Wednesday, 17 January 2018 01:12
The National Association of Minority Automobile Dealers recently presented its third annual Diversity Volume Leadership Awards (DVL Awards). NAMAD and IHS Markit partnered to celebrate brands that are driving sales leadership with ethnic consumers, while also addressing and educating the industry about the necessity of dealer ownership increasing to reflect a diverse population. The DVL Awards were announced Jan. 14, at Cobo Center ahead of the North American International Auto Show. Winners of the DVL Awards demonstrated the highest new vehicle registrations with ethnic, women, and millennial consumers. This year's awards were based on an analysis of more than 13 million personal new vehicle registrations from IHS Markit for the 2017 model year. This year, NAMAD and IHS Markit honored American Honda with the "Top Overall Ethnic Vehicle" DVL Award, for the second year in a row. This award honors automotive brands dedicated to driving sales leadership with Asian, Native American, Hispanic and African American car buyers. Overall, GM and its brands received 11 DVL Awards, Honda-six DVL Awards, Toyota/Lexus received nine DVL Awards, Ford received two DVL Awards, Mercedes-Benz received one DVL Award, and Harley-Davidson received one DVL Award.
Tuesday, 16 January 2018 01:32
Cox Automotive released the findings of its Future of Digital Retail Study, with results showing that the current dealership model needs to change with consumer preferences, but that the dealership remains central to car buying. While most consumers prefer completing at least one step of the car buying process online, most car buyers want to complete the transaction at a dealership. On the digital front, 71 percent of consumers want to get accurate, detailed information on the deal online and 83 percent of consumers want to complete at least one purchase activity online. Consumers indicate they want to complete a majority of the legwork before they enter the dealership. They want to agree on an accurate price that does not change later in the process, understand and select add-ons and warranties, agree on a trade-in value and other costs ahead of time, reducing – or eliminating – the time necessary to negotiate the final purchase price in-store. The average buyer currently spends three hours at the dealership during a car purchase, with 90 minutes spent on negotiating the financial details. Consumer satisfaction with how long the process takes at the dealership continues to decrease, dropping from 55 percent in 2016 to 46 percent in 2018.On a parallel track, the dealership is important for consumers in both initial research and final purchase processing. Nearly nine in 10 respondents want to complete their purchase at the dealership; only 11 percent of consumers want to review and sign paperwork online away from the dealership. However, Cox Automotive research shows a growing percentage of people are interested in completing the entire purchase online in the future.The dealership continues to have a significant role. Eight in 10 consumers would never purchase a car without a test drive and seven in 10 would never purchase a car without physically seeing it first, even if a condition report is offered – both activities typically conducted at a dealership. The survey also indicates that most car shoppers want dealership staff to be valuable consultants during the process, especially for learning about the individual products, features and vehicle capabilities. “The results of our study show that the most successful dealers are the ones who offer a connected in-store and online experience, where consumers start car-buying activities online and seamlessly finish them at the dealership,” said Mike Burgiss, vice president, Digital Retailing, Cox Automotive. “Importantly, a more efficient process is not only better for consumers, it's better for dealers as well.”
Auction veteran Kenneth “Kenny” Osborn died Jan. 10 at his…
The National Association of Minority Automobile Dealers recently presented its…
Manheim has expanded the role of Derek Hansen as vice…
Cox Automotive released the findings of its Future of Digital…
Friday, 12 January 2018 01:42
The National Auto Auction Association's Warren Young, Sr. Scholastic Foundation has created the Ken Osborn Auction Education Scholarship in honor of the late industry veteran who also held various NAAA leadership positions during his 37-year career in vehicle remarketing. Last December a ceremony was held in Dallas to present Osborn with a plaque commemorating the naming of the scholarship, which recognizes contributions he made in the role of mentor to generations of those working in the auto auction profession.The Osborn Scholarship is one of the nonprofit foundation's 12 merit scholarships totaling $52,000 awarded annually for study at a college or technical institution to eligible full-time employees of NAAA members or the corporate office, their children or grandchildren. Recipients are selected based on a variety of qualifications, including academic record, leadership skills, honors, goals and aspirations, work experience and community involvement.Black Book made the honor possible by agreeing to rename one of the two scholarships it had sponsored by purchasing naming rights.
Friday, 12 January 2018 01:42
Cox Automotive has promoted Zach Hallowell to vice president, Manheim Digital Marketplace and RMS Automotive. In this role, Hallowell will direct and coordinate the overall domestic and global operational activities for digital channels – OVE, Manheim.com and Simulcast and OEM-specific marketplaces – along with RMS Automotive and its global business. In his previous role as general manager of RMS Automotive, Hallowell was responsible for directing and coordinating the overall global activities of RMS to ensure optimum efficiency and productivity to maximize growth, profitability and customer satisfaction.Hallowell is a graduate of Middlebury College and is the named inventor on numerous patents related to wholesale remarketing systems, including vehicle lifecycle management, electronic marketplaces, and third-party vehicle inspection processes. Before joining RMS Automotive in 2015, Hallowell held several senior leadership roles at Openlane and served as vice president of product management for ADESA.