Tag: Hollis Goode

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Industry Trends

Millennials Need Cars Now

Hollis Goode Regional Vice President EFG Companies
Contributing Author:
Hollis Goode
Regional Vice President
EFG Companies

Millennials – roughly those born between 1980 and 2004 – are late to join the car-buying masses. In fact, they also appear to be late to everything else – leaving home later, getting married later, and having families later. But latest reports indicate that this generation is finally entering the market en masse!

A recent study by J.D. Power’s Power Information Network reported that the share of Millennials in the new car market jumped 28 percent. By 2020, Millennials are expected to capture 40 percent of car sales. This is great news for those who thought the entire generation would forego a car purchase. But the Millennial care-abouts and approach to purchasing a vehicle are very different from traditional car buyers. Are you prepared for these changes?

Vehicle as Utility…not Social Status

In the past, vehicles were viewed as an extension of the buyer’s personality or social status in life. Got a promotion? Get a luxury or a sports car. At the moment, Millennials sacked with college debt don’t have the luxury of thinking this way. For the time being, a vehicle is seen a means of transportation by this generation. It is an easier way to get groceries home or ferry a growing family. In fact, according to a survey by the personal finance website NerdWallet, 43 percent of millennials said owning a car was a hassle!

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Dealership Training Industry Trends

Are You Ready for the Digital Revolution?

Hollis Goode Regional Vice President EFG Companies
Contributing Author:
Hollis Goode
Regional Vice President
EFG Companies

By most accounts, the digital revolution has already occurred. We began shifting from mechanical and analog technology to digital electronics between the late 1950s and late 1970s. However, while industries across the U.S. changed their working dynamics to accommodate the digital revolution, vehicles are still fundamentally sold today the way they were 50 years ago.

Consumers still have to go to the dealership, fill out tons of paperwork, and sometimes spend hours waiting for funding paperwork to be finalized. Conversely, when was the last time you went to a bank to apply for a credit card, or even a mortgage? Now, banks have a fairly robust digital presence, where brick and mortar locations are seldom used.

In 2017, more than 30 years from the “end” of the digital revolution, the automotive industry is just now beginning to undergo its own revolution.

According to a recent study by J.D. Power on top trends to improve the retail automotive experience, 42 percent of dealership consumers made phone calls to dealers when shopping for a vehicle. Conversely, 75 percent of consumers used the internet. However, those buyers who rely on the internet had lower satisfaction scores than those who made a phone call. The reason for this can be easily explained by the current dealership model, which is geared towards bringing people into the dealership.

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Dealership Training F&I

Overcoming Objections Starts with Sales

Hollis Goode Blog Headshot

 

Contributing Author: Hollis Goode, Regional Vice President, Dealer Services, EFG Companies

Overcoming objections is quite possibly one aspect of the F&I office that is focused on the most. Classes abound on this topic. Dealers, in tune with their teams, provide one-on-one coaching sessions on this alone. After all, the more successful an F&I manager is at overcoming objections, the better their numbers, resulting in increased profit for the dealer.

I’d posit that many training courses/one-on-one sessions start something like this:

“The vehicle service contract is too expensive. Go.”

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