Mario Murgado

CDK Global reports on dealership activity. Not so doom and gloom after all for the car business and the in dealership experience. #Automotive #CDK #Dealerships #DealershipDesign CDK Global Article Link: https://lnkd.in/g2RWyACJ

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Is your dealership getting pressure to re think its F&I’s GAP sales best practices? We have a solution that addresses those requirements while adding income to your bottom line. Contact us to learn more!

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While the upswing in 2024 isn’t likely to be as strong as last year’s, the wholesale vehicle market is showing a gradual rebound in volumes… Cherokee Media Group’s Joe Overby has more in this premium content from #AutoRemarketing. #businessintelligence #usedcarweek

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Auto dealerships with better talent management strategies had turnover rates that were 17 percent lower than dealers who don't. Some of the good practices dealers can use for the highest rate of success are structured recruiting, formal training on an ongoing basis, and long-term incentives.

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Indeed....Damon Lester is speaking at ASOTU CON! 🙌 You probably know him from his tenure as president of the National Association of Minority Automobile Dealers (NAMAD) where he made a significant mark on the automotive industry over 20 years, and we can't wait to hear his insights since becoming a dealership owner himself! Under his guidance, NAMAD played a crucial role in advocating for minority dealership ownership, which contributed to a significant recovery in the number of minority-owned dealerships. His focus on ensuring automakers fulfill their diversity commitments and his work in developing future leaders through the NAMAD NextGen group have been key components of his advocacy. In 2021, he further expanded his influence in the industry by purchasing Nissan of Bowie, gaining firsthand dealership experience. Lester's efforts to adapt to the evolving automotive landscape, including the shift towards electric vehicles, offer valuable lessons on resilience and innovation. Dealers can learn much from his experience in navigating industry challenges, advocating for diversity, and embracing new business models. So join us in Baltimore, MD and learn from him live on day 2's panel "How To Address Today’s Most Pressing Affordability Issues Enhance customer satisfaction, loyalty, and ultimately, your dealership’s success in the current economic landscape." Key Panel Takeaways? -Strategies for offering flexible and innovative financing options to customers. -Sales approaches that highlight value and build trust with consumers concerned about affordability. -Best practices for educating customers on the true cost of ownership and the value proposition of their purchase. See you there! https://www.asotucon.com ____ #automotiveindustry #cardealers #dealerships #automotive #afforability

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🚙Used Car Managers🔥 🔥General Managers🚗 🚘Dealer Principals🔥 🔥Automotive Professionals🚖 The way you price your inventory will make or break your profitability. This Friday, May 10th, starting at 9AM EST/ 6AM PST... David Long leads an hour long conversation with automotive’s sharpest minds to bring you actionable strategies that help perfect your pricing strategy. David Long’s All Things Used Cars. Jump in the conversation or be a 🪰on the wall like me! Either way, you'll walk away with profit-boosting insights to grow your bottom line immediately. 💰💲💵💪🤑 Look in the comments for a link to RSVP. You'll be texted a reminder once the room opens up. But in the meantime enjoy this eye-opening exchange between Brian Kramer and David Long on how to Create Your Own Market. #automotive #autodealers #automotivemarketing #automotiveindustry #carbusiness #automotivesales #newcarsales #usedcarsales #usedcardealer

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Yesterday, a major hiccup in the digital infrastructure of the auto industry unfolded as CDK Global experienced a system-wide login issue, impacting over 15,000 dealerships, including many in South Florida. But when technology fails, resilience takes the driver’s seat. This is the moment to dive deep into your resources, leverage tools like Auto Alert and Automotive Mastermind, reach out to past customers, rekindle relationships, and drive sales through personal connections. #ResilienceInAuto #DigitalDowntime #CustomerConnection #BDCStrategy #WorldWideBDC

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The episode discusses compensation models in Fixed Operations. Some Dealerships maintain strict salary limits for certain positions, regardless of performance. This approach may affect talent retention and department effectiveness. We're curious about your thoughts on this topic. Have you experienced this at your Dealership? Do you know of alternative compensation models that have been effective?

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As reported in the Haig Report, more dealerships traded hands in Q1 2024 than any other first quarter in auto retail history, with an estimated 151 dealerships bought or sold. Private dealers were highly acquisitive in Q1, acquiring an estimated 131 dealerships, of which 15% were purchased from clients of Haig Partners. Publicly traded auto retailers acquired 20 domestic auto dealerships in Q1, 10x more than the same period in 2023.

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Positive Outlook for Dealerships: Q1 2024 Sales Trends Show Industry Resilience The latest NADA (National Automobile Dealers Association) Market Beat report for Q1 2024 offers some encouraging signs for the automotive industry. Despite a slight dip in the March SAAR (Seasonally Adjusted Annual Rate) compared to February; the overall sales picture is positive: Increased Sales: The new light-vehicle sales SAAR for March 2024 hit 15.5 million units, a 3.8% increase year-over-year. First-quarter results are even stronger, with the SAAR at 15.4 million units, marking a 7% increase compared to Q1 2023. Improved Inventory: Crucially, shoppers now have significantly more vehicles to choose from. New light-vehicle stock on the ground and in-transit totaled 2.58 million units in March 2024, a substantial 40.2% jump compared to March 2023. Key Takeaways for Dealers These figures point towards a few key implications for dealerships: Affordability and Incentives: The combination of rising inventory and OEM incentives has led to a decrease in average transaction prices. While the average vehicle price in March 2024 came in at $44,186 (down 3.6% compared to last year), average incentive spending per unit reached $2,800, marking a significant 66.6% year-over-year increase. Dealerships should be prepared to leverage these incentives to attract buyers. Hybrids on the Rise: The alternative-fuel vehicle segment continues to grow, reaching an 18% share of total new vehicle sales in Q1 2024. Conventional hybrids are leading the charge with an 8.6% share and an increase of 2.4 percentage points year-over-year. This underscores the importance of adapting our inventory to meet growing demand for fuel-efficient options. Steady Growth Expected: While inventory might fluctuate over the next few quarters, the NADA anticipates that it will reach around 2.7 to 2.8 million units going into 2025. This, combined with rising sales figures, results in a positive outlook for the year, with a forecast of 15.9 million units for all of 2024. Adapting to the Market These NADA figures emphasize the importance of being malleable and nimble. By focusing on a diverse inventory that includes in-demand conventional hybrids, leveraging incentives, and anticipating a continued recovery in overall vehicle sales, dealerships can position themselves for success in the evolving automotive landscape. By: Delano Palmer Director of Training and Development Innovation Financial Services

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AUTOMOTIVE INDUSTRY: U.S. PASSENGER CAR MARKET OUTLOOK FOR MID APRIL 2024 - CONSUMER SENTIMENT REPORTEDLY DECLINING - NO REAL MARKET GROWTH. Here is the latest report from Cox Automotive Inc. #autosales #carsales #vehiclesales #vehicleregistrations #carmarket #newcarmarket #market #marketsegments #segments #segmentleaders #consumer #consumerbehavior #buyingbehavior #alternativeenergy #alternativeenergyvehicles #ev #evs #bev #bevs #electricvehicle #electricvehicles #electricmobility #emobility #greenmobility #sustainablemobility #urbanmobility #smartmobility #futuremobility #newmobility #mobility #automotive #automotiveengineering #automotivetechnology #automotiveindustry #innovation #technology #emissions #emissionscontrol #emissionsreduction #zeroemissions #zev #decarbonization #carloan #vehiclefinancing #carfinancing #carfinancing #autoloan #carleasing #interestrate #q12024 #q12024results #outlook #2024outlook #usa #unitedstates #america

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Consumers in the market for a car continue to face vehicle affordability issues due to high interest rates and new vehicle prices along with tight credit conditions. Using the right data can help Dealers, OEM's and Agencies tailor offers to the right consumers at the right time. Thanks to SubPrime Auto Finance News for sharing my insights on the topic!

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U.S. new-vehicle sales are expected to rise by 2.9% in the first half of 2024, according to Cox Automotive. Lower prices and increased incentives are helping to counteract the impact of high interest rates. The seasonally adjusted annual rate (SAAR) for June 2024 is forecasted at 16.0 million, slightly down from June 2023 but up from May's pace. Despite the challenges, the market shows cautious optimism with nearly 225,000 more units sold compared to the first half of 2023. Read more about the forecast and what it means for the industry ⬇️ #AutoIndustry #CarSales #VehicleMarket #AutomotiveTrends

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A good conversation about the ups and downs of managing what data means to a #cardealer customer... The video is a practical conversation about data since the word "data" can be a very blurry concept that doesn't always clearly connect to customers, following shoppers on buyer journeys, making accurate attributions, etc. Give it a listen! Laurie Halter, Jennifer Stanford, Jacci Grillo Noto, and Ilana Shabtay offer some very useful insights.

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