Fenix Parent LLC, operating as Fenix Parts, a leading recycler and reseller of OEM auto parts, has completed its acquisition of the assets of Pacific Rim Auto Parts in Ft. Worth, Texas. Pacific is a specialty automotive recycler focused on ecommerce part listing and sales.

Bill Stevens, CEO of Fenix Parts, said, “We are pleased to announce the acquisition of Pacific and welcome the talented team to Fenix. We are excited about the opportunity to leverage Pacific’s specialty vehicle acquisition expertise with Fenix’s experience recycling hybrid vehicles. Our plan is for the Pacific team to focus on specialty, hybrid and electric vehicle recycling utilizing ecommerce sales channels.”

Fenix Parts continues to pursue opportunities that align with its strategic development plans.

Informed.IQ, a provider of AI-based software that verifies, streamlines, and optimizes loan processing, has partnered with FinBe USA (formerly Credito Real USA Finance) to digitally collect documents and verify financing policies.

Vehicle financing lender FinBe USA is well-positioned in the franchise and independent auto dealership market, already exceeding its original growth expectations. The partnership with Informed.IQ allows FinBe USA to quickly scale and accelerate growth while continuing to provide solutions to dealers that drive efficiency and give them a competitive advantage in this rapidly evolving environment.

Mike Thacker, a vice president at FinBe USA, said “We are in the people business and we are leveraging cutting edge technology to focus on a better experience for our dealers, consumers, and employees. We’re giving our employees the most innovative technology and tools to deliver the best service and results to our dealers.”

FinBe USA’s competitive financing options, optimized by Informed’s AI-driven data approach, aligns the two as ideal long-term partners. 

“FinBe USA’s focus is on providing a seamless and transparent financing experience to customers with many different types of credit circumstances.  Informed.IQ ensures that independent and franchise car dealers can focus on what matters most - building deep customer relationships,” said Justin Wickett, CEO of Informed.IQ.

Black Book has integrated with CarWiser Xchange, a platform and tool empowering auto dealers with better access to consumer cars. CarWiser, a renowned player in the automotive marketplace, champions a new era in vehicle acquisition efficiency and dealer consumer engagement by connecting consumers with dealers via the CarWiser.com instant, multi-offer marketplace.

CarWiser Xchange revolutionizes dealership operations by enabling consumers to receive instant vehicle offers.

“The platform receives extensive vehicle descriptions from consumers and by leveraging API technology instantly matches them to dealers, who can set up the tool to automate offers and specify their most desired vehicles.” said Patrick Howell, CEO of CarWiser.

CarWiser Xchange uses Black Book’s enhanced vehicle matching and history adjusted valuations to help dealers to maximize their profits.

This collaboration allows dealers to generate offers even while offline, fostering a seamless and efficient method to expand their inventory from local sources. CarWiser’s solution is not only accessible but requires minimal intervention post-setup. Account managers or dealers themselves can effortlessly configure parameters such as brand, year, and mileage, after which the system autonomously facilitates inventory acquisition through its software-as-a-service (SaaS) model.

CarWiser Xchange does not require the dealer to purchase the car, even after the offer is accepted. Once a consumer accepts a dealer’s offer, the consumer must still bring the car for inspection, at which point the dealer can modify or withdrawal their offer.

“Black Book’s integration into CarWiser’s state-of-the-art platform underscores our commitment to pioneering solutions that prioritize both dealer efficiencies and consumer experiences,” said Jared Kalfus, President, Black Book.

Cox Automotive has enhanced the Dealertrack Compliance solution through the addition of a new Synthetic ID fraud indicator, which will help protect dealers against fraudulent transactions earlier in the F&I process. The new Synthetic ID Fraud Alert integrates with trusted technology from Equifax, using patent-pending machine-learning algorithms, coupled with proprietary data sources, to detect synthetic identity behaviors, offering additional peace of mind to auto dealers. 

“As automotive fraud exposure continues to grow, synthetic ID fraud is increasingly impacting the industry, so there has never been a more pressing need for advanced tools to protect dealers from associated risks,” stated Kait Gavin, vice president of operations, titling and F&I solutions, Cox Automotive. “Cox Automotive Dealertrack recognizes the importance of giving retailers insights into identity verification (IDV) so they may circumvent increasing instances of ever more sophisticated fraud. With this new Synthetic ID Fraud Alert, dealers can rely on advanced technology to implement IDV best practices in their transactions online or instore to safeguard their business.”

With the new offering dealers receive an alert when a customer may be using synthetic ID and get a risk level assessment score when pulling credit. This will assist dealers to:  

• Better address fraud risk and establish a more secure end-to-end process for deals. 
• Reinforce early validation of a consumer before progressing them through the financing process by adding an additional layer of security for fraud detection. 
• Help protect their dealership from potential chargeback from lenders, which can be up to $15,000 per incident in potential losses. (Source: Synthetic Identify Fraud in the U.S. Payment System: A Review of Causes and Contributing Factors, The Federal Reserve, July 2019.) 
• Gain peace of mind in an era of increasingly sophisticated fraud. 

DAS Technology, a consumer engagement technology company, released its 10^th annual Automotive Customer Experience Trends Study at the National Automobile Dealers Association Show in Las Vegas. The comprehensive report, which provides insights from more than 7,000 recent car buyers and dealer service customers in the United States, indicates a clear trend: Dealerships are not meeting consumer expectations regarding digital communications.

“What was eye-opening from the feedback is that only 37% of consumers indicated they received payment options for their vehicle of interest from a dealer’s lead response communications. In addition, only 29% of respondents indicated that their selling dealer included options for similar vehicles when responding to their online inquiries,” said Alexi Venneri, DAS Technology co-founder and CEO. “Car shoppers have high expectations that dealers will present the requested information. Our industry has a big gap regarding how dealers interact with consumers online. DAS Technology (with the industry’s first next-level Consumer Data and Experience Platform) has the solutions to enable them to deliver the experience they desire more effectively.”

The study also found that only 2.4% of respondents — 60% of whom were male and 40% female — reported completing the car-buying process entirely online.

Other notable findings include:

• 95% of car shoppers said dealership reviews impacted which dealership they visited when shopping for a vehicle — up from 69% ten years ago.

• 84% of vehicle shoppers say review sites like Google are the most helpful in selecting their dealership.

• 88% of vehicle buyers report their dealership followed up with them consistently until a purchase was made.

• 18% of electric vehicle buyers didn’t initially plan on buying an all-electric vehicle, and 50% stated what changed their mind was the dealership had good deals on an EV in stock.

• Only 36% of service customers are offered additional repair services at their appointments. Yet, 51% of respondents indicated they would approve other recommended repairs if offered.

Five key takeaways from the study:

1. Harness the influence of a strong online presence: Demonstrate your commitment to positive customer experiences by actively curating customer reviews and ensuring timely automated alerts to know when consumers engage so dealers can respond.
2. Integrate AI-powered technology responsibly: Enhance your website with AI-powered live chat, being transparent about the technology, and offering an immediate way to engage with a human at the dealership location. Vigilant monitoring for a positive customer experience is also vital. Employ AI-powered lead response technology to proactively engage prospects with valuable information, encompassing alternative vehicle options in inventory, exclusive offers, and alternative payment options — and ensure that you have a system that can alert the dealership team when to engage directly.
3. Leverage DMS and CRM data for effective customer outreach: Utilize the data in your customer relationship management (CRM) and dealership management system (DMS) by conducting identity resolution before targeting customers with the right message at the right time. Establish a systematic approach to analyzing customer data to unlock hidden revenue opportunities. Leverage multiple channels such as SMS and email and use video to engage with consumers.
4. Elevate the customer journey through enhanced online interactions: Boost your dealership’s visibility through targeted online and streaming ads, active social media engagement, sharing reviews, and personalizing custom videos to move more consumers down the sales funnel.
5. Understand how to engage pre-order and EV customers: Enhance your approach by keeping your Google Business Profile current, and ensure you have strategies to engage customers who pre-ordered their vehicles throughout the waiting period. For EV shoppers, highlight special incentives and offers, share options for charging, and showcase additional dealership photos.