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MyDealerOnline

"Sell Before You Buy"

Tricks of the Trade for Improving Inventory Acquisition from Auctions

Auto industry guru, Dale Pollack, recently wrote an article in AutoRemarketing on "four ways to turn auctions cars into advantage" at used-car dealerships. Pollack suggests the following recommendations for dealers to instrumentally source auction cars:

  1. Know exactly what to buy
  2. Know where to buy
  3. Buy at the right price
  4. Do it all faster

Any professional in the pre-owned industry knows that acquiring profitable, quickly-sold inventory requires a lot of skill and a little bit of luck. Unfortunately, predetermining the exact make, model, year, mileage, etc. of car that the next customer who walks onto your lot is going to want is not technically an equation that one can figure out easily beforehand. Honing down on particular skills and taking advantage of certain technologies that provide various inventory sourcing solutions will help dealers learn how to acquire top selling cars from auctions.  

The first strategic alteration to devising a profitable vehicle acquisition strategy is knowing exactly what to buy. Although some dealers may argue that part of the fun of auctions is relying on professional knowledge and taking a bit of a gamble to win a bidding war, why not combine those two thrills with a touch of car-specific precision? As technology continues to connect consumers to a greater selection of vehicles, dealers should also leverage their own technological resources to acquire a varied selection of vehicles to fill their lot.

In a congruent AutoRemarketing article, DealerSocket's, Michael Waterman, mentions that, “As the “traditional” customer continues to evolve and has significantly more choice, it’s critical that managers leverage a fully integrated inventory management platform to ensure that science, rather than anecdotes and gut feeling, is driving their vehicle-acquisition strategy.” There are a plethora of inventory management tools available for dealers, as well as unique inventory providers, such as MyDealerOnline. MyDealerOnline eliminates the guess work for dealers at auctions and allows them to bid on vehicles that customers already intend to buy. With the ability to display thousands of auction vehicles on a dealer's website using MyDealerOnline's platform, customers can actually request to order a car that is not even on the dealer's lot. With customers already requesting particular vehicles at auctions, it is simply the dealers job to go retrieve those vehicles. Dealers know exactly what to buy with MyDealerOnline's technology. 

Knowing where to buy is another key factor to sourcing inventory from auctions. As more and more competition enters the pre-owned sector, particularly with the influx of franchise dealers, independent dealers must acclimate by increasing their sources for inventory. "With increased competition to acquire auction cars, many dealers recognize they need to expand their sourcing efforts beyond the local auction," states Pollack.

Closed auctions make it increasingly difficult for independent dealers to compete with their franchised counterparts. A proactive alternative is resorting to online auctions, where independent
dealers can attend multiple auction lanes remotely. MyDealerOnline provides access to remote auctions straight from the dealer's website. Not only do dealers have access to thousands of offsite auction vehicles, but their customers can also choose from pre-owned vehicles at these remote auction locations.

Source: NIADA Independent Dealership Action Report Fall 2015

 

Another recommendation is using bidding precision and discipline in the lanes to ensure buying at the right price. Even the most competitive bidders need to stick to their maximum bid in order to guarantee a worthwhile profit. "Careful examination of a vehicle's daily profitability is a dealer's secret weapon," claims Waterman. Dealers now have access to tools that calculate each vehicle's profit potential before even making a bid. Imagine collecting a down payment on a vehicle and having a customer decide the maximum price they want you to bid on an auction vehicle?! Make that scenario a reality with MyDealerOnline, where dealers put the buying decision in the consumers' hands. Dealers are able to preset their profit margins and let the customer determine how much they are willing to pay before the vehicle is even purchased. 

The last key to profitable inventory acquisition is doing it all faster. The longer a car collects dust on a dealer's lot, the less potential for a profitable return that car provides. Rather than gathering aging inventory, have a customer lined up on the retail side straight from the wholesale line. MyDealerOnline serves to bridge the gap between wholesale and retail, connecting retail shoppers to wholesale vehicle suppliers. Shortened sale cycles allow more time for selling and less time bidding on the wrong cars. With a few strategy tweaks to inventory acquisition, along with the help of technologies like MyDealerOnline, independent dealers can maximize profits and improve inventory purchases for their dealership's advantage. 

To learn more, visit mydealeronline.com

 

MyDealerOnline Mentioned in TechCrunch as Quality Lead Generator for the Automotive Sector

In a recent TechCrunch article, "The Future of Lead Generation," MyDealerOnline is mentioned as a startup aimed at empowering both consumers and dealers during the car buying and selling process. With MyDealerOnline's technology, consumers are given access to automotive auction inventory, presenting car shoppers with a greater selection of vehicles at the best possible prices. Traditionally, quality auction vehicles are only obtained by licensed car dealers at dealer-only auctions. MyDealerOnline's technology connects consumers to auction inventory by allowing dealers to display thousands of auction vehicles on their websites, growing their online automotive listings and increasing their inventory selection for consumers. 

In an age where companies are paying monthly dues for qualified leads and social "likes" to grow their customer base, powerful lead generation tools are as valuable as they come. Any veteran professional in the automotive  industry knows that letting a lead slip through the cracks could mean missing the sale of a car that has been sitting on their lot far past it's expiration date. With MyDealerOnline's digital communication platform, dealers can interact with eager consumers across the web as they are shopping for their next car. Through MyDealerOnline's lead management system, consumers can request more information about a vehicle, send a message, request a phone and even ask the dealer to place a bid on a car located at an offsite auction. MyDealerOnline's real-time notification system alerts dealers when a consumer is interested in a car on their website, preventing dealers from ever missing a lead inquiry. 

The ability to turn potential customers into lifelong customers comes down to capturing leads when they are looking and where they are looking during their purchasing decision. As highlighted in a previous MyDealerOnline's blog post about the power of lead generation, MyDealerOnline provides an all encompassing solution for dealers to maintain leads and capture customers before the dealer down the street is ever given the opportunity. MyDealerOnline not only provides consumers access to thousands of auction vehicles that are otherwise unattainable to the public, but also provides dealers with a lead generation tool essential for sustainability and growth in today's lead-hungry economy. 

Original article published on LinkedIn by Carly Fitzpatrick 

Independent Dealers Have No Fear, Online Inventory is Here

As more and more franchise dealerships step into the used-car sector, independent used-car dealers are finding themselves with greater competition than ever before. Not only are they competing with the dozens of other independent dealerships within a five mile radius, but also the colossal franchise dealerships with a greater inventory selection and a seemingless endless stream of cash flow.  With 40 million used cars sold in 2015, both franchise and independent dealers are fighting for a piece of the pre-owned industry’s profit. By examining DealerSocket’s Independent Dealership Action Report, we can determine the greatest challenges independent, used-car dealers encountered last year and more importantly, how to solve those challenges.

When asked what was the most important problem plaguing their dealerships in the year 2015, independent dealers responded that their top two greatest challenges included:

1. Inventory Acquisition (31%)

2. Capital to Finance Inventory (21%)

 

Coincidentally, return on investment and revenue growth ranked as the number one goal of independent dealers polled in the report. With inventory and capital proving to be the biggest challenges along with ROI and revenue growth serving as the top priority, it is evident that, “There is a direct correlation between independent dealers’ top challenge — inventory acquisition — and their No. 1 initiative — ROI/revenue growth,” the report notes. “In a circular fashion, acquiring more inventory will increase revenue and cash capital to finance more cars.”

 

The DealerSocket report concludes with suggestions for increasing both inventory and capital as well as advice for growing dealership revenue. 

INCREASING INVENTORY & CAPITAL

  • Expanding inventory search online and attracting individual sellers
  • Understanding car buyers and purchasing inventory based on their needs
  • Utilizing tools like a lender portal to offer more financing options to your customers

GROWING DEALERSHIP REVENUE 

  • Leveraging technology, like CRM, that is cost-effective and yields high returns
  • Improving selling skills, like phone handling, to raise closing rates by source
  • Decreasing spend of traditional advertising 
  • Creating a digital shopping experience that drives consumer engagement 

Looking for a technological tool to reduce your dealership's pain points and increase your dealership's competitiveness? MyDealerOnline offers a unique solution for independent, used-car dealers. With our technology, you can place auction inventory on your website or create your own custom website pre-loaded with auction inventory. Better yet, our services come with a low monthly subscription so you do not even have to finance this inventory to display on your website. Add auction inventory to your online listings, increase your digital presence and provide a greater selection of vehicles with MyDealerOnline's technology. 

Allow Your Smartphone To Help You Make Smarter Buying Choices

How much do you rely on your smartphone for everyday tasks? It’s impossible to deny how dependent and addicted today’s society is on their cell phones. From communication, to photography, to mapping directions and even shopping, we live in a world that relies on mobile devices. In a study recently conducted by Think With Google, it was discovered that 82% of shoppers say they consult their phones on purchases they’re about to make in a store. This is creating smarter buying options by allowing the customer to do research on a product they are interested in order to find the best deal possible. Even by just looking up an item, your smartphone has the capability to remember your search and correlate that search into the paid advertisements that you see on many sites following your search. 

Think back to the last time you were searching for a car to purchase. Whether it was new or used, did you research the car’s ratings, reviews, and prices ahead of time? According to AutoRemarketing,

71% of customers who visit a dealership with a particular car in mind end up purchasing that car.

Meaning that customers are doing their research ahead of time and it is the dealer’s responsibility to live up to those expectations to make the sale. The customer enters the dealership ready to buy, not shop and has already researched options, features and pricing comparisons. The car itself is not only important, but also the experience brought to the customer.

Reliance upon technology is not going anywhere. We rely on it to function and even if we don’t like to admit it, our smartphones are smarter than us. Consumers use their mobile devices to help them make purchasing decisions, so dealers should embrace mobile technologies that could help them make a sale. There are new technologies emerging in the market to assist dealers in staying one step ahead of buyers that are compatible with smartphones and tablets alike to always keep vital information at hand. Nextgear Capital has introduced a mobile application brought to you by Black Book that allows a dealer the opportunity to calculate profit on a used automobile using the VIN number before purchase to ensure that it is a smart buy for their customers. By using this application, dealers can create a greater opportunity for customers to find the right match in their car buying search. But with 71% of customers doing their research ahead of time, dealers need a means to bringing these options to customers in the comfort of their own homes.


MyDealerOnline has built that bridge between used car dealerships and online inventory available to customers. Dealers have the opportunity to post car listings that are available on and off their lots, creating numerous options for customers to choose from. With these mobile and technological tools, you can increase your revenue possibilities and enhance customer satisfaction with a click of a button.

 

Luck of the "On-Demand" Economy

We all know the saying, “the customer is always right,” but how far can that power be stretched? If it were not for the consumer demand for products, businesses could not prosper. However, according to Business Insider, the new “On-Demand Economy” is changing how products and services are being viewed, desired, and purchased. This “On-Demand Economy” can be defined as, “the economic activity created by technology companies that fulfill consumer demand via the immediate provisioning of goods and services.

By enabling consumers to get what they want, how they want it, and when they want it by a click of a button, industries are growing rapidly by welcoming new companies and showcasing endless categories. It comes to no surprise that the internet has revolutionized nearly every aspect of our lives, but is society adapting at the same speed? Currently, the tech-savvy millennials have taken the lead in introducing these technologies to the public. They have shown the added convenience that technology can bring and the benefits that coincide with it. The more benefits that are presented to consumers, the more accustom they become to these luxuries. As a result, they begin adapting to make this their everyday routine. 

 

"The on-demand economy is definitely the future. It offers consumers what they’ve craved for for many centuries: immediate gratification of every need at the tap of a button." 

 

 

Numerous industries have joined the technology bandwagon, such as reading e-books, online food shopping, and even car buying. Take MyDealerOnline, for example. MyDealerOnline has revolutionized the way a consumer would go about the used car buying process. In the past, you would gather information about the vehicle you are interested in, hunt throughout various dealerships for it, and take a chance that it is the right fit for you. Now, MyDealerOnline allows you to find the perfect car at the right dealership in the comfort of your own home. By adding online inventory to a used car dealership’s website, dealers can satisfy virtually any customer without the restrictions of lot space limitations.

As a final thought, take these questions into consideration:

  • Do you believe technology has entered our society for better or for worse?
  • How has technology positively or negatively impacted your everyday life?
  • The next time you are buying a used car, will you look online to find your perfect match before leaving home?

 

MyDealerOnline: The Revolutionary Inventory Solution and Lead Generation Tool for Used Car Dealerships

MyDealerOnline, a Philadelphia-based automotive technology startup, developed a revolutionary inventory solution and lead generation tool for car dealers to compete in today’s digital age. The online inventory tool aggregates automotive auction vehicles and places those vehicles on used car dealers’ websites as additional online listings for consumer shopping. When consumers are browsing the additional automotive listings on a dealer's site, they can inquire about a particular vehicle through MyDealerOnline’s lead capturing technology.

Through MyDealerOnline’s lead management system, the consumer can request more information about a vehicle, send a message to the dealer, request a phone call from the dealer and even ask the dealer to place a bid on their desired car for purchase.

The dealer is notified of these customer leads in real time by email or an alert via MyDealerOnline’s mobile application, giving dealers the opportunity to capture leads when they are still interested.

In an industry where heavy traffic volumes and high competition can be difficult for one dealership to manage, MyDealeronline provides the simple solution for maintaining leads and capturing customers before the competition. MyDealerOnline not only provides dealers with additional automotive listings to grow their online inventory but also with a lead generation and management tool to maximize their dealership's full potential. 

Digital Shifts in the Automotive Industry

The traditional trends so common throughout the existence of the auto industry are slowly but surely making that big leap towards all things digital. The digital shift of the auto industry has been a tad slower than other industries but are highly visible online, with automotive marketplaces infiltrating the internet and other technologies that require minimal dealer to customer interaction. One cannot pretend these that opportunities do not entice eager car shopping consumers, so dealers must find a way to embrace the shift rather than fight it. Decisions to list inventory online and embrace eCommerce are only the beginning, as there are now additional professional service aspects to offer customers. Take AutoPoint, for example, a technological automotive marketing tool with a new software, WelcomePointfor dealerships to utilize to increase customer satisfaction.

 

WelcomePoint is a virtual greeting center for car dealerships to use throughout their business hours to maintain heavy traffic. This software can be embedded into devices such as computers or tablets and allows the dealer to have an up-to-date overview of sign-ins, appointments for individual
employees, and service histories for specific vehicles. Customers will also have the opportunity to
customize their search for a car by notifying a dealer in advance about specific details or features they are looking for. According to
AutoRemarketing, this software will enhance the car buying experience for customers and allow dealerships to run a more professional and organized business.

 

Any auto industry professional can tell you that customer satisfaction is a number one priority in the business. From services to products to feature add-ons, dealers will jump through hoops to have a happy customer drive off in their lot in the perfect car of choice. Services like WelcomePoint and products like MyDealerOnline are just two examples of how the industry is shifting to embrace all things digital. So don’t get left in the dark, learn how MyDealerOnline can revolutionize your used car dealership today!

 

Bringing the Auto Industry Up to Speed with Modern Technology

If you think back ten years ago to 2006, how much did you know about technology? Did you have a computer in your own home? If so, did you use that computer nearly as much as you do now? Chances are you depend more on the internet now more than ever before for various aspects of your daily life. Access to online bill paying, virtual GPS systems for directions, and even the real estate market are prime examples of the readily available features provided by the internet. There is one aspect of our daily lives, however, that has not fully taken the online switch over to the virtual side. That aspect would be the automotive retail industry.

In 2009, only a mere 4% of all automotive retail sales were held online and increased to roughly 15% in 2013. Compare these numbers to the 50% of online visibility that is held by industries such as publishing and entertainment, as told by Forbes.com. Because of this minor increase, there has already been a decline in the number of visits a consumer makes to the dealership before buying a car from 4 visits to an average of 1.4 visits.

Does this come as a surprise that in this short of a time period that an online presence can make this much of a difference? Consider everything that is readily available to the public on marketplaces like Amazon, as pointed out by AutoRemarketing.com. There are hundreds of thousands of products for low prices listed for the immediate purchase by consumers. This not only saves money, but time as well from driving to and from the store to waiting in line and taking the chance that the item you are looking for may not be in stock. This is no different than the pros and cons of the automotive retail industry. On-demand automotive retail platforms, such as ShowroomXpress, are merging the automotive industry with the new advancements in technology. ShowroomXpress showcases car inventory from dealerships to consumers through an online presence available at home and interactive kiosks present at dealerships and is being released to the public in the upcoming year. Much like ShowroomXpress, MyDealerOnline has a similar vision of how the automotive industry can be taken into a new era.


MyDealerOnline saw the opportunity of an online automotive presence and full heartedly took an initiative. By setting up an online platform, auctioneers and dealers can showcase their used car inventory that they have available on and off their lot. Consumers can conveniently see inventory in the comfort of their own home before taking the trip out to the dealership to ensure a successful transaction and long-term satisfaction. With so much of society being dictated online, it seems impossible that there hasn’t be a service offered like this before. Learn more about how we can assist you in the car buying process at MyDealerOnline.

Autonomous Features in Cars Are No Longer an Anomaly in the Automotive Industry

The future might be just around the corner, as reported by AutoRemarketing. Research shows that autonomous cars, or cars that are able to drive on their own, may be readily available to the public in the millennials’ lifetime. Some experts further say that they could be presented to the public in as little as 10 years. 

Sounds impossible, but take into consideration the autonomous features that already are in existence. We have sensors that detect and signal warnings when our cars cross over into another lane. Autonomous braking has become a mandatory feature to some car  owners, especially those with families and small childautonomous carsren. Technology has gone as far as to create guided cruise control and parking assistance. As pointed out by Stratechery, electric cars, the most recent advance in technology for the auto industry, have skyrocketed in the market. Every country that has started producing electric cars faced their most profitable year in 2015. Autonomous features and electric cars are nothing new in the industry, but are today’s car drivers really ready for completely autonomous vehicles? 

It should not come to any surprise that nearly 70% out of 1,000 consumers who were surveyed last year stated that they would consider a vehicle with autonomous features. One surprise, however, may be that these autonomous cars are considered to be “luxury” cars, even if non-luxury brands are the ones being equipped with them. Consumers are becoming more and more accustomed to the idea of not having to manually drive their cars due to services such as Lyft and Uber, taxi providers that are controlled by an application on your smartphone.

In reference to used car dealerships, this new found technology will alter the various aspects of certification qualifications that enable vehicles to be considered a “used car”. There are going to be more regulations in regards to how different technologies in cars should work. This not only includes these autonomous cars, but also the existing cars with autonomous features. Would this increase or decrease the value of “used cars” if that term meant they would be automatically driven? Think about how manual cars currently come into play with this analogy and also how they play into the role of “classic” cars. 

Take a look inside what the future holds: Watch Me

MyDealerOnline, Inc. 

www.mydealeronline.com

MyDealerOnline Receives $1M in Funding to kick off the New Year | Business Wire

LANGHORNE, Pa.--(BUSINESS WIRE)--MyDealerOnline®, Inc., the only digital product that allows car dealers to broker wholesale auto auction inventory straight from their own websites, is starting the new year off strong after receiving $1M in funding just before the close of 2015. With recent developments like new product features, prosperous partnerships and industry recognition, MyDealerOnline successfully secured financial support from the same group of investors as prior funding rounds. Now totaling $3.25M in funding, the additional $1M allows MyDealerOnline to focus on increasing its subscriber base, fostering growth among new and existing partnerships, and expanding its efforts internationally.

Tech startup, MyDealerOnline, receives $1M in additional funding to revolutionize the auto remarketing industry.

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MyDealerOnline’s revolutionary technology has yet to be introduced to the automotive remarketing industry. A B2B service developed as an advantageous tool for remarketing vehicles, MyDealerOnline provides dealers with a greater inventory selection without increasing their working capital requirements or overhead availability. Contrary to popular websites designed to bypass dealers like Beepi and Vroom, MyDealerOnline works directly with dealers to help them satisfy consumer demand. “MyDealerOnline helps dealers engage with more retail customers by offering greater inventory selection to a wider audience,” states Scott Stephens, Vice President of Business Development. Even with the infiltration of automotive marketplaces online today, consumers still rely on dealers not only for purchasing vehicles but also for trade-ins, warranties, services and other add-ons available only from the professionals.

MyDealerOnline aims to revolutionize the car buying process for both the consumer and the dealer. Dealers can obtain more customers and sell cars without upfront capital investments while consumers have more options shopping at their local dealer. With inventory secured from local auctions surrounding Greater Philadelphia, nationally and auctions overseas, MyDealerOnline provides an opportunity to revolutionize automotive remarketing for dealers everywhere.

About MyDealerOnline®

MyDealerOnline® is a revolutionary digital product that allows car dealers to broker wholesale auto auction inventory straight from their websites. MyDealerOnline removes the guessing game from the wholesale car buying experience and enables dealers to “Sell Before You Buy.”

Contacts

MyDealerOnline, Inc.
Carly Fitzpatrick, 215-289-0500
cfitzpatrick@alteso.com

Source: MyDealerOnline Receives $1M in Funding to kick off the New Year | Business Wire