PUB 1. ISSUE 3. 2023 № 1 2024 Chicago Auto Show Continued Strong Presence for 116th Edition
Memberships in: • AUTOCPA Group • The American Institute of Certified Public Accountants • The Illinois CPA Society CERTIFIED PUBLIC ACCOUNTANTS Located in Central Illinois, we serve the entire state. Contact us today to learn how we can help your dealership thrive. Drive Your Dealership Toward Financial Success We specialize in automobile dealers in the following areas: • Dealership valuations • Automobile dealer legal support • Buy-Sells for dealerships • LIFO inventory computations • Financial statement analysis • Corporation Income Tax returns • Personal Income Tax returns • CPA prepared financial statements • Dealer estate planning • Employee theft consulting • Internal control studies and audits • Profit consulting • Training office managers/CFO’s • 401K Audits Serving more than 250 Automobile Dealers throughout the United States (309) 662-8797 Email: woodwardassoc@cpaauto.com Website: www.cpaauto.com 1707 Clearwater Avenue P.O. Box 1584 ·Bloomington, IL 61702
22 4 ©2024 The Chicago Automobile Trade Association | The newsLINK Group, LLC. All rights reserved. CATA Up To Speed is published four times each year by The newsLINK Group, LLC for the Chicago Automobile Trade Association and is the official publication for this association. The information contained in this publication is intended to provide general information for review, consideration and education. The contents do not constitute legal advice and should not be relied on as such. If you need legal advice or assistance, it is strongly recommended that you contact an attorney as to your circumstances. The statements and opinions expressed in this publication are those of the individual authors and do not necessarily represent the views of the Chicago Automobile Trade Association, its board of directors, or the publisher. Likewise, the appearance of advertisements within this publication does not constitute an endorsement or recommendation of any product or service advertised. CATA Up To Speed is a collective work, and as such, some articles are submitted by authors who are independent of the Chicago Automobile Trade Association. While CATA Up To Speed encourages a first-print policy, in cases where this is not possible, every effort has been made to comply with any known reprint guidelines or restrictions. Content may not be reproduced or reprinted without prior written permission. For further information, please contact the publisher at 855.747.4003. 04 2024 Chicago Auto Show Continued Strong Presence for 116th Edition 08 Association of National Advertisers Presents the Driving Influence Award 09 What Drives Her Award Winners Announced at the Chicago Auto Show 12 First Look for Charity Raises $2.8 Million for Local Charities 13 Chicago Auto Show Hosts FirstEver Automotive Career Day 14 Chicago Auto Show Photo Gallery 18 Offer Benefits and Win Customers By ACV 20 Knowing the Value of Your Dealership: A Key Advantage By Maxime Théorêt, Managing Partner — DSMA (Dealer Solutions Mergers & Acquisitions) and Jennifer Rafael, Partner and Vice President, Midwest — DSMA 22 Case Study: Dynatron Software & Ciocca Dealerships How a 40+ Rooftop Corporation Revolutionized Fixed Ops Performance Uncovering Over $1.3M in Additional Revenue By Leigh Silver, Chief Executive Officer, Dynatron Software 24 Establishing the Four Corners for Winning at Your Dealership Every Day in 2024 By ACV 26 Congratulations CATA! 2023 MarCom Awards Winner CONTENTS CATA UP TO SPEED 3
2024 Chicago Auto Show Continued Strong Presence for 116th Edition The 2024 Chicago Auto Show came to a successful close on Monday, Feb. 19, after a 10-day run at McCormick Place. The 116th edition of the show welcomed nearly 260,000 guests to experience the latest cars, trucks and SUVs, automotive technology and electric vehicles. The 2024 show featured an array of vehicles, new to show attendees, including the world debut of the 2025 Kia Carnival and 2025 Kia K5. Lucid and Tesla both made a first-time Chicago Auto Show appearance, and Mazda returned, courtesy of Napleton Auto Group. Fans of Mazda were thrilled that the full lineup was featured at the show after a brand absence for a few years. Other notable new vehicles at the show included the Buick Envision, Cadillac Escalade IQ, 2025 Chevrolet Equinox, 2025 Chevrolet Traverse, Ford Explorer, Ford Mustang Mach-E Bronze, GMC Hummer Earthcruiser, Nissan ARIYA Pole to Pole, Nissan Frontier Forsberg, Tesla Cybertruck, Toyota Land Cruiser and Volkswagen ID. Buzz. Three indoor test tracks graced the show floor. Ford’s “Built Wild” track featured the Bronco family of vehicles and gave attendees the thrill of conquering “Bronco Mountain,” a 38-degree hill inside of the show. Hyundai offered rides in a trio of EVs, including the Kona Electric, IONIQ 5 and IONIQ 6. Chicago Drives Electric’s indoor EV track, powered by ComEd, returned featuring nearly double the number of brands over the previous year. The popular track offered 20 different EVs for attendees to experience from brands including BMW, Cadillac, Chevrolet, Ford, Kia, Lucid, Nissan, Tesla and Volkswagen. “Perhaps what sets our show apart most is that we’ve never shifted our focus away from the consumer; the attendees drive our strategy to produce an event that’s fun, engaging and informative. As research shows, annually, roughly half of people who attend the Chicago Auto Show are in the market to purchase a new vehicle within one year,” said Chicago Auto Show General Manager Jennifer Morand. Continued on page 6 № 1 4 CATA UP TO SPEED
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Continued from page 4 Despite the headwinds producers initially faced given the late Stellantis exit — due to cost-cutting efforts in the wake of the UAW strike — the 2024 show only experienced a slight decrease in attendance over the previous year. “We’re hopeful this was a one-year decision and that Stellantis brands will return to the 2025 Chicago Auto Show,” said 2024 Chicago Auto Show Chairman J.C. Phelan. “The fans deeply missed the presence of these iconic brands this year.” Furthermore, third-party research shows that when brands don’t participate in the Chicago Auto Show, 75% of attendees report being less likely to purchase from an absent brand when looking for it at the show. Along those lines, brands that were present had an increased opportunity to gain conquest sales. The lines at Ford’s “Built Wild” experienced record-breaking numbers, with the wait time nearly three hours long on more high-trafficked days. Between the show’s three indoor test tracks and three outdoor test drive experiences by Ford, Kia and Subaru, the show produced more than 80,000 in-vehicle driving experiences. Of the experiences, nearly 70% of attendees said their opinion of an electric vehicle improved after experiencing one at the show; 53% are now more likely to purchase an EV due to experiencing it at the show; and 50% of all attendees who took an outdoor test drive are now more likely to purchase from a brand they drove or rode along in. This year’s themed days and special events drew in large crowds and new audiences to the show. The Toyota Miles Per Hour Run once again provided a unique twist for a winter race in Chicago — at 72 degrees in the indoor McCormick Place! Held inside the Chicago Auto Show and organized by the Chicago Area Runners Association, 650 runners paced a 60-minute run through the show floor for participants to record their own miles per hour. Toyota awarded the top three winners for men’s and women’s times at its post-run celebration in its display; winners clocked in at more than 10 miles per hour. Also returning to the show was the popular Chicago Friday Night Flights craft beer sampling event. More than 600 attendees sampled 20 different craft beers from local breweries. And new to the programming this year, the inaugural Automotive Career Day hosted more than 1,400 students for a lively morning filled with educational panels, networking and a career fair of local automotive employers. “There are so many career opportunities within the auto industry, and the Chicago Auto Show is the perfect backdrop to be able to make those connections to young people,” said Morand. “The 2024 first-year event was a success, and the wheels are already in motion to make the Automotive Career Day event even bigger and better for next year!” The show saw fan engagement translate to social media as well. Initial Meltwater data reports the Chicago Auto Show’s message reached more than 83 million over the last 90 days. Strong engagement is measured between the show and its fans across all social media platforms. Finally, the show saw support from new and returning sponsors. 2024 premier partners included Cars.com, ComEd and Powering Chicago. Official sponsors were AT&T, U.S. Army, Volta Charging — a member of the Shell Group — and Wintrust. Additional show sponsors included Bosch Tools, Furniture Firm, NASCAR and Weber. 6 CATA UP TO SPEED
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Association of National Advertisers Presents the Driving Influence Award The Association of National Advertisers (ANA) presented the 2024 Driving Influence Award at the Chicago Auto Show’s Media Preview Day to MINI USA’s Big Love campaign, which was conceived and produced by creative agency RQ. The annual award is given to a manufacturer harnessing the power of influencer marketing to creatively and authentically engage automotive customers. This year’s award highlighted campaigns that emphasized reaching women, BIPOC and LGBTQIA+ consumers. “The ANA is proud to partner with the Chicago Auto Show for a fifth year on the 2024 Driving Influence Award,” said Leah Marshall, senior director, influencer marketing at ANA. “This year’s emphasis on campaigns designed to reach women, BIPOC and LGBTQIA+ audiences authentically and creatively couldn’t be more aligned with the ANA’s values around inclusive and representative marketing.” To celebrate Pride 2023, MINI USA, in partnership with creative brand marketing agency RQ, created an influencerled campaign to amplify the journey of prominent LGBTQIA+ creators. With a primary focus on San Francisco and Philadelphia, MINI tasked participating creators with creating compelling content that showcased the significance that certain locations played in their lives. Beginning with a location of historical importance and ending with a modern location, the creators shared the impact these locations had on them with their social audiences. “At MINI, we believe in celebrating individuality in all its forms. Our support of the LGBTQ+ community is rooted in the understanding that MINI Coopers aren’t just cars; they’re canvases for personal expression,” said Matthew Shukaitis, digital communications manager, MINI USA. “Each MINI on the road is as unique as the driver behind the wheel, embodying the spirit of diversity, inclusivity and the freedom to be authentically oneself.” Past Driving Influence Award recipients include QYOU Media (Okay Hyundai), Toyota (Family Trails), Mitsubishi (Kids Talk Safety), Hyundai (Santa Fe Launch) and Honda (Drive Your Fun). № 2 8 CATA UP TO SPEED
Chicago Auto Show organizers, in partnership with A Girls Guide to Cars, held the seventh annual What Drives Her program during the show’s Media Preview on Thursday, Feb. 8. Industry leaders from across the country came together for a robust discussion and award recognition ceremony to highlight women in four different categories: Industry Trailblazer, Best in Craft Media, Automotive Ally and Best Retailer. This year’s awards also recognized an industry leader who has lifted others up with the 2024 Lifetime of Inspiration award. The program gives industry leaders a stage to share trends, stories and personal anecdotes about the integral role that women hold in the auto industry. This year’s program, presented by Nissan and sponsored by CDK Global, brought female executives to the Chicago Auto Show stage, presenting research centered on female purchasing power and trends. The panel, titled “What Drives Her … To Buy a Car,” was moderated by Kathy Gilbert, senior director minority dealer and women retail, CDK Global. Panelists included Amy Emmatty, CRO, Productions Plus; Trudy Hardy, vice president and region Americas head, BMW Motorrad; and Trisha Jung, senior director for EV strategy and transformation, Nissan. “It’s humbling to see just how What Drives Her has become a cornerstone event of the Chicago Auto Show’s Media Preview,” said Jennifer Morand, co-founder of the What Drives Her program and general manager of the Chicago Auto Show. “To see women — and men — come together in support of the extraordinary females who are shaping our industry and driving change has been incredible.” The 2024 winners for each category are as follows: Industry Trailblazer Award Olabisi Boyle, vice president, product planning and mobility strategy, Hyundai Motors, is responsible for guiding the strategic direction of Hyundai’s U.S. vehicle lineup, leading long-range planning and overseeing market research, business analytics and advanced pricing. In just three years, Boyle has made a huge impact on Hyundai’s success and direction, including leading the expansion of Hyundai vehicles into the Tesla charging network by 2024, as well as pioneering the Hyundai home initiative, launching the Evolve+ EV subscription program. She’s also received significant recognition throughout her career, including being named in Automobile News All-Star in 2021 and 2023 and being named as Automotive News’ 100 Leading Women in the North American Auto Industry. Boyle was unable to attend the event; colleague Tia Battle accepted the award on her behalf and shared a quote from Boyle: “Being a woman in a predominantly male industry can be a challenge. It is important to stay strong by ensuring you are built up and never puffed up. To be built up, do your homework. Make sure you are prepared and educated on the topic and work to persevere and remain resilient and positive in all these situations. Because once you’re built up, you’ll be able to allow your competence and your excellence to speak for you while going through any tough time.” Industry Trailblazer finalists included Ashwini Balasubramanian, general manager, advanced engineering, Harley Davidson Motor Company; and Laurie Transou, chief program engineer, Ford Motor Company. What Drives Her Award Winners Announced at the Chicago Auto Show № 3 CATA UP TO SPEED 9
Best in Craft Media Award Jill Ciminillo, automotive content creator, Rebelle Rally competitor, NACTOY juror, WWCOTY juror, launched her career in 2001 as the auto editor for Pioneer Press Newspaper. She soon began to write reviews with a female perspective and a keen eye toward the interests of many general consumers, covering topics such as driving position, cargo space, vehicle amenities and seat comfort. She went on to work for many other outlets, including the Chicago Sun-Times, Chicago Tribune and Sinclair broadcast group. Today, Ciminillo is the managing editor of Pickup Truck + SUV Talk and works with Consumer Guide Automotive, writing reviews and hosting podcasts and radio shows. Ciminillo was the first female president of the Midwest Automotive Media Association (MAMA). She is a Juror of the North American Car, Utility & Truck of the Year Awards (NACTOY) and the Juror of the Women’s World Car of the Year (WWCOTY). A great significance is Ciminillo’s role as an early adopter of new technology and social media platforms, embracing X, Instagram and Facebook, as well as podcasting and TikTok. “I wouldn’t be where I am without the support of a lot of people,” said Ciminillo. “There were not a lot of us 20 years ago … all of these people who have supported me, I really appreciate it. If anybody out there needs help or advice or needs anything from me, I definitely want to pay that forward, and I would like to help!” Best in Craft Media finalists included Abigail Bassett, freelance journalist and podcast host; and Elana Scherr, senior features editor, Car and Driver. Automotive Ally Wendy Orthman, executive director marketing, Genesis Motor America, has been a visionary throughout her two-decade career, cutting her teeth in marketing and PR at GM and FCA before breaking out at Nissan. She and her family moved to Japan in the middle of the pandemic, taking a leap of faith for Orthman’s new job at Infiniti. Two years later, they returned so she could move into her current position at Genesis. Orthman is both adored and successful because she is a force of nature. She knows how to push the envelope without ripping it to shreds, pursue new ways of working with the automotive journalism field and market cars with style. Orthman was unable to attend and sent a video message in her absence stating, “If it wasn’t for the grace of the incredible pioneering women that were helping me along the way, to mentor, develop and guide me, I would not be here today. So, it is definitely my life’s mission to make sure I am paying that back and paying it forward.” Automotive Ally finalists included Dean Case, communications consultant; and Cheryl Thompson, founder, Center for Automotive Diversity, Inclusion and Advancement. 10 CATA UP TO SPEED
Best Retailer Gabrille Abinion, general manager, Fox Valley Volkswagen, has always been driven and passionate, following her father’s footsteps in the automotive industry. In 2017, Abinion joined her family’s auto group as an operations manager. This led to an opportunity to become the general manager of Fox Valley Buick GMC. It was at this time that she was introduced to the General Motors (GM) Minority Dealer Development program through her Dealer 20 group and is now a member of the GM Dealer Development National Candidate Pool. In an effort to diversify her experience within the Auto Group’s portfolio, Abinion is now the General Manager of Fox Valley Volkswagen. She has helped her Volkswagen stores to set records and sales, as well as breaking the record for Service & Parts growth of all time, three times in 2023. “Thank you so much for this incredible honor,” said Abinion. “My dad was an immigrant from the Philippines when he came to this country. This changed everything for my family. Thank you so much for your support.” Best Retailer finalists included Amanda Pickett, BDC manager/ finance manager, Advantage Chevrolet Bridgeview; and Jennifer Tonelli, controller, Mike Anderson Chevrolet of Merrillville. Lifetime of Inspiration Dave Sloan, co-general manager of the Chicago Auto Show and president of the Chicago Automobile Trade Association, is not just a name associated with the Chicago Auto Show; he is synonymous with dedication, leadership and innovation. Sloan has been a driving force behind the Chicago Automobile Trade Association (CATA), which produces the Chicago Auto Show. He has devoted over 30 years to the organization, starting in 1993 as executive vice president and then in 2010 becoming the president and general manager of the Chicago Auto Show. Under his guidance, the show has grown and evolved to be the premier consumer auto show in the country. What sets Sloan apart is not just his professional accomplishments but the legacy of mentorship he leaves behind. It takes a special kind of leader to recognize the potential in others, and Dave has surrounded himself with an incredible team over the years. As he was deciding on retiring, he identified Jen Morand as his successor and has worked on transitioning with her over the past two years as co-presidents of the association and show. The CATA is grateful for his vision, as our industry still remains heavily male-dominated. The CATA stands as one of the oldest associations in our industry, celebrating 120 years this year, to finally have its first female president — all thanks to Dave Sloan. The What Drives Her program and award ceremony were live-streamed on the Chicago Auto Show Facebook page. The recording can be found by scanning the QR code. https://www.youtube.com/watch?v=-dsAY9Eensk CATA UP TO SPEED 11
First Look for Charity Raises $2.8 Million for Local Charities The Chicago Auto Show raised more than $2.8 million, benefiting 18 local charities at the First Look for Charity gala. All told, the black-tie benefit raised $2,804,014 and was held the evening before the show opened to the public. The fundraiser’s 32-year event now tallies more than $62 million raised. “The Chicagoland new-car dealers are proud to produce this annual fundraiser that directly benefits the organizations doing amazing work right here in our communities,” said J.C. Phelan, 2024 Chicago Auto Show chairman. “This elite event is always a highlight of the Chicago Auto Show, where socialites and auto enthusiasts come together to get a preview of this year’s show, all for a great cause.” First Look for Charity provides attendees with an exclusive viewing of the Chicago Auto Show a day before it opens to the public. Tickets to the fundraiser are $325 each, and purchasers may elect to have their proceeds equally benefit all participating charities or any one charity of their choosing. The show floor is filled with gourmet food from local Chicago restaurants, live music and premium drinks. This year, one lucky guest won the First Look for Charity grand prize, a 2024 Chevrolet Blazer, compliments of the Chicagoland and Northwest Indiana Chevy Dealers. John and Linda Grabsky of Lombard, Illinois, had the winning ticket. “Being the spouse of a longtime Advocate Health Care employee and First Look supporter, we remain in disbelief to this day that we won,” said John Grabsky. “All I can say is that winning on the very first round is amazing in itself! Saved a lot of people the anxiety of waiting, including myself. I don’t think I’ll believe it until it is in our garage.” Onstage following the giveaway announcement, John Grabsky shared his excitement for taking the new Blazer on a road trip to Moab, Utah. The 2024 First Look for Charity beneficiaries include 100 Club of Illinois; Advocate Health Care; ALS United Greater Chicago; Ann & Robert H. Lurie Children’s Hospital of Chicago; BloomingtonNormal YMCA; the Boys & Girls Clubs of Chicago; Cal’s Angels; Catholic Charities of the Diocese of Joliet; Franciscan Community Benefit Services; Glenwood Academy; Habitat for Humanity; the Jesse White Tumbling Team; Lydia Home & Safe Families for Children; and Misericordia; Sertoma Star Services; Special Olympics Illinois; Susan G. Komen, Chicago; and Turning Pointe Autism Foundation. « № 4 12 CATA UP TO SPEED
Chicago Auto Show Hosts First-Ever Automotive Career Day For the first time, the Chicago Automobile Trade Association (CATA), producers of the Chicago Auto Show, hosted “Driving Future Leaders: Automotive Career Day” at the 2024 Chicago Auto Show on Tuesday, Feb. 13. More than 1,400 students attended the day that highlighted the vast career opportunities available across the dynamic auto industry. “There are many career opportunities within the auto industry, and the Chicago Auto Show is the perfect backdrop to make those connections to young people,” said Morand. “The first-year event was a success, and wheels are already in motion to make the Automotive Career Day event even bigger and better for next year!” The day kicked off with the Teen Innovation Summit, powered by Toyota and the Toyota Lexus Minority Owners Dealership Association, to highlight the variety of careers within the industry. The Teen Innovation Summit was produced by an award-winning educational nonprofit organization that helps students from diverse backgrounds discover and navigate career pathways in creativity, technology and business. “We are thrilled to partner with the Chicago Auto Show,” said Teen Innovation Summit Founder Alissa Constable. “Together, we are creating a dynamic environment to learn from leaders and be immersed in innovations in the automotive industry.” Students were able to join sessions with speakers from Northwood University and Women in Automotive, as well as meet one-on-one with representatives from Illinois Tollway, Powering Chicago, the U.S. Army and the University of Illinois Solar Car team as part of the career fair segment of the event. “The Chicago Auto Show was a wonderful opportunity to showcase the opportunities and growth in the industry, but the most beautiful thing is to look down the road to see the next generation leaders innovate and grow in the auto industry,” said Kathy Gilbert, Founding Board Member of Women in Automotive. The program concluded with a panel discussion, “Career as an Automotive Technician,” with representatives from Apple Chevrolet, BMW and the CATA. Following the sessions, students enjoyed the show, participated in interactive exhibits, including test tracks, and spoke to representatives from the auto manufacturers and related exhibitors. « № 5 CATA UP TO SPEED 13
Chicago Auto Show Photo Gallery № 46 14 CATA UP TO SPEED
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CATA UP TO SPEED 17 Is your business in the dark? ADVERTISE IN THIS MAGAZINE AND SHINE A LIGHT ON YOUR COMPANY. CONTACT US TO LEARN MORE. 801.676.9722 • 855.747.4003 sales@thenewslinkgroup.com QR Code: website /ad-space
In today’s automotive retail environment, consumers have more choices than ever, and dealers are paying more to acquire customers. With costs going up across the board and consumers who have access to more information and endless options, it’s imperative to offer potential customers next-level options and services to ensure higher conversion rates. One of the most important things you can do to effectively win customers without breaking the bank is to offer them benefits that they may not get elsewhere. Executed correctly, these benefits can give your dealership a leg up on the competition without costing as much as traditional promotions: 1. Virtual Showroom and Test Drives: In addition to physical showrooms, offering virtual showroom experiences can enhance convenience for customers, especially those who prefer to browse and explore vehicles from the comfort of their homes. Car dealerships can utilize virtual reality (VR) or augmented reality (AR) technology to provide immersive virtual tours of vehicles, enabling customers to inspect interior and exterior features in detail. Moreover, offering virtual test drives through interactive simulations can allow customers to experience the performance and functionality of different vehicles before making a decision. 2. Exclusive Events and VIP Treatment: Hosting exclusive events or offering VIP treatment to loyal customers, such as invitation-only previews of new vehicle models, special discounts or access to premium amenities like luxury lounges and complimentary refreshments during dealership visits. 3. Customization Options: Offering extensive customization options for vehicles, including personalized accessories, upgrades and modifications tailored to the customer’s preferences. This can include anything from custom paint jobs and interior enhancements to advanced technology installations or performance upgrades. 4. Transparent Pricing and Financing Options: Transparency in pricing and financing options is crucial for building trust Offer Benefits and Win Customers By ACV “One of the most important things you can do to effectively win customers without breaking the bank is to offer them benefits that they may not get elsewhere.” № 7 18 CATA UP TO SPEED
and confidence among customers. Car dealerships can adopt transparent pricing strategies, clearly displaying the cost breakdown of vehicles along with any available discounts or incentives. Additionally, providing transparent information about financing options, including interest rates, loan terms and monthly payments, helps customers make informed decisions without feeling pressured or uncertain about hidden fees or charges. 5. Community Engagement: Engaging with the local community through partnerships with other businesses or organizations to offer exclusive discounts, promotions, or events for customers. This could include collaborations with local restaurants, entertainment venues, or wellness centers to provide added value to the dealership’s customer base. 6. Eco-Friendly Initiatives: Demonstrating a commitment to sustainability can sway conscious customers. Showcasing your dealership’s environmental responsibility by offering eco-friendly vehicle options, promoting green driving practices or implementing environmentally conscious initiatives such as tree-planting campaigns, recycling programs or carbon offset programs for vehicle purchases. 7. Post-Purchase Support and Services: Offering comprehensive post-purchase support and services can enhance the overall customer experience and foster long-term relationships. Car dealerships can provide complimentary services such as vehicle maintenance, warranty coverage and roadside assistance to ensure customers feel supported and valued beyond the initial purchase. Moreover, establishing regular communication channels, such as followup calls or emails, allows dealerships to address any concerns or inquiries promptly reinforcing customer satisfaction and loyalty. By incorporating these unique benefits into their offerings, car dealerships can differentiate themselves in a competitive market and attract and retain customers who value exceptional service and added value. « CATA UP TO SPEED 19
KNOWING THE VALUE OF YOUR DEALERSHIP: A KEY ADVANTAGE According to our team at DSMA, which has carried out over 1,700 dealership evaluations across North America, knowing the true market value of your business is the most important asset a dealer should have in 2024. Why Is It So Important To Conduct This Valuation? Proactive companies in any sector instinctively know that they cannot wait for an event or a crisis in either their industry or the financial markets in order to be prepared to react. A regular dealership appraisal provides the owner with a much-needed accurate picture of its tangible and intangible business assets. By having this assessment in hand, the dealer demonstrates that he or she is ahead of the eventualities his or her business may face. He or she knows what needs to be improved to be among the best in the industry — and financial partners love that! In fact, more and more North American financial institutions are using DSMA appraisals to grant loans to dealers who request them. Knowing the value of your dealership also helps you to be well-prepared for succession, to be able to navigate troubled waters in the event of tight cash flow, or to obtain financing for expansion plans. A signed DSMA assessment also helps to cope with personal events such as separation, divorce or even death. These events can affect the dealership’s day-to-day operations from one day to the next, and having a business valuation in hand can help you get through these difficult times. How Does the Valuation Process Work? From the moment the dealer calls on our services, our team — composed of financial analysts, CPAs and economists — begins a thorough and meticulous evaluation of all departments affecting the business. Departmental activities, loans, vehicle fleet, financial reports ... everything is examined with a finetooth comb. Even better, there is no need for the owner to travel in 2024 — everything can be done remotely. By email, text message or virtual chat, and all document exchanges and dealer responses to our questionnaires are secure and confidential. Just like in a tax exercise, it is essential that the dealer gives a true picture of all his or her activities and assets for the valuation to be accurate. In general, the process, which is carried out between the dealer and a member of the DSMA team, takes between two and three weeks to complete. We recommend carrying it out on an annual basis, particularly at the beginning of the year, between January and April. In many cases, this is the period when most car dealerships complete their financial year, a time for preparing taxes and financial statements with their accounting teams. This is an opportune moment, as dealers already have most of the documents they need to carry out the appraisal. What Are the Other Advantages of a DSMA Evaluation? No one wants any unpleasant surprises. Our dealership evaluation remains the best preventative exercise, providing a quick visualization of good (and not-so-good) dealership practices. Thanks to our expertise and the incalculable data provided by our QUOTUS data analysis tool — a confidential and secure digital platform with over 3.5 million dealer data points — our assessment helps maximize the value and continuity of the business. It offers a solid boost to dealers wishing to improve their performance and identify any shortcomings in their departments. Our qualified staff of dealership experts can detect business trends at an early stage so that the dealer doesn’t leave money on the table, whatever the market or location of the dealership. Out of the thousands of evaluations we’ve carried out over the past 10 years, the results of many have been more than 20% off the dealer’s expected value. A difference that is generally higher ... but sometimes lower than the dealer’s expected value. For all these reasons, we at DSMA are convinced that our evaluation service is the most effective tool for ensuring the growth of motorvehicle dealerships operating not only in the automotive sector, but also in the motorcycle, heavy-duty truck, marina and heavy-vehicle industry. To date, we are the most reliable business intelligence team in the North American automotive market. « By Maxime Théorêt, Managing Partner — DSMA (Dealer Solutions Mergers & Acquisitions) and Jennifer Rafael, Partner and Vice President, Midwest — DSMA 20 CATA UP TO SPEED
OUR MIDWEST TEAM MIKE FUNK M&A Associate michael.funk@dsma.com 312.674.4556 JENNIFER RAFAEL Vice President, Partner jennifer.rafael@dsma.com 312.927.9561 JONATHON MORONI Business Dev. Manager jonathon.moroni@dsma.com 312.674.4556 GREG BROWN M&A Associate greg.brown@dsma.com 312.674.4556 CHRIS HAWLEY M&A Associate chris.hawley@dsma.com 312.674.4556 KEVIN CHRIST M&A Associate kevin.christ@dsma.com 312.674.4556 GLOBAL OPPORTUNITIES. LOCAL EXPERTISE. GENERATED IN VALUE $7+ BILLION 150+ ROOFTOPS AVAILABLE IN CANADA 425+ DEALERSHIPS SOLD 1700+ DEALERSHIP VALUATIONS 80+ ROOFTOPS AVAILABLE IN THE U.S.A. 50+ ROOFTOPS AVAILABLE IN THE U.K. CONTACT DSMA TODAY. Our clients benefit from unparalleled global exposure for their buy-sell needs. With locally-based associates, we offer customized insights for your business. DSMA connects you with qualified buyers worldwide, cutting transaction time and maximizing ROI. BUY@DSMA.COM +1 833-650-4188 DSMA.COM For more information, or to learn more about our 75+ opportunities, visit DSMA.com.
№ 3 Case Study: Dynatron Software & Ciocca Dealerships About Ciocca Dealerships Ciocca Dealerships is a fast-growing family-owned corporation with 43 rooftops located across Pennsylvania and New Jersey. The corporation prioritizes creating career paths in both fixed operations and sales for their employees. An example of this is Yaz Beganovic, who began his career as an internal advisor in 2011 when Ciocca Dealerships had just seven rooftops. As he grew through various roles within the corporation, he eventually became the director of fixed operations, overseeing all 43 rooftops today. In this case study, Beganovic speaks about how Dynatron Software completely changed the way his fixed ops performs. Initial Analysis of Fixed Ops Performance Prior to a partnership with Dynatron Software, the fixed ops director of Ciocca dealerships was managing 43 rooftops using manual reporting. Due to the scale of the corporation, it wasn’t uncommon to spend an entire morning pulling reports only to focus on the lowest-performing stores during meetings with regional directors about their respective rooftops. While experiencing rapid growth, executive management was not able to keep a pulse on the daily operations of each and every store, given the sheer amount of existing areas needing their attention. “Because you’re just looking at reporting, you don’t have time to physically manage the stores and see the How a 40+ Rooftop Corporation Revolutionized Fixed Ops Performance Uncovering Over $1.3M in Additional Revenue By Leigh Silver, Chief Executive Officer, Dynatron Software № 8 22 CATA UP TO SPEED
actual processes being performed,” says Beganovic. It was clear that a strategic partner was needed to help keep Ciocca Dealerships on their path toward future expansion. Revolutionizing Reporting and Daily Operations: A Strategic Partnership with Dynatron Software Ciocca dealerships initially heard about Dynatron Software from a 20 Group meeting. The corporation had previously used another vendor specializing in warranty filing with some success. However, after receiving a demo of Dynatron’s ROI Suite, they realized the comprehensive solutions could help not only with warranty filing but daily reporting, price optimization, pricing compliance and more. “It was the quick report to action that really got us interested because we’re very much overachievers. So that reporting on the customer pay side really got us involved. And we knew if we do that right, then the warranty stuff is just going to be naturally easier.” — Beganovic Dynatron’s daily reporting insights provided the boots-on-theground view of every service drive that was previously not possible through manual reporting. The previously misleading system of only focusing on underperforming stores was transformed into the ability to also discuss and learn from what was working in high-performing stores. Bagnovic stated, “The data is right there already done for you. Comparing it to the market … all the other stores around you … it really helped us create better businessmen and women faster.” What could the extra revenue mean for your dealership? Get in the know with Dynatron. Scan the QR code to schedule your 30-minute demo today. https://go.dynatronsoftware.com/cata Uncovering Hidden Revenue Opportunities Ciocca dealerships had an established history of getting warranty filing increases. However, once the price optimization, compliance and coaching pieces came together, it was quickly understood that they had only begun to scratch the surface. Over the last 150 days, Ciocca dealerships have averaged a $10.38 CP increase across all their stores. Notable performances include: • $26.18 ELR increase for a Chevy Buick store. • $19.44 ELR increase for an Audi store. • $19.25 ELR increase for a Volkswagen store. • $17.59 ELR increase for a Chrysler Dodge Jeep Ram store. “It just goes to show the strength in reporting. On the customer pay side, holding our effective labor rate up, we’ve been averaging really, really high returns on warranty … but reporting on the warranty side has been really, really well. Better than expected, to be honest.” In total, Dynatron Software has helped Ciocca Dealerships capture over $1.3M in hidden annualized revenue across all stores in the first 150 days. The Future for Ciocca Dealerships and Dynatron Software As for Ciocca dealerships, they continue to pursue their current goal of 100 rooftops, all while creating huge opportunities for internal growth across fixed ops, accounting, sales, body shops and more. In the meantime, Dynatron Software remains a dedicated partner committed to enabling the continued growth of Ciocca dealerships! To industry colleagues considering Dynatron, Beganovic says, “Sit down for this demo immediately.” Dynatron Knows Guaranteed Results, Do You? At Dynatron, we understand that making a profit improvement program successful requires a mutual commitment. Our commitment to you is our guarantee to generate a 3:1 ROI — Return on Your Investment — within the first 12 months of your partnership with us. « Leigh Silver is the Chief Executive Officer of Dynatron Software. He brings nearly 20 years of experience in automotive technology and is seen as a thought leader in the automotive industry. CATA UP TO SPEED 23
It’s been said that without competition, there is no progress. For automotive retail, this couldn’t be more true. Since the dawn of the automobile, the concept of winning has been built into every transaction we complete. But how do we put ourselves on the path to greatness for EVERY point of interaction in the customer’s journey? It starts with a winning attitude. Let’s be real for a moment, though. It’s officially 2024. Every company, vendor and dealership already has a playbook for success, a toolkit for achievement or a roadmap to victory. There are probably other generic business terms that get thrown around as well, but the point is … if you want to succeed, then you’re already competitively fighting for progress. Automotive has always been a mixture of aspiration and inspiration. To get to the next level, we need more than buzzwords. We need practical advice based on data and leveraged by experience. From improving the customer experience to Establishing the Four Corners for Winning at Your Dealership Every Day in 2024 By ACV building a better program for training and development, the foundation for prosperity in the automotive industry is tenacity and determination. So, to help you win, here are four attainable cornerstones to build a winning base. First, you need to be strategic in how you source inventory. The days of single-point acquisition are gone. You need to diversify your approach to securing valuable vehicles and think outside the box. Competition is fierce in this regard, so the more open you are to new avenues, the higher your chances of success. As it stands, physical auctions still have practical applications. But supplementing your brick-and-mortar approach with digital auctions provides you with a slew of new opportunities. On top of that, wholesaling with a hybrid approach allows you to integrate data into your decision-making. The days of guessing on a car only to have it not perform on your lot are dwindling. Empower your staff to secure inventory that will sell for the highest gross possible every time. Take sourcing a step further and integrate a next-generation widget to your web properties that allows you to best approach consumers for their vehicles. 2024 is the year you need to spread your wings and strategically scoop up the right inventory for your dealership. Second, an important aspect of success at your used lot is how you attract, market and acquire business. Bringing traffic to your store is about more than just running ads and hoping for the best. Instead of doing a shotgun blast, build value into your marketing materials and give the consumer what they seek. Provide educational opportunities for customers while focusing on their overall experience. A happy shopper leads to better reviews and a higher rate of referrals. № 9 24 CATA UP TO SPEED
“From improving the customer experience to building a better program for training and development, the foundation for prosperity in the automotive industry is tenacity and determination.” But traffic isn’t the end all, be all of success in automotive. Having people on your lot or views online doesn’t always translate to sales. So, spend time winning the SEO battle with targeted ads and thoughtful content. Go beyond using social media as a simple vehicle and connect with your community to solve their problems. Get creative with your efforts and provide options for customers who are shopping in a hybrid method. There are a lot of quality solutions available to maximize your efforts, including the use of generative AI to supplement your marketing approach and automated ads to build data-rich, high-caliber ads. Third, winning the battle for sales is about offering more during every touchpoint. Whether you are attracting views online or in person, deliver an enhanced customer journey by streamlining the appraisal process with transparency. By being an honest advisor, you gain trust by solving problems for the shopper. Reduce friction and illustrate value. A vehicle is a big purchase. So, treat the trade-in and sales process with the same attention that you would give to friends and family. Lastly, to increase your overall ability to win in the used automotive market, become a student of the game. Just like your customers are learning more and more about the cars they want to purchase, trim the knowledge gap by empowering your sales team through education. Training and development will never go out of style. When your lot is filled with product experts, they will be better equipped to handle questions on any make or model. There are tons of resources available for your dealership to win in 2024. Take the time to establish a process that works for your lot and increase your ability to source the best vehicles, manage inventory with precise data and sell cars at an unprecedented level. Shed light into the four corners of your dealership and build a foundation that will help you be competitive while offering the best customer experience available. « DID YOU KNOW? Enjoy your association news anytime, anywhere. Scan the QR code to visit our online publication to stay up to date on the latest association news, share articles and read past issues. cata-up-to-speed.thenewslinkgroup.org CATA UP TO SPEED 25
Congratulat ons CATA! To view this year’s winners, please scan the QR code. https://enter.amcpros.com/ marcom/winners/ 2023 MarCom Awards Winner Since its inception in 2004, MarCom Awards has evolved into one of the largest, most-respected creative competitions in the world. This year, there were over 6,000 entries from throughout the United States, Canada, and over 43 other countries in the competition. MarCom Awards is an international creative competition that recognizes outstanding achievements by marketing and communication professionals and recognizes the creativity, hard work, and generosity of industry professionals. MarCom’s Gold Award is presented to those entries judged to be among the most outstanding entries in the competition. Gold Winners are recognized for their excellence in terms of quality, creativity and resourcefulness. We are very pleased to announce that CATA Up to Speed was awarded the MarCom Gold for print media. 26 CATA UP TO SPEED
Running a dealership comes with its share of uncertain terrain. But one thing is certain. Our Dealer Financial Services team is dedicated to being by your side with the resources, solutions and vision to see you through. Brad Bartsch bradley.w.bartsch@bofa.com 469.201.9755 Tony Garcia anton.r.garcia@bofa.com 312.438.8356 business.bofa.com/dealer Making business easier for auto dealers. Especially now. Diana Zamudio diana.zamudio@bofa.com 312.234.2466 “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: | Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value | ©2022 Bank of America Corporation. All rights reserved. 4826555 08-22-0145 Running a dealership comes with its share of uncertain terrain. But one thing is certain. Our Dealer Financial Services team is dedicated to being by your side with the resources, solutions and vision to see you through. Brad Bartsch bradley.w.bartsch@bofa.com 469.201.9755 Tony Garcia anton.r.garcia@bofa.com 312.438.8356 business.bofa.com/dealer Diana Zamudio diana.zamudio@bofa.com 312.234.2466 “Bank of America” and “BofA Securities” are the marketing names used by the Global Banking and Global Markets divisions of Bank of America Corporation. Lending, other commercial banking activities, and trading in certain financial instruments are performed globally by banking affiliates of Bank of America Corporation, including Bank of America, N.A., Member FDIC. Trading in securities and financial instruments, and strategic advisory, and other investment banking activities, are performed globally by investment banking affiliates of Bank of America Corporation (“Investment Banking Affiliates”), including, in the United States, BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp., both of which are registered broker-dealers and Members of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. Investment products offered by Investment Banking Affiliates: | Are Not FDIC Insured | Are Not Bank Guaranteed | May Lose Value | ©2022 Bank of America Corporation. All rights reserved. 4826555 08-22-0145
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