlong.

-He advances to thesummary screen and uses that as an upsell opportunity to move ‘declined’products into the ‘accepted’ bucket.

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.”

Initial Results1) An increase of more than 16 percent in F&I revenue per vehicle retailed (PVR)2) Average aftermarket sale of more than $2,000 3) More than two F&I products sold per contract for the dealership.

Dealertrack BlogJanuary 16, 2014

“Earning More F&I Revenue Per Vehicle with Mobile Technology – Dealer Profile”

F&I: Thinking “Outside the Box” Leads toEfficiency and Profitability1. 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.

Digital Menu Presentations

Self Directed Menu Delivers Results

Traditional Menu vs. Electronic Menu

•70%increase in products sold*•64%more F&I profit-per-deal*•$17,000 additional profit-per-month**

**Based on results collected from Dealertrack-subscribing dealers from March 1 – October 31, 2015 comparing deals when eMenu for iPad was used to deals when eMenu for iPad was not used. Your dealership’s results may vary. iPad is a registered trademark of Apple, Inc. **Based on results collected from Dealertrack-subscribing dealers from September 1 – October 31, 2015 comparing deals when eMenu for iPad was used to deals when eMenu for iPad was not used. Your dealership’s results may vary. iPad is a registered trademark of Apple, Inc.

Other Examples of ways to Keep It Digital: eContracting- Digital Eliminates Paperwork

Managing a Completely Digital Shopping Experience1. Whether online or in-store meet consumer expectations- dealer controlled transparency

2. Empower consumers to start the sales process online

3. Don’t derail the online to in-store hand-offPeople + Process + Technology = Success4. Higher gross profit on Digital Retailing deals vs Non-Digital deals

5. Step into the 21st century with electronic contracting- Eliminates physical paper work

Share an important takeaway you received from this session using hashtag #DD20for a chance to win an iPad

Contact InfoFull Name: Ali Mendiola

Company: Dealertrack Technologies

Job Title: Senior Manager Business Development, Digital Retailing

Email: ali.Mendiola@dealertrack.com

The Next Generation Dealership- Managing a Completely Digital Shopping Experience Don’t Derail the...

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