An Inside Look At How to Fill Your Lot & Keep It Full

Like many retailers and manufacturers worldwide, the automotive industry was heavily struck by the ramifications of the COVID-19 pandemic. With national chip shortages, back-ordered products, late deliveries and dwindled inventory, dealers today were forced to rethink the entire car-buying process from online transactions to proactive vehicle acquisition strategies. However, like many surprise success stories, COVID-19 provided dealers with record-breaking results despite low and scarce new inventory.

So, what has changed in this “profitable dealer’s market,” and how can dealerships stay competitive and continue to reach record profits?

The answer is simple, vehicle acquisition.

Consumer demand is at an all-time high. As vehicle prices rise and inventory declines, over 60% of consumers have admitted to not adjusting their car-buying timeline. As delays in new-car production continue to grow, the market value on high-quality pre-owned cars has increased by almost 45%. To combat market conditions today, dealers can optimize their current car-buying strategy with increased integrated online and offline efforts to ensure they are acquiring new and pre-owned vehicles at the right time, to the right person.

Connecting the Dots for a Better Customer Experience

See how dealers across the nation are unlocking the power of true performance, personalization and integration with customer experience solutions.

Today’s automotive ecosystem is being reshaped by seamless integration, digital adoption, technological advancements and empowered consumers. Thanks to companies like Amazon and Netflix, consumers no longer strive for personalization, convenience and speed, they expect it.

“It’s astonishing — dealerships today utilize about 10 to 15 different technology applications to communicate with customers. Like separated pieces of a puzzle that were never designed to integrate or fit with one another,” says David Boice, CEO of Team Velocity. “This siloed system leaves the customer more confused and frustrated than ever.”

Just in these past two years, we have seen the industry lean into a new digital and integrated era more than ever before. Companies regardless of industry are searching for new ways to stand out from their competition and provide the best possible customer experience across both online and offline mediums.

STAYING AHEAD OF THE COMPETITION

Paragon Honda and Acura see a 133% increase in revenue using Team Velocity’s Retention Solution, Apollo Service.

In a time when customer retention has never been more critical, we sat down with Brian Benstock, vice president and general manager of Paragon Honda and Acura, to reflect on his success as he celebrates his 39th year in the industry. In the wake of COVID-19, Paragon achieved a 133% increase in revenue utilizing Team Velocity’s award-winning customer experience technology, Apollo. “2020 was the best year we have ever had, in the middle of a global pandemic. Team Velocity helped us achieve that,” says Benstock.

“The whole notion of having to come to a dealership for service is outdated. If a customer doesn’t want to set foot in the dealership, they shouldn’t have to,” says Benstock. “Our customers don’t have time to waste when buying or servicing their car. Technology has changed their expectations, so we have to change our approach and exceed those expectations.”

“I replaced the most popular legacy service scheduling tool with one from Team Velocity that is fully integrated with my website and my DMS, includes personalized service coupons for every one of my customers, and offers the ability to pick-up and drop-off vehicles. Not to mention, the entire process can be completed in about 30 seconds or less from a mobile device. Team Velocity’s service products have made it drastically easier for my customers to schedule service, which has increased our online service appointments by five times and played a significant role in helping Paragon achieve 133% growth in revenue,” says Benstock.

DOUBLING DOWN

How One Auto Group Achieved Double-Digit Growth Amid the Pandemic with the Help of Integrated Technology

While other dealerships have scrambled to quickly adapt to changes brought on by this year’s pandemic, the Murgado Automotive Group’s position never wavered, thanks to the keen foresight Mario Murgado and his partners had during the economic recession from 2008 to 2010.

Mario Jr. serves as the Marketing and Operations Director at the Murgado Automotive Group – Brickell Motors, which his father founded back in 2001. The Miami-based business has over 18 locations that sell a wide selection of brands, ranging from mass-market Honda and Nissan to luxury Bentley and Ferrari.

“After graduating from college, I came back to the automotive world and focused on sales management. My return took place right after the 2008 – 2010 economic recession. Back then, we really had to change our business into an internet sales model, or digital-forward model, that a lot of the automotive industry really had not adapted to or taken initiative yet,” Mario Jr. said. “Being a little bit younger and exposed to more of the technological side of the business, it was a good opportunity for me to look into how we could create an internet sales department that would withstand the upcoming market change.”

Paragon Honda Paves the Way with Personalized Customer Experiences

As a dealership partner and industry leader, Brian Benstock knows the importance of staying ahead of the technology curve.

For many years, the general manager and vice president of Paragon Honda and Paragon Acura in Queens, NY has made keynote speeches at industry events across the country encouraging dealers to leap into the new age of the frictionless customer experience, or risk getting left behind.