Tag Archive | "technology"

Innovative Lending Releases Loan Management Tool for F&I Offices

CHICAGO — Innovative Lending Solutions LLC announced the release of Stip Trac, an automotive loan management system designed to help dealers track cash flow, collecting necessary loan documents, or stips, and keeping an open communication line with car buyers before and after their purchase.

Stip Trac features a dashboard that allows users to track cash owed by a bank, set “contact-in-transit” limits, and track money in transit by salesman. It also provides status updates on any deal in transit, held at dealership, funded, etc. Users can also look up the age of a deal and missing stips, as well as add internal notes that can be viewed by all parties involved with the loan.

Stip Trac also allows dealers to add additional stips to a loan at any time, push welcome calls to the bank, and gain real references and referrals from customers. It also provides users with a “contact list” on their cell phone, and the ability to approve or deny stips as they are received.

The new tool also features a custom messaging so users can send an urgent message to the car buyer. It also offers automatic push notifications and a dealer-branded app that allow users to monitor a loan’s progress on their smartphones.

For the consumer, Stip Trac helps protect them from identity theft. It can also eliminate additional trips to the dealership to drop off loan-related documents, speeding up the finance process at the dealership.

“Stip Trac is a needed tool to improve the automotive loan process for car dealerships and consumers. Using Stip Trac removes a lot of the stress that today’s finance managers are facing today,” said Ed Maisonneuve, president and CEO of Innovative Lending Solutions LLC. “We truly built this so the delivery process is a smooth one. As a finance manager, I can’t tell you how many times a deal came into my office with missing documents, bad references, missing signatures. StipTrac 100% eliminates that.”

For more, visit www.StipTrac.com.

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Helion Names New Director of Marketing

TIMONIUM, Md. — Information technology (IT) services provider Helion Automotive Technologies today announced the recent addition of Tracey Reyes as its new director of marketing. She brings more than 20 years professional experience in marketing, advertising, events, branding and strategy to the position.

Reyes, whose career includes 10 years in the automotive industry, will oversee the development and implementation of strategies designed to increase awareness of Helion’s services.

“Tracey brings a wealth of marketing knowledge to this position and I’m excited to have her energy, expertise and guidance for achieving our vision for the future,” said Erik Nachbahr, founder and president of Helion Automotive Technologies.

Reyes previously served as a marketing director for Digital Air Strike and marketing manager for Dealertrack. She’s also served as director of marketing for Paypro Corp. and assistant marketing manager with First Data Merchant Services.

“Helion’s unique service offerings are one of the best kept secrets in the automotive industry, and I look forward to changing that narrative,” said Reyes. “The main challenge lies in educating auto dealers about how IT services should be viewed as an investment that can help them grow and reach their business objectives, versus an expense to be contained.”

Helion’s service offerings include end-to-end management of hardware infrastructure, software applications support, help desk support, data and cybersecurity solutions, communications and more. For more, visit www.heliontechnologies.com.

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VisionMenu releases Remote F&I

FT WAYNE, Ind.- VisionMenu release Remote F&I- a remote Menu, Disclosure and Document signing web application that uses the vSignature technology, Patent-Pending, to control what a customer views on their smart phone and allows eSigning of any document.

The remote tool gives the finance person 100% control over what is displayed on the customer smart phone or tablet device no matter where the customer is located, such as the finance office or in the privacy of their own home.

“Remote F&I gives the F&I Manager a tool to sell more products to the online buyer, or any buyer that can’t make it into the dealership.” says Ron Martin, president of VisionMenu. “It also gives them a tool to e-Sign documents so the customer doesn’t have to come back to the dealership to resign forms. It can even serve as a tool to close a deal with the buyer at the dealership and the co-buyer at a remote location.”

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New VSC Portal Helps Monetize Lost VSC Leads

CHICAGO — ForeverCar, a digital vehicle service contract (VSC) technology provider, announced the launch of a dealer-branded VSC sales platform. It’s designed to help dealers sell protection products for older, higher mileage vehicles. The platform is also designed to help dealers recapture “lost” VSC opportunities from prior lead investments.

“ForeverCar is the first dealer-branded service contract portal that also uniquely remarkets service contracts to the tens of thousands of leads a dealer has in its database to help monetize some of the 70% of vehicle buyers who decline to purchase this coverage. That is an incredible amount of opportunity to recoup,” said Brooke Schulz Fernandez, the company’s vice president of business development.

The platform, according to the company, will help dealers drive service agreement sales, service department volume, and customer retention for franchised used-car departments that have limited offerings for buyers of older, higher mileage cars. It is also designed for independent dealers who don’t offer VSCs, as well as dealers who want to monetize prior investments in leads by offering them VSCs.

“Our platform helps dealers give customers more choices for protecting their vehicle investment, and it drives service department visits to build service sales and long-term retention,” Fernandez said. “We designed this tool to deliver solutions dealers indicated were missing from their current VSC sales practices.”

The company plans to present its product at the upcoming 2017 NADA Expo and Convention in Conference Room No. 103.

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Trust in Salespeople Top Painpoint for Consumers, DealerSocket Reports

SAN CLEMENTE, Calif. — Cutting transaction times was the No. 1 focus for franchised dealers in 2016, but it wasn’t the top painpoint for car buyers, according to DealerSocket’s 2016 Dealership Action Report.

The 32-page report contains answers from more than 2,000 U.S. and Canadian customers, as well as responses from more than 10,000 dealerships utilizing the firm’s software solutions. It revealed a disconnect between what consumers say is the problem and what franchised dealers perceive as the main issue that troubles the car-buying experience.

“Why does this matter? The more a dealer understands consumer perceptions, the more he or she can train staff to prepare for their customers’ biases,” the report states. “Taking a closer look at the ‘why’ of consumer perception should shape dealer strategies and processes.”

DealerSocket partnered with Google on the consumer portion of the report. For dealer responses, the company not only pulled product information from its own platform, but also collaborated with J.D. Power and its Power Information Network to compile the data for its report.

When asked whether they enjoyed the car-buying process, 81% of consumers polled answered “No.” While the percentages weren’t exactly the same, dealers correctly assumed that the majority of consumers would answer “No.” Collectively, dealer respondents assumed 32% of consumers would respond “yes” to the question, while 68% assumed they would say “no.”

Of the consumer who answered “No,” 85% were between the age of 45 and 54 years old. Eighty-five percent of consumers who said “No” were also female, and 82% of them had an annual income of between $25,000 and $50,000. Of the 19% of consumers who indicated that they enjoyed the car-buying process, 29% were millennials (18-24), 24% were male, and 32% had an annual income greater than $150,000.

As for what they don’t like about the car-buying process, the top response among consmers polled was “Don’t trust salespeople” at 29%. “Too time consuming” came in second at 19%. When asked how they believed consumers would answer, 32% of dealers assumed “Too time consuing” would be the top complaint, while 16% believed “Don’t trust salespeople” would be the top answer.

“Surprisingly, consumers cite lack of trust in salespeople as their No. 1 reason by a large margin. The amount of time the car-buying process takes is also a concern for consumers but it is not rated as dealers’ No. 1 area for improvement,” the report states.

This mistrust in the dealership experience also extended to the financing aspect of car-buying process. When consumers were asked where they preferred to secure their financing, 52% said they preferred to seek an outside source. The majority (49%) cited loyalty to their bank as the main reason for this, however, the second-largest group (36%) of respondents cited mistrust in the dealership as the main reason they look outside the dealership for financing.

According to data from J.D. Power, one approach dealers can take to gain consumer trust and improve CSI is incorporating more technology into the process.

On a scale from one to 10, negotiation figures displayed on a tablet device scored the highest when compared to verbal quotes and handwritten figures, according to the report. On this scale, a seven was considered “outstanding” and a 10 was “truly exceptional.” Handwritten figures scored a 6.92, verbal quotes scored a 7.08 and tablet devices scored an 8.12, according to J.D. Power.

“Interestingly, although it seems obvious that the use of mobile technology should be common practice in the business to consumer world, our data suggests that the majority of dealership users still complete tasks via desktop,” the report read. “Mobile technology promotes transparency. As mobile solutions are utilized more during the sales process, consumer trust increases.

For more finding or to view the full report, click here.

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Mechanical Breakdown Protection, Inc. Partners with F&I Express

LEE’S SUMMIT, Mo.  Mechanical Breakdown Protection, Inc. (MBPI), a top rated administrator, is pleased to announce a partnership with F&I Express. This innovative technology cuts costs, increases efficiency, and adds a new element of customer satisfaction. This partnership will help the F&I office increase sales penetration and improve dealer and customer satisfaction by decreasing customer delivery time.

“MBPI’s new partnership with F&I Express will allow dealerships a new and effective way to offer our wide range of F&I products to the consumer. It will also eliminate the need for double entry, which makes life easier for F&I Managers.” – Barry Kindler, MBPI National Sales Manager

To learn more about MBPI, visit the website at mbpnetwork.com.

To learn more about F&I Express, visit the website at fandiexpress.com.

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