Comments - How To Sell More Cars To Millennials Like Me - DealerELITE.net2024-03-28T20:37:26Zhttps://www.dealerelite.net/profiles/comment/feed?attachedTo=5283893%3ABlogPost%3A378095&xn_auth=noRE: "I find it both comical a…tag:www.dealerelite.net,2013-07-22:5283893:Comment:3787582013-07-22T17:45:59.419ZDavid Ruggleshttps://www.dealerelite.net/profile/DavidRuggles
<p>RE: "I find it both comical and irritating that your enlightening article & video gets push back from those longing for the days when only a privileged few had any information."</p>
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<p>Push back? From who? It is what it is, but dealers had better be mindful of what is really going on. Denial is more than just a river in Egypt. What is telling is the lack of understanding of what an efficient market is and what it means to dealers and sales people.</p>
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<p>According to…</p>
<p>RE: "I find it both comical and irritating that your enlightening article & video gets push back from those longing for the days when only a privileged few had any information."</p>
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<p>Push back? From who? It is what it is, but dealers had better be mindful of what is really going on. Denial is more than just a river in Egypt. What is telling is the lack of understanding of what an efficient market is and what it means to dealers and sales people.</p>
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<p>According to J.D. Power, NOT ME, there is a rapidly moving trend of buyers who visit dealerships, gather information, then retreat to the relative "safety" of their PCs to use the Internet for their negotiation. I've done it myself, now that I am a consumer, after a career life as a car sales person, manager, then dealer. Further, there are opportunists these days who will assist consumers in using the Internet for their negotiation, even to the point if getting dealers to bid for their business in a "non blind" process. There is nothing I know of that can be done about this. And dealers will either participate, or not. The math is beginning to look difficult. Factory transactions are at historical highs, with OEMs retaining maximum gross profit, while dealers are experiencing margin compression in both sales and F&I. This, while OEMs are forcing higher expense levels on dealers. </p>
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<p>So explain to me how this math works in an environment where some people in our industry think an "efficient market" is a good thing for us. </p> Elise, you are a modern sales…tag:www.dealerelite.net,2013-07-22:5283893:Comment:3787462013-07-22T15:17:52.830ZSteve Richardshttps://www.dealerelite.net/profile/SteveRichards
<p>Elise, you are a modern sales person and an impressive one at that. You get it; "it" being the need to change the sales process because the consumer, Millennials, Gen Y & X, and even Boomers have all changed their purchase process. I find it both comical and irritating that your enlightening article & video gets push back from those longing for the days when only a privileged few had any information. The information flow is two-way, it's too bad that so few retail sales people are…</p>
<p>Elise, you are a modern sales person and an impressive one at that. You get it; "it" being the need to change the sales process because the consumer, Millennials, Gen Y & X, and even Boomers have all changed their purchase process. I find it both comical and irritating that your enlightening article & video gets push back from those longing for the days when only a privileged few had any information. The information flow is two-way, it's too bad that so few retail sales people are taught to use the internet as a sales tool, just like the consumer uses it as a buyer's tool. Keep it up, you and those few like you are the future of our business.</p> Elise, love what you do, love…tag:www.dealerelite.net,2013-07-21:5283893:Comment:3787072013-07-21T02:55:04.741ZMarsh Buicehttps://www.dealerelite.net/profile/marshbuice
<p>Elise, love what you do, love what you stand for. I'm a big fan!! Thank you for sharing. </p>
<p>Elise, love what you do, love what you stand for. I'm a big fan!! Thank you for sharing. </p> @ Elise - I never meant to im…tag:www.dealerelite.net,2013-07-21:5283893:Comment:3787042013-07-21T00:45:21.073ZDavid Ruggleshttps://www.dealerelite.net/profile/DavidRuggles
<p>@ Elise - I never meant to imply that you are engaged in arming consumers with even more information than they deserve. I thought you work for a dealer. I DID mean to imply that the selling of cars is NOT the objective, gross profit is. And the word "transparency" is a much overused word. Those that use it generally seem to not understand its implications. Legal transparency is a given. The letter AND the spirit of the law should be followed. But those of us in the industry need to…</p>
<p>@ Elise - I never meant to imply that you are engaged in arming consumers with even more information than they deserve. I thought you work for a dealer. I DID mean to imply that the selling of cars is NOT the objective, gross profit is. And the word "transparency" is a much overused word. Those that use it generally seem to not understand its implications. Legal transparency is a given. The letter AND the spirit of the law should be followed. But those of us in the industry need to understand the economic consequences of transparency to dealers AND their sales people. I know the idea of an "efficient market" sounds good until on understands what it means to us "middle men." We are contributing to our own demise. We can't make up our own definitions because we want to. Once a product becomes a commodity there are no middle men. </p> @Dave: Jim is a good friend…tag:www.dealerelite.net,2013-07-20:5283893:Comment:3785452013-07-20T16:23:26.328ZElise Kepharthttps://www.dealerelite.net/profile/EliseKephart
<p>@Dave: Jim is a good friend of mine as well. I disagree with vendors that use dealer's own data to arm customers as well...unfortunately it IS out there. We don't participate in those vendors at Sunset.</p>
<p>@Dave: Jim is a good friend of mine as well. I disagree with vendors that use dealer's own data to arm customers as well...unfortunately it IS out there. We don't participate in those vendors at Sunset.</p> Hi Elise,
Get them on the pho…tag:www.dealerelite.net,2013-07-20:5283893:Comment:3785432013-07-20T13:43:43.699ZLarry Sherstadhttps://www.dealerelite.net/profile/LarrySherstad
<p>Hi Elise,</p>
<p>Get them on the phone, make the appointment, get them into the store and sell them the vehicle. Perfect! Using all of the tools available is the secret and you are one of the best. Thanks for sharing.</p>
<p>Hi Elise,</p>
<p>Get them on the phone, make the appointment, get them into the store and sell them the vehicle. Perfect! Using all of the tools available is the secret and you are one of the best. Thanks for sharing.</p> RE: "If the customer is shopp…tag:www.dealerelite.net,2013-07-20:5283893:Comment:3785422013-07-20T04:00:36.739ZDavid Ruggleshttps://www.dealerelite.net/profile/DavidRuggles
<p>RE: "If the customer is shopping you, regardless of age...the salesperson and the dealership have not proven to the customer any value whether it be in the product or the value of buying from them."</p>
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<p>This is new? The difference these days is that increasingly consumers are using the Internet to stack things in their favor in the negotiation, is if they need any more advantages. THAT is the trend that is further decreasing margins. I have no problem with things being the way…</p>
<p>RE: "If the customer is shopping you, regardless of age...the salesperson and the dealership have not proven to the customer any value whether it be in the product or the value of buying from them."</p>
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<p>This is new? The difference these days is that increasingly consumers are using the Internet to stack things in their favor in the negotiation, is if they need any more advantages. THAT is the trend that is further decreasing margins. I have no problem with things being the way they are. My problem is with vendors talking up increasing transparency as if all transparency is good. My problem is vendors who use dealer's own data to arm customers with a degree of transparency they have no right to. My problem is with dealers who unwittingly participate. Ask our friend JZ if he agrees with me.</p>
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<p>Then there is the economic fact about what absolute transparency and efficient markets means in the real world. Its significantly more than just another word. </p> With phone traffic, very rare…tag:www.dealerelite.net,2013-07-20:5283893:Comment:3785402013-07-20T01:31:55.620ZElise Kepharthttps://www.dealerelite.net/profile/EliseKephart
<p>With phone traffic, very rare do people call and ask "what's the best price."<br></br><br></br>With internet traffic, very rare to do people ask "what is your bottom line"<br></br><br></br>When I have read through emails before, the salesperson automatically sends out a templated email shooting over a price first thing and then ten paragraphs about how their dealership is so great.<br></br><br></br>The process should be to make contact with the customer...get them on the phone, get them into the…</p>
<p>With phone traffic, very rare do people call and ask "what's the best price."<br/><br/>With internet traffic, very rare to do people ask "what is your bottom line"<br/><br/>When I have read through emails before, the salesperson automatically sends out a templated email shooting over a price first thing and then ten paragraphs about how their dealership is so great.<br/><br/>The process should be to make contact with the customer...get them on the phone, get them into the store.<br/><br/>PERIOD. <br/><br/></p> If the customer is shopping y…tag:www.dealerelite.net,2013-07-20:5283893:Comment:3785392013-07-20T01:26:20.687ZElise Kepharthttps://www.dealerelite.net/profile/EliseKephart
<p>If the customer is shopping you, regardless of age...the salesperson and the dealership have not proven to the customer any value whether it be in the product or the value of buying from them. <br/><br/>You are going to have a small percentage of people who will waste hours and hours of painful "best price" shopping...but the majority (goes back to basics) will buy from who they like and if there is enough value.<br/><br/></p>
<p>If the customer is shopping you, regardless of age...the salesperson and the dealership have not proven to the customer any value whether it be in the product or the value of buying from them. <br/><br/>You are going to have a small percentage of people who will waste hours and hours of painful "best price" shopping...but the majority (goes back to basics) will buy from who they like and if there is enough value.<br/><br/></p> @ Joe - It IS a race to the b…tag:www.dealerelite.net,2013-07-20:5283893:Comment:3784412013-07-20T00:35:17.709ZDavid Ruggleshttps://www.dealerelite.net/profile/DavidRuggles
<p>@ Joe - It IS a race to the bottom with the consumers who have the best credit and are truly Internet enabled. They can get dealers in bidding wars from the comfort of their PC. According to Experian, only between 28 and 32 percent of consumers have credit scores that might make them eligible to be fast trackers, but many of those are a ticking credit time bomb because of debt to income issues. We should NOT assume everyone is 720 FICO and higher and has all possible information. If a…</p>
<p>@ Joe - It IS a race to the bottom with the consumers who have the best credit and are truly Internet enabled. They can get dealers in bidding wars from the comfort of their PC. According to Experian, only between 28 and 32 percent of consumers have credit scores that might make them eligible to be fast trackers, but many of those are a ticking credit time bomb because of debt to income issues. We should NOT assume everyone is 720 FICO and higher and has all possible information. If a consumer did have all possible information, it is doubtful they could interpret it. The industry has either purposely, or by accident, made decyphering cost information impossible for consumers and next to impossible for sales managers. The funniest thing about "transparency" is that dealers aren't transparent with their own employees. Why should they be? </p>
<p>In the words of a training icon, long since passed, "One has to earn the right to ask all the "pushy questions." You can't just have a sales person meet a consumer and start an interrogation. There is an art to it. But that art is being redefined as accomplishing it over the Internet via chat, email, text, etc., can be problematic.</p>
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<p>The book is still being written, but everyone's an expert. I merely point out the math as it shakes out today and the inevitable result of absolute "transparency." Do sales people really want an efficient market, if they know what it means?</p>
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