Onscreen Facebook Popup by Infofru

Receive all updates via Facebook. Just Click the Like Button Below

Powered By Infofru

For more plugins visitReviewresults

Close

Twitter Feed Popout byInfofru

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. 

Three’s a Party: The Role of Third Party Sites in Automotive Retail

Traditional automotive retail consists of two main players; the dealer and the consumer. Modern automotive retail consists of the dealer, the consumer and every other factor that now influences consumers' car buying decisions. From consumer shopping guides, to dealership reviews, to social recommendations on Facebook, we are given countless resources as consumers to guide our purchasing decisions in today's digitally-connected, review-friendly society. When it comes to third party automotive sites, three’s a party as they offer benefits for both the dealer and the consumer. This blog post explores the impact of third party marketplaces in the automotive retail sector and introduces an innovative solution for remarketing vehicles. 

Trends show that consumer shopping behaviors favor third party sites, utilizing such marketplaces as trustworthy and objective informational resources throughout the decision-making process. In fact, 2 out of 3 new car buyers, and 4 out of 5 used car buyers rely on independent research sites and marketplaces as a key resource in their car buying process.1 "Consumers like to comparison shop, and they want unbiased information that third party sites provide," stated Alex Vetter, CEO of Cars.com, at the 2015 Automotive News Retail Forum.2 As fragmented as the auto retailing industry is today, independent dealers continue to rely on third party sites to market their inventory. Third party sites allow consumers to view an array of inventory, shop around and find a good deal. Convenience is key for today’s consumer and the convenience of third party sites is rooted in massive amounts of inventory, avenues for comparability and reliable consumer reviews all in one place. 

 

For dealers, third party sites offer marketing opportunities difficult for independent, franchise dealerships to initiate on their own. Third party sites are today’s classified newspapers ads with better results. "Few groups have the size and resources to strike out on their own and create websites sufficient to try to attract all the business they need internally," mentioned John Krafcik, President of TrueCar, Inc.3 Third party sites allow dealers to reach a wider audience, generate leads and advertise their dealership. According to Driving Sales News, 78% of consumers looking for used cars are using a third party site in their search. Out of this 78%, they also state that 60% of the time that consumers spend going through the buying process is spent on a third party site.4 With such a high percentage of lead and sale traffic coming from third-party sites, why wouldn’t every dealer's strategy focus on broadcasting their dealership on these types of marketplaces? 

 

Well for one, third party sites require a quality leads handling process and consistent communication to produce profitable ROI. Let’s face it, marketing inventory on these sites does come with a price and in order to reap the benefits in return, they require a significant amount of management and attention on the back-end. It is important for dealers to remember that many third party sites do not necessarily consider themselves lead providers but rather inventory marketing channels.5  Given the sheer volume of consumers visiting automotive marketplaces on a daily basis, third party sites offer viable avenues for dealers to market their inventory. However, third party sites do not necessarily serve as the lead-generating power tool designed to solve all dealer hardships in automotive retail. In the past few years, AutoNation has placed less emphasis on plugging money into third party site providers and turned its attention towards brand building. "I can pay them to build their brands, or I can build my own brand," referenced AutoNation's CEO, Mike Jackson, noting that the significant fees and subscription costs for online lead generation through third party sites simply wasn't worth the cost.6

 

Given the interesting twist of third party site advantages and disadvantages for dealers, what about a tool that offers consumers a massive selection of inventory AND provides dealers quality, manageable leads through their OWN website? MyDealerOnline's revolutionary software does just that. An auto remarketing tool designed for dealers to offer a greater inventory selection without increasing their upfront capital finance requirements, MyDealerOnline aggregates auto auction inventory and places it on subscribing dealers’ sites for consumer browsing. Car shopping consumers are able to browse this inventory tool and inquire about particular cars straight through MyDealerOnline’s interactive communication platform. Dealers get real-time lead alerts and consumers get fast responses to their inquiries. MyDealerOnline's solution bridges the gap between wholesale and retail, an opportunity not available through third party site providers. To learn more about this unique concept, visit mydealeronline.com for additional information. 

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.

 

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. 

Could The “Car Salesman” Era Be Over?

When considering characteristics of car salesmen, what do you think of? Would it depend on how quickly you want to take home a car, the type of mood you are in, or simply past experiences? Car Salesmen are aggressive but successful, and also aggravating but consistent. It is because of these characteristics that car sales have been steadily selling in the past years of this industry. Edmunds.com decides to take a look at the profession from the salesman’s perspective rather than the customers.

 

There are two sides to every story. An enthusiastic author was assigned to go undercover as a car salesman to gain a better understanding for how the public reacts while looking for a new car. “Everyone knows that the car salesman or woman is the enemy. He or she is the person we have to do battle with if we want a new car,” he expressed. Much like other aspects in our lives, a majority of customers appreciate conducting research themselves followed by locking in the best possible deal. This brings about a sense of pride in their new purchase. Thanks to ever changing technology, this method is even made possible to the customer from the comfort of their own home.

 

As the author recalls, customers often generated a frightened or angry response to his initial greeting or sales pitch. Those who were frightened had fear of being pressured into buying a car that they are not ready for or is not right for them. Those who delivered an angry response found their hostility from various places, such as not wanting to be bothered. Regardless of their reaction, the fact of the matter is that more and more customers are gearing towards online research over traditional salesmen.


Which method do you believe customers would prefer? Give your customers the option of both by adding MyDealerOnline to your dealership by providing online inventory on and off your lot. By doing this, you are able to sell vehicles before you buy. By bringing option to your lot, you may discover customers aren’t the only ones converting to the technology age.

Welcome MDO customer - Falcone Motors!

Welcoming Falcone Motors to MyDealerOnline! Falcone Motors was established to bring "quality cars at affordable prices to people in the community." Located in Norristown, PA, Falcone Motors offers buy here pay here, 100% guaranteed credit approval. A dealership supportive of veterans and the local community, no one gets turned down at Falcone. Trade, sell or buy a vehicle today and check out Falcone's inventory ON & OFF the lot at http://www.falconemotors.net//

Don't miss Falcone's "Hot on the Lot" vehicle of the week! Showcasing a "red, right and ready" '08 Suzuki Grand Vitara - just under 88k miles for only $8,800. You don't want to miss this one! 

 

Visit Falcone Motors at http://www.falconemotors.net//

1347 Sandy Hill Road

Norristown, PA 19401

610-277-1400

MyDealerOnline® Brings on Scott Stephens as Vice President of Business Development as the Company Continues to Grow

MDO Logo colored

78 Cabot Boulevard East                                                                               

Langhorne, PA 19047                                                                               November 17, 2015

P R E S S     R E L E A S E

MyDealerOnline® Brings on Scott Stephens as Vice President of Business Development as the Company Continues to Grow 

Langhorne, PA (November 17, 2015) - MyDealerOnline® is pleased to announce the addition of Scott Stephens as Vice President of Business Development. With decades of experience in the automotive industry, Stephens will be a strong attribute to the MyDealerOnline team. For the entirety of his career, Stephens has worked to support car dealers,  including over twenty years of experience at Cox Automotive. As General Manager of ExportTrader.com, Stephens developed the leading portal for overseas car dealers - building relationships in over one hundred fifty countries.

MyDealerOnline aims to revolutionize the auto remarketing industry. MyDealerOnline partners with auction houses, takes their available inventory feed and places it directly onto the car dealer’s website for consumer shopping. MyDealerOnline’s existing auction house partnerships include ninety percent of the salvage inventory market with Copart and Insurance Auto Auctions, as well as substantial clean car auto auction inventory partners such as ADESA and Auction Broadcasting Company. Through these partnerships and future partnerships developing on the horizon, MyDealerOnline intends to reach more dealers and expand both domestically and internationally.

With inventory available from auto auctions around the globe, the focus remains on introducing dealers to MyDealerOnline’s revolutionary wholesale to retail purchasing product. Stephens’ goal for MyDealerOnline is to build the largest network of connected dealers throughout the world. Stephens feels that, “MyDealerOnline provides dealers, both AIbEiAIAAABECNzK2ayV9pjAyQEiC3ZjYXJkX3Bob3RvKihjNzdkMTdlZGJlY2IzZDE1YmRkYzY3OWRlZjkxZmFjYjVjMjQ1NTZmMAHwPgsB8w-XcVwMFrAfxBhx5ZMeeA (1)domestically and internationally, with greater selling opportunities - reaching more consumers with expanded inventory options.”  The contribution of Stephens’ international auto experience will assist in MyDealerOnline’s continued expansion efforts.

About MyDealerOnline®

MyDealerOnline® is a wholesale to retail digital product that allows car dealers to broker wholesale auto auction inventory straight from their own website. MyDealerOnline removes the guessing game from the wholesale car buying experience and enables dealers to “Sell Before You Buy.” MyDealerOnline provides the auction houses and their consignors with a broader buyer base and car dealers with a greater virtual inventory for direct consumer shopping. Visit MyDealerOnline at mydealeronline.com.

Contact

Carly Fitzpatrick

Digital Marketing Manager

MyDealerOnline®

cfitzpatrick@alteso.com

mydealeronline.com

 

MyDealerOnline Receives Runner Up as DC's Startup of the Year at Tech.Co's Cocktail Event

At yesterday’s Tech.Co Cocktail in Arlington, VA, MyDealerOnline placed second as D.C.’s Startup of the Year. We would like to congratulate D.C. Startup of the Year winner, RouteHero, for their innovative traffic and transit alert app, which helps Washington, D.C. commuters avoid traffic jams and delays before they encounter them. 

As the members of MyDealerOnline socialized with other inventive startups from the area, we realized we were all there for one common reason: to save individuals time and money as well as ease people's lives through the use of technology. MyDealerOnline’s product provides more of all three of these facets; time, money and convenience. Here is how.

Car dealers maintain an inventory of vehicles available for purchase for interested car buyers. Currently, dealers look to sellers such as leasing companies, banks, car manufacturing and financing companies, fleets, rental companies, and insurance companies to obtain these vehicles. Dealers must guess which vehicles their prospective customers would be willing and eager to buy.

In turn, consumers search their local dealer’s websites or lots hoping to find the car that they want. Oftentimes, they discover that their local dealer does not have their desired vehicle. They then go to the next dealer and continue this process until they hopefully find the car that they want or they comprise to find a vehicle that is at least somewhat similar at a reasonable price. This is a time consuming and option-limiting process, one that can be frustrating for an eager car buyer.

MyDealerOnline has revolutionized the car buying and selling process for all parties involved.

For dealers, MyDealerOnline lists thousands of cars on dealer’s websites, providing them with enough inventory to satisfy any customer that comes their way. Since the dealers no longer need to invest the money to buy cars blindly up front, they are then able to sell those cars to consumers for much cheaper. For consumers, more cars are available locally at a close to wholesale price. This reduces the hassle of car hunting at multiple dealerships and saves consumers money on the car that they want. Sellers in turn can expose their cars to more buyers and sell them in a shorter period of time.

MyDealerOnline is here to revolutionize the car buying and selling process by making it more cost and time effective, convenient and satisfying. Are you ready to change the way we buy and sell vehicles?

MDO_Tech Cocktailunnamed (3)