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Dealer News Today Podcasts
26 minutes | 2 days ago
Auto Sales in the Information Age | w/ Juan Flores (Kelley Blue Book) & Jade Terreberry (Cox Automotive)
Today’s episode is about clarity of information—and how it helps customer confidence. In an industry where customers can feel intimidated by transactions, high levels of information and transparency—around pricing, vehicle history, service, etc.—can dissolve fear, build trust, and create more sales. Derek D is joined today by Juan Flores — Senior Director of Product Management at Kelley Blue Book, and Jade Terreberry — Director of Dealer Sales Analytics for Cox Automotive. Their expertise on information and decision making, both on the consumer and dealership side, dovetail into a thorough picture of the importance of information in sales. Interview Highlights: How many years will drivers typically go to the dealership for service, before they defect to other mechanics? (And how do you win them back?) In vehicle recalls, 60% of drivers go straight to an OEM dealership. What happens to the other 40%? Where is there pent up demand that could be released post-pandemic? “It all comes back to the consumer expectations and the consumer desire for price transparency.” — Jade Terreberry ----- Episode Sponsor: Kelley Blue Book — KBB has been the industry standard in used car pricing and transparency for decades. Our resources bring automotive consumers and dealers to the table, equipped with the information and trust they need to move a deal forward.
31 minutes | 9 days ago
“We Can’t Put the Genie Back in the Bottle” | Lori Wittman & Jessica Stafford, Senior VPs at Cox Automotive
The past year has transformed car buying—from process streamlining, to digital customer relationships, to customer expectations. And once customers grow to expect a way of doing things, it’s just about impossible to turn back.On this episode, Derek is joined by Jessica Stafford, Sr. VP of Consumer Solutions, and Lori Wittman, Sr. VP of Dealer Software, who discuss transformations in auto retail, with expertise on both sides of the sale. “Seamless. That’s the key word,” says Derek, referring to the fact that digital retail tools work at all touchpoints, from trade-in values, to credit reports, to the final sale, integrated into a CRM that works for dealers and consumers across all devices.The results are time savings for all parties, and an increase in customer satisfaction.Interview Highlights:What percentage of dealers adopted digital tools in the past year, and what percentage see that digital retail increases customer satisfaction.How digital retail tools can make data easy to utilize for consumers and dealers who are not data-oriented people.A Derek D personal story about how NOT to use customer data.--------------“We gotta keep moving forward . . . because consumers aren’t going backwards.”— Jessica Stafford--------------Episode Sponsor:AutoTrader — Your ulitmate online tool for trading new, certified pre-owned, and used vehicles. AutoTrader gives you more control, and makes the process of buying and selling easier than ever before.
25 minutes | 14 days ago
Novel Thinking Part 4 — "2021 could be phenomenal." | Jake Sodikoff, Dealer Principal at Steven Nissan (Harrisonburg, VA)
Randy Kobat and Jake Sodikoff last spoke in March, at the beginning of the pandemic. Back then, Jake predicted the importance of used inventory during COVID. During 2020, his team was ahead of the curve, both in buying up inventory and providing at-home services to customers.Today, Randy and Jake catch up on the events of 2020 and make new predictions for the year ahead in the automotive industry. In 2021, Jake remains competitive in finding innovative ways to serve customers and move vehicle inventory.Interview Highlights:At what levels are Nissan and Toyota producing inventory, compared to normal times?The importance of exploring better services and processes for streamlining home vehicle delivery.Jake’s biggest takeaways on 2020—uncertainty, challenges in leadership, navigating the social and political environment—and his optimistic predictions for 2021.Guest Quote:“And as the market picks up, we’ll ride that wave and continue to be efficient with our turn.”— Jake SodikoffJake Sodikoff is Dealer Principal at Steven Nissan in Harrisonburg, VA. He is a board member of the Virginia Auto Dealers Association and Chairman of the NCM Velocity 20 Group.Randy Kobat is VP of Operations for several Cox Automotive companies, including vAuto and Kelley Blue Book Instant Cash Offer.The DNT Podcast is a production of Cox Automotive and The Dave Cantin Group.--------------Episode Sponsor:vAutois an inventory management and pricing service that helps dealers work better and more precisely than the competition. It’s a part of Cox Automotive, an international leader in Automotive Industry innovation, information, and software.
21 minutes | 17 days ago
Every Tech Integration is a Win-Win-Win | Derek D w Emil Banga, Assc. VP of Operations at Cox Automotive, Dealertrack F&I Solutions
From the dealership, to the lender, to the customer— How do we help adapt to a new socially-distant sales environment, while simplifying communications and saving time, in vehicle leasing and financing?Today on the DNT Podcast, Emil Banga talks to Derek D about how digital contracting is cutting the fat out of vehicle transactions (leaving all the best parts intact), saving time, and helping keep all parties safe. While this purchasing model has been expedited by the pandemic, it offers a number of benefits in any sales environment.Episode Highlights:What percentage believes consumers will increase digital consumption in 2021?How are technological advancements affected by state laws that lag behind?What is Emil’s expert opinion on what vehicle sales will look like post-pandemic“We set the foundation last year. This year is—now that dealers are leveraging the product—how do we make it better for them?” — Emil Banga--------------Episode Sponsor:Dealertrack F&I creates integrated technologies that make the process of vehicle leasing and financing faster and easier for all parties, from dealers, to lenders, to consumers. Dealertrack powers growth in the automotive industry.
26 minutes | 22 days ago
Bridging the Gap Between Traditional & Digital Retail | Chase Abbott - VP of Sales at Cox Automotive
Derek D is joined today by Chase Abbott, VP of Sales at Cox Automotive. Chase explains how AI now translates data into common sense customer insights, bridging the gap for dealers used to “getting a read” on an in-person buyer. He also explains how digital tools can, counter-intuitively, help in-person sales by cutting tedious processes like credit checks—while saving the exciting moments, like test drives, for the dealership. In all, Chase argues that digital retailing won’t eliminate in-person car sales, but that it’s an important aspect to integrate, for any dealer who wants to increase total sales and success moving into the future. Interview Highlights: 49% of dealers plan to go away from digital retailing after “things go back to normal” — What this means and why it can be hard for some professionals to change. How AI helps dealership sales to scale.Chase’s career story, from showroom salesperson, to his dealership’s “internet guy”, to the early days of VinSolutions, to VP of Sales at Cox Automotive. Episode Quote: “I remember my dealer principal said, ‘Nobody’s ever gonna buy cars through a damn website!’ . . . I need to call him today and have another conversation!” — Chase Abbott -----Episode Sponsor: VinSolutionsintegrates your systems to give a single view of the customer across your dealership. It's a customer relationship tool built by developers who know how to create smart solutions, and car dealers who know what it takes to sell cars every day.
22 minutes | a month ago
Novel Thinking Part 3 – “Living in the now”
Used car guru Jonathan Hakes joins Randy Kobat to explain how he helped carry Dorschel Automotive Group through much of 2020 with pre-owned sales, and what he's doing to adapt to the current phase of the pandemic. Plus, Jonathan talks about utilizing data in the here-and-now to determine the best pricing and timing for sales on all used vehicles. Interview Highlights: How the balance between used cars and new cars has shifted throughout the pandemic, and where it is now. How your team members can sharpen each other’s skill sets and make more deals How resources like Kelley Blue Book can both improve confidence with customers and be a buying signal that helps target the most interested consumers. “What we’ve done well with vs. what the market says… I think of it like EBAY. You have so many listings there. That’s great, but what’s actually selling? I want to focus on that.” — Jonathan Hakes Jonathan Hakes is the Used Vehicle Inventory Director at Dorschel Automotive Group in Rochester, NY. Randy Kobat is VP of Operations for several COX Automotive companies, including vAuto and Kelley Blue Book Instant Cash Offer. Episode Sponsor: vAuto is a powerful inventory management tool that helps today’s dealers price and sell vehicles better than the competition. It’s a part of Cox Automotive, a world leader in Automotive Industry information, software, and innovation.
20 minutes | a month ago
With new pricing tool, data drives used car profits
“When business is good and easy, I fear that dealers often turn away from important disciplines and strategies to make even more money.” —Dale Pollak Here comes another DNT with Derek D! Today, Derek interviews Dale Pollak, Founder of vAuto, Executive Vice President at Cox Automotive, and bestselling author of Velocity: From the Front Line to the Bottom Line. Dale delivers some extremely poignant thoughts on today’s used car market. He also talks about the insights behind vAuto’s profit-driven pricing tool, ProfitTime 2.0, which uses data to know the probability of any given used vehicle, on a given day, at a given price. Interview Highlights: A warning to anyone who thinks the environment of 2020 will be the “new normal” in automotive.Which aspects of 2020 used cars success will continue into 2021? Which aspects were temporary phenomena?In the past, we stocked used cars to sell them. Today we sell used cars to stock them— how this subtle understanding can increase your pre-owned profits. ----- Episode Sponsor: vAutois a powerful inventory management tool that helps today’s dealers run better than the competition. It is part of Cox Automotive, a world leader in Automotive Industry software, information, and innovation.
23 minutes | 2 months ago
2020-2021: Turning the Corner
“It’s incredible to see where the technology is today, and I’m excited to see where it will be in 5 years.” It’s time to reflect on the year gone by and take a look at the year to come. On today’s DNT Podcast, Derek D is joined by two guests: Dave Cantin, CEO of Dave Cantin Group (and DNT's original host), along with Charlie Chesbrough, Senior Economist at Cox Automotive. Derek, Dave, and Charlie take a look at the most important developments of 2020 and give some interesting takes on what we can expect in 2021, in regards to stimulus and the economy, as well as emerging technologies. Interview Highlights: Which two major factors boosted automotive demand in Q3-4 2020? Will they continue in 2021? Will 2021 be the breakout year for electric vehicles? If so, what will it take for a manufacturer to win the tech race and dominate the market? What other tech might move so quickly that retained value on 2021 vehicles will suffer after 3-4 years? ______________ Dave Cantin is CEO of Dave Cantin Group, the country’s leading automotive mergers & acquisitions firm. He has over 20 years of experience in the automotive industry, including as a dealership owner. Charlie Chesbrough is Senior Economist and Senior Director of Industry Insights at Cox Automotive, a world leader in automotive industry software, information, and innovation. Charlie has spent two decades in automotive and three decades in economics.
23 minutes | 2 months ago
The Flip Side of Sales in 2020
“If you can do these 3 things well, you put yourself in a good place to be one of the top dealers in your market.” —Brian FinkelmeyerToday— the premier of DNT with Derek D. You’ve heard his voice on episode introductions, now see what professional actor, comedian, and host Derek D brings to the table as an interviewer. Tune in to hear Derek talk with top automotive professionals twice a month on the DNT podcast.Derek’s first guest is Brian Finkelmeyer, Senior Director of New Car Solutions at Cox Automotive. Brian returns to the DNT podcast to tell his story—from moving to LA to answer phones for Nissan, to now being a leading authority in the auto industry. He also reflects on some of the major (but less obvious) impacts and insights from COVID-19.Interview Highlights:How COVID-19 has benefitted auto dealers by shifting supply and demand, and predictions for how this will (or won’t) continue post-pandemic.The one brand that leaned into the new market most effectively, to move up the ranks in the luxury market.What’s the best new sports car of 2021? (Derek and Brian agree it’s the best-ever model year for this classic car.)And much more.--------------Derek D is an actor, comedian, and host with 15 years of experience in the entertainment industry. Before becoming a host on the DNT podcast, Derek was well known in the automotive industry for hosting the award winning car news show Fast Lane Daily.Brian Finkelmeyer is Sen. Director of New Car Solutions at Cox Automotive, a world leader in Automotive Industry software, information, dealership support and innovation.
20 minutes | 3 months ago
Season 2 'Novel Thinking' Series Episode 2: Playing Inventory “Moneyball” in 2020
Trent Waybright has played scrappy and smart with his pre-owned inventory during the pandemic. It’s worked so well, the auto group is going ahead with plans for a new auto mall in 2021.We’re back for another episode of Novel Thinking with vAuto’s Randy Kobat. Today’s guest is Trent Waybright, Vice President of Pre-Owned Operations for Kelley Auto Group in Fort Wayne, Indiana.With the current challenges in new car inventory, Waybright has undertaken successful tactics in used car sales to power revenue and deliver success at this dealership during the anomalous year of 2020. In addition, his positive outlook is refreshing, as he focuses on constantly adapting and learning new lessons in uncharted territory.Highlights include:Strategies involving proactive stocking of inventory, lease turn-ins, virtual auctions, and bronze inventory in used car sales.Adapting in a pandemic, both to acquire cars online and make sure all buyers are comfortable.The one thing our guest is focused on for finishing the year strong.Interview quote:“Another focus of ours will be subprime as we head into ‘21, and from an inventory perspective, being lean and mean, taking it a day at a time.” —Trent Waybright____________________vAutois an inventory management tool that helps today’s dealers run better than the competition. It is part of Cox Automotive, a world leader in Automotive Industry software, information, and innovation.Kelley Automotive Groupis a leading auto retailer in Fort Wayne, Indiana. Now a vendor of GMC, Chevrolet, Buick, Cadillac, Ford, and Volvo, they have served the Northeastern Indiana community since 1952.
16 minutes | 4 months ago
“We’ve got a showroom full of customers.”
An Automotive Success Story in Tumultuous 2020.Today’s host, Brian Finkelmeyer of vAuto, is joined by David Barash, Director of Finance at the Detroit-area Glassman Auto Group.Brian asks some extremely pointed questions on the past, present, and future impact of COVID-19. David provides detailed and thoughtful answers, not just pertaining to his own market but in observation of national trends and opportunities.What we get is a story of success in hard times, an optimistic outlook about the future, and some valuable lessons for how to adapt, learn, and succeed as auto dealers in this rapidly changing environment.Discussion Highlights:The shift to digital retailing, and what percentages of Glassman’s customers are interacting at different levels of this new sales process.How access to information has changed the way customers interact with car dealers.Why during COVID, we do less “selling” and more consulting – and how this is an opportunity for dealers to more deeply understand the customer experience.“I challenge every dealer out there to jump on that wagon, because if you don’t, it’s just gonna drive by and pass you.” — David BarashCox Automotive is a world leader in auto industry resources and information, providing information, platforms, and systems to enhance the automotive retail experience. Among them is vAuto, a leading resource that solves inventory challenges for dealerships across the United States.Glassman Auto Group is a leading automotive retailer that sells new Kia, new Hyundai, new Genesis and new Subaru, as well as pre-owned vehicles. Based in Southfield, Michigan, they have served the Detroit-area community since 1969. David Barash is Director of Finance at Glassman, giving him unique and deep insight into many aspects of the current American auto industry.
21 minutes | 4 months ago
Season 2 'Novel Thinking Series' Episode 1 - “You have to trust the data. You have to trust yourself.”
Introducing “Novel Thinking” w/ Randy Kobat of Cox Automotive – Today with Independent Dealer Bradley BerndtWelcome back for Season 2 of the DNT Podcast! We’re proud to kick off the season with a new series: Novel Thinking with Randy Kobat of Cox Automotive.Today’s interview is with Bradley Berndt of Green Bay, WI. Berndt first visited the DNT podcast in April, when the COVID-19 was still new. Now that the world and the auto industry are relatively acclimated to the pandemic, Randy and Bradley look back on the past six months to analyze lessons learned and talk about charting the path forward, plus what Bradley calls “The Great Pause” and how it’s helped him increase sales year-over-year in 2020.This episode is packed with value. Bradley Berndt has a sharp mind for dealership decision making, and he drops golden nuggets of insight about every thirty seconds. Listen closely, and you might want to take notes.Interview Highlights Include:How our guest has filtered out deluge of irrelevant data to stay focused on what is relevant and valuable to his business.The pros and cons of digital retailing, at the start of the pandemic vs. todayWhat are the little details and data points that, if you know how to recognize them, will add up to success in hard times.“I need to pay attention to what’s happening in my world today and only today.”— Bradley Berndt, Independent Auto Dealer--------------Bradley Berndt is the owner of Auto Haus on Velp, a dealer of pre-owned luxury vehicles in Green Bay, Wisconsin that values Integrity, Quality, and Respect.Cox Automotive is a world leader in Automotive Industry innovation and information, “delivering inspired results to bridge the gap between consumers, manufacturers, dealers and lenders at every stage of the automotive experience.”
29 minutes | 7 months ago
Cox CEO Steps Down, Exclusive interview
Sandy Schwartz Discusses Moving On After 35 Years Leading Cox AutomotiveFor the automotive industry, this feels like a sports legend leaving the game. Sandy Schwartz has led Cox Automotive through a myriad of victories with grace and style. Acquisitions during his tenure – Autotrader, Kelley Blue Book, and many more – grew the company to 35,000 employees and continue to lead the industry’s digital transformation. Now Sandy takes a bow. DNT is honored to present his first interview as he ends a historic run as Cox Automotive CEO. Highlights – Sandy Schwartz Talks About:Over three decades at the helm of Cox Automotive, and the company’s monumental success during his time as CEO. Wisdom on leadership – with priceless perspective for anyone looking to advance their career. Looking ahead to his next role at Cox Enterprises, as CEO of Cox Family Office. Episode Quote: “You better be a progressive leader, you better be willing to take chances, you better embrace technology, and you better understand your customer.” — Sandy Schwartz --------------Episode Sponsor:DCG — We’re more than just dealership brokers. DCG Acquisitions is the automotive industry’s most successful dual agent acquisition specialist. DCG Capital takes you beyond the acquisition, with lender relationships that provide floor plan financing, reduced interest rate loans, and other powerful tools to sustain and grow your dealership business.
26 minutes | 7 months ago
“Our Business is Changing.” Adapting to Digital Sales with Mark Vickery, Senior Director of Performance Management at VinSolutions.
An interview with Mark Vickery, Senior Director of Performance Management at VinSolutions. Mark Vickery is an expert in CRM systems for auto dealerships. He meets with dealers every day to help optimize their technology and operational investments. In the current market environment, these systems are more crucial than ever. Mark recently wrote an article about the road to digital adoption at dealerships and how technology decisions might make or break the future of your car dealership. He brings that expertise and perspective in today's conversation with Dave and Andy. Interview Highlights:Where are the 3 categories of customers adapting to digital car sales? How are CRMs changing to better capture online customers? Why will dealers suffer if they don’t adapt? How can dealers thrive by adapting ahead of the game? --------------Episode Sponsor: DCG Acquisitions — DCG Acquisitions is the automotive industry's most successful dual agent acquisition and growth specialist. For more information and to view their collection of premier dealership listings– Contact DCG Acquisitions today.
27 minutes | 7 months ago
How an Industry Veteran Is Turning the Pandemic into Record Sales
Host: “This is part of the new normal. This is now the future.”Guest: “And it behooves us to be aware and capitalize on it.”An interview with Stephen Wade, Founder of Stephen Wade Auto Center in St. George, Utah. Wade and his company have thrived during the COVID-19 pandemic, turning the crisis into perhaps Wade’s best year of nearly a half-century in the car business.Interview Highlights:How did Stephen Wade Auto Center play the new and used car markets to thrive during the pandemic?How does Wade predict markets will shift in fall 2020, and how is he preparing his company for what comes next?Does Wade believe it’s time for dealership owners to be in “acquisition mode” for new franchises?Plus: Wade pays tribute to long-time business partner Robert Garff, as he tells the story of how they got started together in the auto business.--------------Episode Sponsor:DCG Capital - DCG Capital’s lender relationships can provide new car dealers with working capital loans, floor plan financing, mortgage loans, and other reduced interest rate financing at historically low rates. Contact DCG Capital Today.
24 minutes | 7 months ago
“It’s All About Saving Time, Effort, and Energy That Comes Back to Your Bottom Line.”
"It's an absolute no brainer ... We have to continue to digitize, to find these solutions that we're able to use easily."Today’s interview is with Joey Yates, Senior Director of Business Operations at Dealertrack, and Tab Edmundson, VP of Client Solutions at IAA Total Loss Solutions. Their organizations have partnered to build digital tools, plus a network of insurance providers and auto lenders, that streamline complicated auto sales and add huge gains to dealerships’ bottom lines.Interview Highlights:How can successful partnerships combine resources to have an industry-changing impact?How do the right digital tools save time, create sales, and lead to greater profits?What are the data that show these tools are now more critical than ever to car dealers?--------------Episode Sponsor: DCG Acquisitions — DCG Acquisitions is the automotive industry's most successful dual agent acquisition and growth specialist. For more information and to view their collection of premier dealership listings– Contact DCG Acquisitions today.
30 minutes | 7 months ago
Exclusive advice: The market is sliding back. Car dealers need to prepare. Jonathan Smoke − Chief Economist, Cox Automotive
After a rapid industry recovery, “the next 3-6 months could see some reversing trends as COVID-19 cases grow and threaten the industry.”Our interview with Jonathan Smoke, Chief Economist for Cox Automotive, contains amazing insights on factors that led to record setting sales in May and June, along with reasons to be cautious as the industry’s recent gains are likely to recede in the coming months.Episode Highlights:What are “the 4 C’s” that led to unprecedented gains in May and June?How should dealerships act now that the 4 C’s (and the car market) are declining again?This presidential election may be the most volatile in our lifetimes. How will it affect the auto industry?--------------Episode Sponsor:DCG Capital - DCG Capital’s lender relationships can provide new car dealers with working capital loans, floor plan financing, mortgage loans, and other reduced interest rate financing at historically low rates. Contact DCG Capital Today.
26 minutes | 7 months ago
Understanding critical inventory windows - Randy Kobat, VP Inventory Mngmt. Cox Automotive
“Dealers need to fully understand inventory windows going into the future.”Inventory is the hottest topic in the auto industry today. Dealers are facing huge challenges meeting demand and managing inventory levels. Today we interview inventory expert Randy Kobat.Randy Kobat is vice president of operations for Cox Automotive’s Inventory Management Solutions which includes vAuto, Kelley Blue Book Instant Cash Offer, and Rebates & Incentives businessesInterview Highlights:There is still a lot of uncertainty for the remainder of 2020. What dealers need to watch out for just over the horizon.There is a very tight correlation between home sales and car sales and there is a reason dealers need to pay attention to those metrics.What the OEMs didn’t understand about the pandemic and helping dealerships manage and maintain inventory levels. Why dealerships are struggling to find quality used cars.--------------Episode Sponsor:LoanerToOwner - The only website dedicated to helping dealers promote and sell their loaner car inventory. Visit LoanerToOwner.com to get your inventory listed now!
29 minutes | 8 months ago
Are we just waiting for Jeff Bezos to come in and take over online auto retail?
Can you truly automate the car buying process 100%?An interview with Steve Zabawa, Co-Founder Rimrock Auto Group & WebBuy,. WebBuy is the oldest digital retailing company, and truly designed to sell a car at 11 pm with no humans! Truly automated the car buying process.Interview Snippets:Dealers are going from 1 to 25% of deliveries outside of the dealershipDigital retail companies are getting intense pressure from the manufacturers to get dealers fully onlineConsumers are demanding a better and faster process to buy a car.--------------Episode Sponsor:LoanerToOwner - The only website dedicated to helping dealers promote and sell their loaner car inventory. Visit LoanerToOwner.com to get your inventory listed now!
22 minutes | 8 months ago
If you don't have a person of color around the table, you have an issue- Damon Lester. NAMAD
“Look at your leadership and if you don't have a person of color around the table, you have an issue.”A conversation that must be had. An interview with Damon Lester. President, National Association of Minority Automobile Dealers (NAMAD)Interview Snippets:How is the automotive industry overcoming racial issuesMinority consumers have greater than 30% buying power What is being done about the lack of parity in ownership--------------Episode Sponsor:LoanerToOwner - The only website dedicated to helping dealers promote and sell their loaner car inventory. Visit LoanerToOwner.com to get your inventory listed now!
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