Pub. 16 2017-2018 Issue 1

N E W J E R S E Y C O A L I T I O N O F A U T O M O T I V E R E T A I L E R S 15 new jersey auto retailer W W W . N J C A R . O R G 2. Structure the Deal Structuring and finalizing details of the deal should also be a fast and friendly process – an opportunity to increase profit per vehicle and heighten the customer’s enthusiasm. But today, the reality is far different – customers associate this part of the deal with emo- tions like frustration and anxiety. Ultimately, structuring the deal is about finding profit. A deal structured the right way provides maximum profit and customer satisfaction. Simplify the Conversation From a quick, first pencil to a proposal engine that handles virtu- ally any type of deal, your desking solution should deliver a fast, transparent, and accurate experience in a simple way – one that lends credibility. A good desking tool helps by accurately building upon the deal framework that’s been established online. Your sales representative can make sure this discussion establishes a positive relationship that carries into the aftermarket experience. That’s important, because today most people do not like the menu selling phase. As per a recent Cox Automotive study, the timing of when F&I options are presented creates confusion and frustration for buyers who believe they have already finalized their deal/ payment. It’s a critical issue that impacts overall satisfaction rates and profit per vehicle. The best way to solve it? Collaboration and transparency. Simply sitting down with the customer and having a data-driven conversation about their preferences – and by giving them control to accept or reject appropriate products – creates an interactive, pressure-free environment. 3. Transact the Deal The buyer’s journey winds its way through virtually every corner of a dealership. And for every one good thing that happens, one or more disastrous moments can occur that negatively impact your CSI. It’s not just about sales and the customer relationship anymore. Today’s fast pace and tight market puts added pressure on the transactional systems that finish the deal and get the customer on their way. These background workflows must be built with speed and accuracy in mind – and must be truly integrated from sales floor to F&I area and business office. Electronic contracting and registration and title processes not only help you reduce costs and catch errors, but speed up the transaction. That’s an improvement that can make a significant difference during the transactional phase of the deal, when the customer is anxious to leave and get through the final steps. Electronic Efficiency By now it’s an established fact of automotive retail: dealers cut expenses by using electronic contracting. What’s more, they can also enhance the customer experience. Because it leverages data and digital connectivity, this technology can speed funding, cut interest expenses, and improve cash flow. It also helps to eliminate the cost and hassle of re-contracting, by replacing the traditional and mistake-prone approach of manual data entry and calcu- lations, paper contracts with “wet” signatures, and overnight delivery of funding packages. Electronic contracting is the way most consumers prefer to handle the signing and documentation aspect of an automotive purchase. This same value can be found with registration and title. Smart workflow management doesn’t stop with sales and F&I. In fact, title clerks and controllers in the business office have a critical role to play after every sale. Vehicle registration and titling can be challenging and time-consuming – which makes it important to leverage capable solutions that provide an accurate calculation of taxes and fees, as well as offer extensive, automated error-checking. Combine this with a robust mix of local experience and advanced technology that features fast deal audits, a user-friendly applica- tion, and expedited data entry with DMS import, and you can create a powerful, lasting impression with your customers. Technology as a Partner Today, technology is a partner in how you start, structure, and transact a deal. If your workflow streamlines the amount of time spent for all parties, if it helps to reduce the cost of doing business, and if it improves the overall experience, chances are it will help to consistently execute satisfying deals, create efficiencies, and empower people to create stronger connections and build lasting relationships. After all, the most important law in today’s technol- ogy-driven sales market is that it is still – and always will be – a people business. Technology simply makes the connection, and the possibilities, stronger. Jason Barrie is Associate Vice President, Market Performance, at DealerTrack F&I and VinSolutions, both Cox Automotive subsidiaries. He is responsible for product operations, partner relations and market analytics. He can be reached at Jason.Barrie@coxautoinc.com. Vehicle registration and titling can be challenging and time-consuming – which makes it important to leverage capable solutions that provide an accurate calculation of taxes and fees, as well as offer extensive, automated error-checking.