The 10 Keys to Re-Engineering Your Used Car Department to Maximize Profitability
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- Osborne Cox
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1 The 10 Keys to Re-Engineering Your Used Car Department to Maximize Profitability With Steve Nickelsen CEO of Nickelsen Partners LLC Moderated by Mike Bowers Executive Editor, DealersEdge Presented by DealersEdge
2 Steve Nickelsen, CEO - Nickelsen Partners, LLC Steve Nickelsen, CEO of Nickelsen Partners LLC, has focused on improving dealership net profit for the past 25 years. In his personal consulting to dealers and as leader of other consultants, he has worked with more than 8,000 dealers, general managers, and sales managers to improve their businesses, and he has trained more than 20,000 automotive salespeople. His clients include some of the most profitable automotive organizations in North America, as well as some with among the highest customer satisfaction and retention. He is a frequent speaker for companies and conventions related to the automotive industry, and he has been the highest-rated speaker at NADA. In addition to working directly with car dealers, he has worked with OEMs and importers to help them improve the sales, profitability, effectiveness, and satisfaction of their dealer bodies. Examples of his work include: * For a group of domestic-brand dealerships, helping them rise from average to outstanding sales performance (including making their largest store the #12 Chevrolet store in the U.S. in sales) by coaching the dealer and his management team * For a dealer with both import and domestic stores, enabling the dealer to achieve greater profitability and happiness by helping him define and implement consistent, effective processes for major dealership activities, particularly the vehicle selling process, thereby creating an earned confidence that the operations were stable and under control. * For a Canadian importer, helping them achieve month-over-month sales growth in an otherwise declining market, by creating and conducting a series of targeted performance workshops. * For a distributor of Toyota vehicles, helping them grow their market share by more than 15% over two years, through work with the distributor and directly with their dealers.
3 Introduction by Mr. Mike Bowers Steve Nickelsen, CEO Page 2
4 The Overview 1. Strategy overview - What s possible? 2. The inventory - What vehicles do we want? - Creating buy lists 3. Finding the vehicles 4. Buying them for the right price - Transporting them 5. Vehicle tracking 6. Service and Reconditioning 7. Pricing - Initial and during ownership 8. Merchandising - Internet merchandising - On-lot display and merchandising 9. Selling used vehicles 10. Wholesale disposal Page 3
5 Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal The Strategy Trends How we understand the market Understanding velocity The evolution of used-vehicle management Understanding key metrics What s possible your real market potential Page 4
6 Some Used-Vehicle Market Trends More people found the specific vehicle they bought on the Internet (31%) than by visiting dealerships (28%). Nearly half (46%) of all customers rely on the Internet as their primary way to find used vehicles. Same as the number who focus on visiting dealerships. 91% of customers who used the Internet used third-party websites like AutoTrader.com and Cars.com. Most (74%) also visited dealer websites. Third-party websites have been steady at around 90%. Dealer website visits have been rising, up 10 points in the past three year. 40% 30% 20% 10% 0% % of Used-Vehicle Buyers Who Found the Specific Vehicle They Bought on the Internet 7% 14% 23% 31% Source: Nickelsen Partners analysis of J. D. Power and Associates, 2009 Used Vehicle Market Report. Supplemental data from 2008 Used Vehicle Market Report and 2006 and 2007 Used Autoshopper.com Reports Page 5
7 How We Understand the Used-Vehicle Market Most prospects do research on the Internet before they buy. Identifying preferred vehicles Choosing where to shop Determining a fair price Being priced competitively on the Internet is essential to getting that customer segment to come to the dealership. If the dealership is competitive, it can attract prospects who otherwise might not consider shopping there for the brand they want. Page 6
8 What Is Velocity? If I can sell a $10,000 car with a $3,000 gross in 60 days, I earn $3,000 gross profit in 2 months on that $10,000 investment. If I can sell a $10,000 car with a $2,000 gross in 30 days, I earn that $2,000 gross twice in two months, on that same $10,000 investment. If I can sell a $10,000 car with a $1,500 gross in 20 days, I earn that $1,500 gross three times in two months, on that same $10,000 investment. $1MM inventory (100 units) $400 F&I GP + $200 internal parts and service GP: $180,000/month GP Page 7
9 What Is Velocity? If I can sell a $10,000 car with a $3,000 gross in 60 days, I earn $3,000 gross profit in 2 months on that $10,000 investment. If I can sell a $10,000 car with a $2,000 gross in 30 days, I earn that $2,000 gross twice in two months, on that same $10,000 investment. If I can sell a $10,000 car with a $1,500 gross in 20 days, I earn that $1,500 gross three times in two months, on that same $10,000 investment. $1MM inventory (100 units) $400 F&I GP + $200 internal parts and service GP: $180,000/month GP $260,000/month GP Page 8
10 What Is Velocity? If I can sell a $10,000 car with a $3,000 gross in 60 days, I earn $3,000 gross profit in 2 months on that $10,000 investment. If I can sell a $10,000 car with a $2,000 gross in 30 days, I earn that $2,000 gross twice in two months, on that same $10,000 investment. If I can sell a $10,000 car with a $1,500 gross in 20 days, I earn that $1,500 gross three times in two months, on that same $10,000 investment. $1MM inventory (100 units) $400 F&I GP + $200 internal parts and service GP: $180,000/month GP $260,000/month GP $315,000/month GP Page 9
11 The Evolution of Used-Vehicle Management Traditional Rely on auction books for market information Manage with instinct and judgment only Used-car manager does everything, including going to auctions; might have buyers Page 10
12 The Evolution of Used-Vehicle Management Traditional Today s Top 35% Rely on auction books for market information Manage with instinct and judgment only Used-car manager does everything, including going to auctions; might have buyers Focus on velocity Manage with sophisticated tools (vauto, DealerTrack/ AAX, AppraisalPro, FirstLook, etc.) plus judgment Used car manager attends some auctions; some used car buyers Page 11
13 The Evolution of Used-Vehicle Management Traditional Today s Top 35% Today s Top 1% Rely on auction books for market information Manage with instinct and judgment only Used-car manager does everything, including going to auctions; might have buyers Focus on velocity Manage with sophisticated tools (vauto, DealerTrack/ AAX, AppraisalPro, FirstLook, etc.) plus judgment Used car manager attends some auctions; some used car buyers Centralized sourcing Manage with consistent processes, sophisticated tools, and judgment Separated roles for analytical tasks vs. hands-on tasks Used car manager rarely attends auctions; used car buyers take on this role Page 12
14 Understanding Key Metrics (Popularized by vauto) Market Days Supply Are we buying the right vehicles? Is their enough demand for this vehicle in the market? Is there a tight enough supply of this vehicle at retail? Price to Market Cost to Market Page 13
15 Understanding Key Metrics (Popularized by vauto) Are we priced competitively? Is our pricing low enough to draw Internet traffic to the dealership but high enough to generate enough gross profit? Price to Market Market Days Supply Are we buying the right vehicles? Is their enough demand for this vehicle in the market? Is there a tight enough supply of this vehicle at retail? Cost to Market Page 14
16 Understanding Key Metrics (Popularized by vauto) Are we priced competitively? Is our pricing low enough to draw Internet traffic to the dealership but high enough to generate enough gross profit? Price to Market Market Days Supply Cost to Market Are we buying the right vehicles? Is their enough demand for this vehicle in the market? Is there a tight enough supply of this vehicle at retail? Are we paying too much for our vehicles? How does what we paid for this vehicle compare to what it is worth at retail? Page 15
17 77% 81% 82% 84% 88% What Happens as Vehicles Age on the Lot? 90% 85% 80% 75% 70% 65% 60% Cost to Market Page 16
18 77% 81% 82% 84% % What Happens as Vehicles Age on the Lot? 90% % 80% % 80 70% 65% % 60 Cost to Market Market Days Supply Page 17
19 77% 81% 82% 84% % % 100% 99% 97% 96% What Happens as Vehicles Age on the Lot? 90% % 85% 80% 75% 70% 65% % 95% 90% 85% 80% 75% 60% 60 70% Cost to Market Market Days Supply Price to Market Page 18
20 Used Cars as Commodities $10k 95% Price to market 75% Cost to market $5k $0k Page 19
21 What s Possible at Your Store? The key is NOT to focus on what you ve done in the past. Tom Kelley SuperStore (Fort Wayne, IN): from 85 units to 210 (205 last month) Greenwood s Hubbard Chevrolet (Youngstown, OH): from 40 units to 83 Things to consider Current practices and tools: traditional, top 35%, or top 1%? Population within minutes? Knowledgeable competition? Available capital? Internet marketing vs. asphalt? Page 20
22 A good financial pro forma will help you determine if it is worth it. Page 21
23 Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal Planning Your Inventory Stocking objectives Four approaches The inventory planning matrix Considering past ROI Standards for purchases Don t buy without an exit strategy Page 22
24 Approaches to Managing Used-Vehicle Inventory Traditional Stick to my brand and the vehicles I know, and buy what looks good at auction; use rules of thumb Classic Sets Choose a few focus models to stock in depth, with a clear price walk up from the advertised price leader to nicer and higher-priced similar vehicles Page 23
25 Approaches to Managing Used-Vehicle Inventory Traditional Stick to my brand and the vehicles I know, and buy what looks good at auction; use rules of thumb Classic Sets Choose a few focus models to stock in depth, with a clear price walk up from the advertised price leader to nicer and higher-priced similar vehicles Pure DealerTrack/AAX Focus on core inventory vehicles that dealer has sold in the past with high grosses and good turns (or that nearby dealers have done well with) Pure vauto Every unit stands alone on market days supply and cost to market, with the market measured by Internet advertising and pricing Page 24
26 An Inventory Matrix Can Help with Buying Phased timing Page 25
27 An Inventory Matrix Can Help with Buying Phased timing How many? Page 26
28 An Inventory Matrix Can Help with Buying Phased timing How many? Target average cost Page 27
29 An Inventory Matrix Can Help with Buying Phased timing How many? Target average cost Brand mix not just your own franchise any more! Page 28
30 An Inventory Matrix Can Help with Buying Phased timing How many? Target average cost Those trades we used to wholesale Brand mix not just your own franchise any more! Page 29
31 Sophisticated Tools Can Help You Drill Down from the Inventory Matrix to More Specifics This example is from vauto. Market vs. Inventory Mix by Vehicle Segment Market vs. Inventory Mix by Brand or Price
32 You Can Consider Past ROI When Selecting Vehicles to Buy This information most easily comes from a tool like DealerTrack/AAX. Alternatively, you can also get the data from your DMS. Page 31
33 Setting Standards for Inventory Purchases and Aging Management These metrics were developed with one of our clients who uses vauto to help them better buy and manage their inventory. Be lowest Page 32
34 Don t Buy Without an Exit Strategy How will we price and merchandise this vehicle? If it doesn t sell in two weeks, what will we do? If it is still on the lot in 30 days, what will we do? What happens after 45 days if it hasn t sold? What about after 60 days? Nearly every car can and should be retailed. Page 33
35 Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal Finding Vehicles Evolution in finding vehicles Lots of sources Overview We Buy Cars Service lane Other dealers and FSBOs Your database Modernizing and centralizing sourcing Page 34
36 Finding Used Cars Is Also Evolving Traditional Rely on auctions and trades only Used-car manager plus outside buyers Every store for itself Very loose processes around buy lists That s too expensive I can t go home empty-handed Page 35
37 Finding Used Cars Is Also Evolving Traditional Today s Top 35% Rely on auctions and trades only Used-car manager plus outside buyers Every store for itself Very loose processes around buy lists That s too expensive I can t go home empty-handed Rely on auctions and trades, plus maybe some we buy cars Used-car manager plus outside buyers Every store for itself Stronger processes Buy lists that are mostly data-driven Pretty good compliance with buy lists Page 36
38 Finding Used Cars Is Also Evolving Traditional Today s Top 35% Today s Top 1% Rely on auctions and trades only Used-car manager plus outside buyers Every store for itself Very loose processes around buy lists That s too expensive I can t go home empty-handed Rely on auctions and trades, plus maybe some we buy cars Used-car manager plus outside buyers Every store for itself Stronger processes Buy lists that are mostly data-driven Pretty good compliance with buy lists Auctions and trades, plus supplemental sources Centralized sourcing and appraisal Data person creates buy lists with the GM and the UCM and finds many vehicles on-line Buyers go to auction Heavily data-driven processes with very tight compliance Page 37
39 Lots of Sources for Used Vehicles Auctions lots of vehicles, but often highest cost relative to market Trades good high-volume option, but dependent on strength of new-vehicle sales We Buy Cars Service lane Other dealers (and FSBOs) Your database Wholesalers Page 38
40 Planning Growth and Expanding Your Vehicle Sources Page 39
41 Publicizing We Buy Cars Page 40
42 This Campaign Qualified as a Public Service Announcement! TV ad for Swope s we buy here campaign Local TV talent interviewed Cary Donovan, Director of Used Vehicle Operations, for a Public Service Announcement Page 41
43 You Can Find Great Vehicles in Your Service Drive Offer free appraisals to Service customers Focus on desirable used vehicles, or any customer who might be a good prospect Have Salespeople follow up Page 42
44 Schedule Specific Salespeople to Be in Service in the Morning Page 43
45 Craigslist.com Can Be a Source of Vehicles Page 44
46 Use Your Database to Find Vehicles and Prospects Salespeople can contact people in your database who are driving vehicles you would like to own. Prospecting should be a part of the job. Monitor daily and coach the gaps. Page 45
47 Lease Expirations Are Low-Hanging Fruit Page 46
48 Cutting-Edge Dealer Groups Are Modernizing and Centralizing Used-Vehicle Sourcing Sourcing Transportation Reconditioning tracking Reconditioning Vehicle folder preparation Skilled, focused resources Economies of scale Avoiding bidding against same-group stores for vehicles Getting vehicles to the right store in the group if they aren t selling Page 47
49 A Centralized Sourcing Group Includes a Variety of Roles These people may be found internally or through job postings on the Internet (e.g., Craigslist). Hourly compensation seems to work well. Page 48
50 One Group s Centralized Sourcing Department Page 49
51 One Dealer Group s Centralization Work Plan Page 50
52 Doing Research From Successful Dealers Can Save Time And Money Page 51
53 Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal Buying Vehicles Buying What not to buy Page 52
54 Buy Them for the Right Price Aim for 75% +/- of retail value ( cost to market ) Leave enough room to recondition and make a decent profit Do not rely on printed books Too much lag Not specific enough to your geography Not clear enough on hard or soft the market price really is Most close 30% to 45% of their trade-in appraisals ( look to book or appraisal performance ) but there are other strategies. Traditional thinking is that too high means you are leaving money on the table; too low and you are not offering enough; wholesale loss is NOT the only measurement Remember to exclude lease turn-ins, auction preparation, etc. from your calculation Look for coachable differences in performance among staff members Page 53
55 Auction Reports Page 54
56 Knowing What NOT to Buy Is as Important and Knowing What to Buy Is it on the buy list? Does it fit with our inventory plan? Is the price right? Can we price it competitively and still earn a decent margin? Page 55
57 Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal Tracking Vehicles Logging at purchase Transportation Page 56
58 Initial Logging at Purchase: Excel Spreadsheet or Google Docs Page 57
59 What to Log at Purchase Date Stock # Buyer Approved by Purchased from Year Make Model Trim level Odometer Last 8 VIN Color Investment Est. recon cost Est. shipping cost % cost to market Exit strategy price Adj % of market Est FE gross profit Market days supply (like mine) V-rank position # of like vehicles Our position Vehicle class Location state Shipping method Transit company Est. pick up Est. delivery Ship status Page 58
60 Transport Them Cost, time, and reliability Local drivers Transport companies you know and trust Web-based companies AutoTransMart.com CentralDispatch.com Page 59
61 , Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal Service and Reconditioning Reconditioning grid Morning walk Managing internal service and reconditioning Page 60
62 A Reconditioning Grid Saves Time And Money Page 61
63 Do a Corral Walk Every Morning to Plan Reconditioning for Newly-Acquired Vehicles Have a used-car corral on your lot Every morning, walk your managers down the vehicles in the corral Decide what to do with each vehicle; A, B, C or D Write the decisions on the car window Cross off tasks as they are completed Track every vehicle from arrival to the front line Page 62
64 Managing Internal Work in the Service Department Work on each vehicle determined during the morning used car walk A, B, C, etc. Retail, Wholesale, As-is, Service estimate they decide. Use the reconditioning grid to determine what to do Clear standards keeps the work consistent Selling unneeded services is not the future; some have a 1-line veto rule Dedicated used car technicians vs. running through the shop Charging special internal rates Priority of internal work in the Service department Consider setting a fixed price for reconditioning Page 63
65 Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal Pricing Pricing management Factors to consider in initial pricing Re-pricing Internet Value Pricing Page 64
66 Pricing Management Determine your aging and turn strategy Review individual vehicles at least weekly On the Internet Physically Especially those that should have sold and haven't Think of the vehicles as commodities take the emotion out of it At some point, i.e. 30 days, pricing is handled by reviewing the data, not emotion Goal no wholesale disposition Finance and insurance Products Future service, parts and body shop Market share Page 65
67 Initial Pricing: Factors to Consider Target price to market range Unique vehicle attributes Odometer Condition Equipment Special equipment added Market days supply Whether it is intended to be a part of a set Page 66
68 Re-pricing Has the market price changed? Have supply and demand changed? Are we on track to retail this vehicle? What is our standard pricing policy for a vehicle we have had this long? What was our exit strategy price for this vehicle? Page 67
69 Internet Value Pricing Can Be a Marketing Position as Well as a Pricing Approach Communicate value to the customer Retain more of the advertised price Use as: Handouts Posters Stand-ups on desks Best if reviewed BEFORE vehicle selection Like one-price Page 68
70 Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal Marketing Key metrics for Internet shoppers AutoTrader.com listings Cars.com listings Why prospects click through Website comparisons On-lot display and merchandising Page 69
71 Key Metrics for Internet Shoppers Physical Walk or drive around the lot Get out and study the vehicle Internet Scan with search engines and thirdparty sites Click through and study the vehicle page views detailed page views Drive, negotiate, buy Page 70
72 AutoTrader.com Page 71
73 AutoTrader.com Geographic search by make, model, and year Page 72
74 AutoTrader.com Geographic search by make, model, and year Paid advertisements Page 73
75 AutoTrader.com Geographic search by make, model, and year Paid advertisements Default sort puts high prices on top Page 74
76 AutoTrader.com Geographic search by make, model, and year Paid advertisements If you don t pay for premium position, you won t be on page 1! Default sort puts high prices on top Paid real estate: premium listings on top Page 75
77 Two Ads for Similar Vehicles on AutoTrader.com: Where Would You Click? Lots of pictures, or just one stock photo? Vehiclespecific description? Page 76
78 Cars.Com Page 77
79 Cars.Com Geographic search by make, model, year and trim level Options to narrow search by certification, price band, mileage band, year, listing date, number of pictures, and keywords Page 78
80 Cars.Com Geographic search by make, model, year and trim level Same default sort on price (high-to-low) but not premium listings Options to narrow search by certification, price band, mileage band, year, listing date, number of pictures, and keywords Page 79
81 Cars.Com Geographic search by make, model, year and trim level Much less text on main page than on AutoTrader.com Same default sort on price (high-to-low) but not premium listings Options to narrow search by certification, price band, mileage band, year, listing date, number of pictures, and keywords Page 80
82 Website Comparisons 91% of Internet shoppers for used cars use third-party sites. AutoTrader.com and Cars.com are the biggest. AutoTrader makes/lets dealers pay for premium positioning in a search. Cars.com does not. AutoTrader shows more descriptive text about each vehicle on the main page than Cars.com. So more people click through on Cars.Com, simply because they can t get enough description otherwise. Since Cars.com shows so little text, it is essential to make that one line of description count. Three out of four Internet shoppers for used cars visit a dealer site. But it is not clear how much of that is only after they have visited third-party sites or the physical dealership. Page 81
83 On-Lot Display and Merchandising Groupings Price display Hang tags What s wrong with this vehicle? Loaning used vehicles As-is vehicles Page 82
84 Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal Selling Vehicles The basics Sales process Morning variable manager meetings One-on-ones Building value: the folder Why buy here? CarFax and AutoCheck Sales pay plans Page 83
85 Have Everyone Comply with a Strong Sales Process Page 84
86 The Morning Variable Manager Meeting 8:30 a.m. is a great start time. Review yesterdays prospects Rank 1-5, or Hot, warm and cold Decide specific follow-up for each salesperson Review all hots Brainstorm how we are going to sell units Review yesterday s incoming phone calls Review Internet leads Review deals in Finance that are not delivered Review today s appointments Page 85
87 One-on-Ones with Salespeople 10:00 a.m. Schedule 10 minutes apart - Personal update - Yesterday s prospects - Review all prospects - Today s appointments - Review individual data Goal vs. Actual Sales month to date Discovery Manager Hi s Final manager T.O. Page 86
88 The Folder Helps Build Value in the Vehicle CarFax/AutoCheck report Market price comparison Why buy here Internet pricing policy Service record MSRP Page 87
89 Build Value: Why Buy from You? This is the result of one dealership s brainstorming exercise on why customers should buy from them. Page 88
90 Building Value (continued) Here is another dealership s why buy from us write-up after being put into customer-friendly appearance. Documents like this can go onto table-top displays or posters as well as being placed into each vehicle packet. Page 89
91 Use CarFax to Show the Strengths of Your Vehicles Keep with every vehicle Run on lower priced vehicles you find in competitive sets Page 90
92 or Use AutoCheck How good are your vehicles? How bad are lower-priced alternatives? Page 91
93 Rethinking Sales Compensation Get selling costs under control Realign incentives to hold gross on competitive Internet prices and reward process compliance Page 92
94 Strategy Inventory Finding Cars Buying Tracking Service Pricing Marketing Selling Disposal Disposing of Vehicles Page 93
95 Wholesale Disposal If price is managed during ownership, fewer vehicles need to be wholesaled Internal auctions Other stores you own Wholesalers Who reps the vehicle Page 94
96 Some key points The used-vehicle market has changed and is changing, so dealers must change also. Changing technology is necessary but not sufficient. Software Processes Compensation Organization structure and staffing The opportunity is big. The right strategy, executed well, has doubled used-vehicle sales at a variety of dealerships. This was an overview. Later sessions will drill down in specific areas. Page 95
97 Thanks for listening, and congratulations on your desire to learn! For any additional questions, please me at: or my cell is Steve Nickelsen, CEO Page 96
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