OFFICIAL PUBLICATION Pub. 4 2024 Issue 2 Family Convention 2024 KADA
Business Insurance Employee Benefits Risk Management Life Insurance Home & Auto Retirement Plans Benefits Administration Executive Benefits HR Services Higginbotham is an insurance and financial services firm with a single source solution that’s more individual and less institutional. We know you by name and nuance so you get the coverage you need to protect what matters most – your business, your employees, your family, your security, your safety. higginbotham.com 502-244-1343 We’re driven by what drives you.
©2024 Kentucky Auto Dealer | The newsLINK Group LLC. All rights reserved. Kentucky Auto Dealer is published four times each year by The newsLINK Group LLC. for Kentucky Auto Dealer 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 Kentucky Auto Dealer 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. Kentucky Auto Dealer is a collective work, and as such, some articles are submitted by authors who are independent of the Kentucky Auto Dealer Association. While the Kentucky Auto Dealer 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. CONTENTS 4 8 14 4 PRESIDENT’S MESSAGE Exciting Endeavors Ahead By Jason Wilson, President, KADA 6 2024 Executive Committee 6 2024 District Meetings 8 2024 KADA Family Convention Highlights 10 Registration Is Open! The Annual KADA Golf Tournament 10 SAVE THE DATE 2025 NADA Show 12 KADA November Workshop Series 14 SAVE THE DATE 2025 KADA Family Convention 15 It’s Never Been More Important to Contribute to KADET! 16 Is Now a Good Time To Sell? What Today’s Buy-Sell Market Means for Automotive Dealers Considering an Exit By Jennifer Rafael, DSMA 18 Climbing the Automotive Industry Ladder of Success By Sharon Kitzman, Dominion DMS 20 KADA Preferred Partner Programs 22 When Saying Less Gets You More 23 Kentucky Auto Dealer Services Health insurance by dealers for dealers WWW.KYADA.COM 3
PRESIDENT’S MESSAGE JASON WILSON PRESIDENT, KADA EXCITING ENDEAVORS AHEAD Dear Kentucky Dealers, As summer is coming to an end, I’d like to reflect on the past couple of months and discuss what we have to look forward to the rest of the year. In June, we wrapped up our 77th Annual Convention at The Sandestin Golf & Beach Resort in Miramar Beach, Florida. Thank you to all the dealers and families who attended, as well as our vendor partners who made the event possible. We had some very productive business sessions, where we learned about the latest automotive trends, what’s happening in our industry, how to position for growth and more. And in the evenings, we had a blast at our “Hawaiian Luau” and “Under the Sea” themed parties. Please enjoy photos from the event on pages 8-10. By the time this issue hits, electronic titling and registration will officially be available in all counties on an open enrollment, rolling basis. This is an incredible development for our state and our dealers, and we are very excited to drive this forward! We’ve been spending a lot of time focusing on our agenda for the rest of the year, which includes our five district meetings in October. We host these meetings across the state every year, and they are a great opportunity to come together as a dealer community to discuss the current state of our industry and the initiatives we’re pursuing. Register for the meetings today! Additionally, we’re thrilled to introduce new educational workshops for title clerks and controllers this fall. In November, we’re offering two specialized workshops in Louisville — one aimed at managers, title clerks and F&I personnel, and another focused on controllers, CFOs and HR managers. These in-person sessions provide a unique opportunity for your dealership teams to learn, share insights and gather new ideas. Check out the workshop details on page 12 and be sure to spread the word within your dealership. Don’t forget to register for our KADA Annual Golf Tournament on Sept. 23 at the Frankfort Country Club. Get your team together and we’ll see you on the green! And mark your calendars for our 2025 convention at The Grand Hotel in Mackinac Island, Michigan. Registration is open, and sponsorship opportunities are already available! As always, thank you for your continued support and participation. Onward! 4 KENTUCKY AUTO DEALER
Anticipate every turn In an industry that’s always evolving, your dealership can rely on our Dealer Financial Services team’s 90 years of experience to see what’s around the corner, forward-thinking insights to prepare you, and technology to keep you ahead of the curve. What would you like the power to do?® Harsha Ramayya, harsha.ramayya@bofa.com business.bofa.com/dealer ©2023 Bank of America Corporation. All rights reserved. DFS-699-AD 5949042 Investment products offered by Investment Banking Affiliates: Are Not FDIC Insured Are Not Bank Guaranteed May Lose Value “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, derivatives, 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., which is a registered broker-dealer and Member of SIPC, and, in other jurisdictions, by locally registered entities. BofA Securities, Inc. is a registered futures commission merchant with the CFTC and a member of the NFA.
DAVID MOORE CHAIRMAN Moore Ford Chrysler Dodge Jeep Ram ROB MARSHALL CHAIR ELECT Marshall Auto Group ED HYDE TREASURER Legacy Automotive Network JOE CUMMINS PAST CHAIR Don Franklin Auto Group NANCY SPARKS PAST CHAIR Kerry Automotive Group KIM HUFFMAN PAST CHAIR Neil Huffman Auto Group CARL SWOPE PAST CHAIR Swope Family of Dealerships DAN RENSHAW NADA DIRECTOR Renshaw Auto Group 2024 DISTRICT MEETINGS OCTOBER 8 Lexington OCTOBER 9 Louisville OCTOBER 10 Florence OCTOBER 23 Cadiz OCTOBER 24 Bowling Green 2024 EXECUTIVE COMMITTEE To view registration and sponsorship information, scan the QR code. https://www.kyada.com/2024district-meetings.html 6 KENTUCKY AUTO DEALER
Voted Cincinnati’s Best Credit Union CityBeat Recognized 6 years Learn about GECU as a lending partner today! Scan the QR Code or contact: Andrew Carman, Dealer Development Manager andrew.carman@gecreditunion.org | 513.577.8807 Membership eligibility available throughout the tristate. Visit gecreditunion.org/membership for details. Equal Opportunity Lender General Electric Credit Union (GECU) has proudly served the Greater Cincinnati Tri-State area for 70 years, financing nearly $6 billion in auto loans in the last five years – and expanding our footprint to serve more members. A top provider of dealer-initiated auto loans in the area, we’re excited to partner with the Bluegrass state to bring you and your customers great rates, service excellence, and personalized solutions. You deserve better Experience a better financing relationship with GECU.
8 KENTUCKY AUTO DEALER
Family Convention We had an incredible time at our 2024 KADA Family Convention at The Sandestin Golf & Beach Resort in June! We had an amazing event with an incredible turnout thanks to your participation. Thank you to all our dealer members, their families and our vendor partners for attending! 2024 KADA
REGISTRATION IS OPEN! The Annual KADA Golf Tournament September 23, 2024 Frankfort Country Club Register today! https://www.kyada.com/ kada-golf-tournament.html The Annual KADA Golf Tournament is teeing off again in September and registration is OPEN! You don’t want to miss this opportunity to network with your fellow dealers and our vendor partners. Get your team together today! Become a Sponsor! https://www.kyada.com/ uploads/8/4/0/0/84002728/2024_ golftournament_sponsor_info.pdf 10 KENTUCKY AUTO DEALER
Title Clerk Workshop November 19, 2024 Louisville Slugger Museum’s Skybox 9:00 a.m.-3:00 p.m. EST Attention Managers, Title Clerks and F&I Personnel, please join us for our motor vehicle and title registration workshop. Topics to be covered include: • Electronic Title & Registration • Motor Vehicle Usage Tax • Motor Vehicle Licensing Rules and Regulations • Out-Of-State Registration Issues Dealership Operations Workshop November 20, 2024 Louisville Slugger Museum’s Skybox 9:00 a.m.-3:00 p.m. EST Attention Controllers, CFOs and HR Managers, please join us for our dealership operations workshop. Topics to be covered include: • Employee Benefits • HR Trends and Changes • Sheriff Inspection Updates • Cost Reduction Ideas and Strategies The price is $195 per person per workshop, and seats are limited, so please register ASAP to attend! Register for the Title Clerk Workshop today! https://web.kyada.com/events/ Title-Clerk-Seminar-3097/ register?entityDomainId=2&secure=True Register for the Dealership Operations Workshop today! https://web.kyada.com/events/ Controller-Seminar-3098/ register?entityDomainId=2&secure=True Hotel Reservations https://www.tripadvisor.com/HotelsNearg39604-d105618-Louisville_Slugger_ Museum_Factory-Louisville_Kentucky.html A parking garage can be found directly behind the Louisville Slugger Museum and there is also street parking available. Check-in begins 30 minutes prior to the workshop with continental breakfast and lunch provided. Contact Melissa Peach at (502) 695-3310 or mpeach@kyada.com if you have any questions. KADA NOVEMBER WORKSHOP SERIES 12 KENTUCKY AUTO DEALER
BUILD YOUR BRAND, CONTACT US TODAY! (855) 747-4003 sales@thenewslinkgroup.com
SAVE THE DATE! KADA FAMILY CONVENTION https://www.kyada.com/ registration.html https://www.kyada.com/ sponsorship-2025.html Registration is Open! Sponsorship Opportunities Available! June 16-19, 2025 | The Grand Hotel | Mackinac Island, MI
IT’S NEVER BEEN MORE IMPORTANT TO CONTRIBUTE TO KADET! Scan the QR code to donate! https://web.kyada.com/atlas/events/ give-to-kadet-pac-campaign-87/register The importance of having legislators in office who understand our business and our impact on the community and economy of Kentucky is essential. Through your KADET contributions, we are able to support those who support us, and further strengthen the voice of Kentucky’s auto dealers. This is evidenced by our legislative accomplishments over the years, which you can read about by scanning the QR code. https://www.kyada.com/legislative-achievements.html Please donate to our KADET fund and add your name to the list of your peers below. For more information about contributing to KADET, contact Melissa Peach at mpeach@kyada.com. PRESIDENT’S CLUB — $2,000 David Moore Nancy Sparks Tim Sparks Joe Cummins Rob Marshall Vickie Fister Dwain Taylor David Daunhauer Mike Hyde Mark Schaeffer Ray Cottrell, Jr. Travis Flaherty Ed Hyde Gary Haupt Tom Gill David Jaggers Jeff Eickholz Mark Pogue Shane Collins Kevin Collins Tammy Coats Larry Craig John Daunhauer Dan Renshaw Carl Swope NEXT GEN PRESIDENT’S CLUB — $1,000 Alex Pogue Phillip Gill Bob Hook, III WWW.KYADA.COM 15
Is Now a Good Time To Sell? What Today’s Buy-Sell Market Means for Automotive Dealers Considering an Exit As a dealership Principal, the questions of if and when to sell require significant consideration. After all, when it comes to a legacy into which you’ve likely poured a sizable amount of sweat equity, it’s important to ensure that any potential transition reflects the value of the asset you’ve built. If selling your dealership is an option you’re considering, the right time to do so is always the timing that works best for you. External market factors will always be in play. The key to making a successful exit as a dealer is to navigate those factors to your greatest possible advantage. That said, a sizable contingent of dealership principals is finding themselves asking as of late, could now be the right time to sell? What’s important to know now if you’re a dealer eyeing an exit is that selling your business in a successful and profitable manner — even in today’s sometimes unpredictable market — is entirely possible when you have a strong team backing you. The question of “When is the right time to sell at top dollar?” is certainly relevant, but another question that is perhaps even more important is, “Who is the right partner to help me sell at top dollar?” A strong buy-sell partner who is well-versed in the intricacies of auto dealership mergers and acquisitions can help situate you in the best possible position in any given market. If you’re looking for the right partner, DSMA would like to invite you to discuss how our team can be the right fit for you in today’s evolving landscape. Post-COVID, there are many insecurities about the market. The industry initially encountered inventory and production shortages. However, as the pandemic subsided, the balance shifted markedly. Dealerships found themselves inundated with new inventory while facing difficulties in acquiring used inventory at profitable margins. Furthermore, rising interest rates have compounded the complexity of the situation. All this has meant profits are down for brands across the landscape of OEM. But that doesn’t necessarily equal a true negative impact for the industry. By exploring not only historical values, but future values as well, DSMA ensures that our service is relevant to the market. Through our strategic process, we’ve examined issues experienced during the last three years and projected modeling of what the next three will look like, based on market conditions. This approach allows us to rightsize our values and make them relevant to today’s market. In other words, we give our customers a data-driven snapshot of the future — one that right now suggests it’s a good time to sell. Here are just a few reasons why dealers choose DSMA as their trusted advisor when considering making an exit from their business: • Strong network of interested buyers: Today’s dealership buy-sell market contains a healthy volume of dealers looking to acquire, which is one of the reasons why now may be an advantageous time for exiting dealers. Importantly, though, buyers must be chosen wisely. Different kinds of dealerships need different kinds of buyers. A qualified buyer is one who is likely to be approved by your dealership’s OEM, is familiar with your local market and has experience running a dealership of similar size and scale. A partner with a robust array of active candidates has a large pool to draw from when matching you as a seller with a buyer who will provide the right fit for your specific circumstances. • Industry-leading business valuations: As a dealer preparing for an exit, the importance of an accurate valuation cannot be overstated. A dealership’s valuation is one of the most influential factors in attracting the right buyer candidates for your business. A business assessed too high above market rate will struggle to attract buyers, leading to a longer time on the market, leading in turn to increased hesitancy among potential buyers. Meanwhile, a business assessed too low will reduce the returns seen by the exiting dealer. Producing truly accurate business valuations is what we do. • Full-service capabilities: Mergers and acquisitions require a diverse range of specialties. From legal experts to financial advisors, marketing consultants and more, many experts are required to ensure an efficient and successful transaction. It starts with our team of “matchmakers,” who do the heavy lifting for you to identify targeted, relevant and qualified buyers to successfully take over your business. From there, DSMA handles every step of the process — from due diligence to OEM approval and more. “As a dealer eyeing an exit, timing is a consideration, but timing isn’t everything,” said Jennifer Rafael, Vice President & Partner, Midwest/ partner at DSMA. “Any set of market conditions come with their own pros and cons. When it comes to making the most successful and profitable exit possible, the most influential factor will always be the partner you choose to be your advocate in navigating those market conditions.” With the right partner by your side, you’ll be in the best possible position to make the most profitable exit possible under the market conditions surrounding you. If you’re a dealer considering whether now could be the right time for you to make a move, you can contact local trusted mergers and acquisition advisors in your market by visiting www.dsma.com. By Jennifer Rafael, DSMA 16 KENTUCKY AUTO DEALER
OUR TEAM OF PROFESSIONALS 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 ZACH HICKSON M&A Associate zach.hickson@dsma.com 312.674.4556 BUILD YOUR OWN HIVE. LET DSMA STRUCTURE YOUR AUTOMOTIVE GROWTH. With over 1,900 valuations and 450 completed transactions, we are the leading mergers and acquisitions firm worldwide. DSMA’s extensive industry knowledge and tailored support services will help you find your colony. Contact us today to learn more about our 100+ acquisition opportunities. BUY@DSMA.COM +1 833-650-4188 DSMA.COM
CLIMBING THE AUTOMOTIVE INDUSTRY LADDER OF SUCCESS By Sharon Kitzman, Dominion DMS In the auto industry, there is a gap between the number of women in leadership and those who buy cars. Maintaining that discrepancy is risky because it shows a lack of innovation when serving the market. Interestingly, women buy 62% of all vehicles today. Even if they don’t purchase directly, they influence 85% of car-buying decisions. Yet, while more women are in automotive leadership roles than ever, the statistics are still not great. According to Deloitte’s recent study, women account for 47% of the labor force but only 27% of the auto-industry workforce, even though those who do really enjoy it (Women at the Wheel study). The 330 women surveyed, also in a study by Deloitte and Automotive News, have an average tenure of 15 years at the same company and over 26 years in the industry. More than 80% are senior managers (directors, vice presidents and other C-suite occupants), and almost 60% are in marketing, sales, operations or product development. In most industries, women prefer conducting business with other women. Whether it’s their banker, doctor, lawyer, psychologist or salesperson, most women want to deal with the same gender because they feel more heard than when dealing with a man. Even though most women have done their research, they want someone who can understand them and listen. Can a man do this? Absolutely! But sometimes, women need to see another woman in the business before they will walk through the door in the first place. So why are there not more women in our industry? From the day in 1882, when Bertha Benz became the first person to complete a long-distance automobile trip, women have popularized the automobile and staged and led many noteworthy developments. There are many reasons why the auto industry fits well with women, and perhaps we all need to do a better job of highlighting those: 1. It’s a great industry for a career change. Many people find the need to switch careers, and the auto industry is an exceptional place to land. For many women looking to return to the job market after a leave of absence, the auto industry has many soft-skill jobs that offer a solid career path, from accounting to finance and beyond. 2. The opportunity to learn new skills. The auto industry offers a wide range of positions, each requiring specific skills to be learned and mastered. 3. A wealth of lateral job moves. Not all job moves need to go straight up. The auto industry has many opportunities that zig-zag, yet they still allow for growth. 4. Charting a career path. The auto industry offers excellent opportunities for advancement. It’s a matter of being observant, asking questions and seeking out the opportunities that arise often in most dealerships. One of the best approaches to success in the auto industry is developing a strong network of allies, mentors and good people to know. And I think there’s no better industry than the automotive industry to start your network. Most dealer principals have more than one story about the people who 18 KENTUCKY AUTO DEALER
taught them the business and set up their career trajectory for success within the business — and they typically want to return the favor. Another great source for your network is tapping into your vendor relationships, especially if you already work in the auto industry. Strong vendor partnerships are among the greatest strategic growth tactics and best practice resources available to nearly every industry, including the auto industry. By collaborating with suppliers and vendors, within the framework of a true partner relationship, you can multiply success and profits exponentially. And the best part? Everyone benefits. A genuine mutual relationship that promotes problemsolving is an advantage for profit margins and creates a more productive and engaged organization that focuses on quality outcomes. While this should be a best practice for everyone, it’s especially important to women in the auto industry. Sharon Kitzman is passionate about creating and nurturing partnerships within the automotive industry and regularly discusses the many vendor products and services within the auto industry on her VUE Points podcast. Scan the QR code to listen. https://www.dominiondms.com/podcasts/ Sharon Kitzman leads the launch and long-term growth of Dominion DMS. Previously, she managed the strategic direction and product development for Reynolds & Reynolds and Dealertrack. Her experience spans every area of dealership software development, including sales, marketing, product lifecycle management, process reengineering, OEM management, professional services and customer services. Kitzman is a recognized leader in the automotive industry for her expertise in DMS technology. She received numerous accolades for her leadership, including Automotive News Top 100 Leading Women 2015 and 2020, Auto Remarketing Women in Retail 2021 and AutoSuccess Women at the Wheel 2021. She has a Bachelor of Business Administration from Ohio State University. As women in the auto industry, it’s important to identify what resources you need to do your job successfully, what resources influence your job area, and what resources can further your career and connect with them. Strong vendor relationships allow you to leverage your time, and strong mentor relationships give you the inside track on how to get things done. The future of women in the auto industry is strong; it won’t remain at 27%, and that’s a good thing. Study after study has shown the importance of gender diversity in all industries, including the auto industry. Companies with diverse management teams experience 19% higher revenue and are 70% more likely to enter new markets. Furthermore, diverse teams are 12% more productive. Better still, turnover goes down 45%. In the automotive industry, where technological advances and shifting consumer demands drive rapid change, embracing diversity and inclusion has never been more crucial. WWW.KYADA.COM 19
KADA PREFERRED PARTNER PROGRAMS Kentucky Automobile Dealers Association (KADA) is pleased to recommend a broad range of products and services aimed at controlling expenses in every facet of the dealership. The following products and/or services are recommended by the association’s board of directors and endorsed through the association. These vendors are reviewed periodically to ensure the quality of products and services meet the needs of our dealers and can provide special pricing through group buying. Dealer Online Platform Dennis Carey, (260) 350-2617 dcarey@acvauctions.com Workers Compensation John Foresman, (502) 489-6255 jforesman@higginbotham.com Security Software & Services Scott Hudson, (513) 520-4187 scott.hudson@aura.com Dealership Supply Needs Chris Haas, (513) 772-2886 chaas0906@gmail.com Warranty Parts & Labor Reimbursement Leonard Bellavia, (516) 873-3000 lbellavia@dealerlaw.com Electronic Titling & Registration LT Slater, (216) 392-0695 lt@champtitles.com Cybersecurity Compliance Sherryl Nens, (661) 210-3453 sherryl@complyauto.com Complete Set of Solutions for the Auto Dealers Polly Penna, (303) 981-1298 polly.penna@coxautoinc.com Vehicle Sales Reporting Ronnie Leet, (859) 275-7950 ronnie.leet@cross-sell.com Customer Engagement Technology Scott Pechstein, (949) 278-8618 scott@digitalairstrike.com 20 KENTUCKY AUTO DEALER
Dual Price Strategy Technology Amberly Allen, (817) 404-9253 amberly@dealermerchantservices.com F&I Products & Services Brad Geren, (502) 472-3671, bgeren@dpg-inc.com Todd Howard, (859) 382-3252, thoward@dpg-inc.com Kevin Voges, (812) 204-2251, kvoges@dpg-inc.com Larry Dorfman, (404) 732-5910, ldorfman@easycare.com Fixed Operations Software Maureen Martin, (972) 663-5998 mmartin@dynatronsoftware.com Group Health Insurance & Voluntary Benefits Colin Royster, (804) 545-3013 croyster@integrumadvisors.com Ben Hoffman, (804) 357-6004 bhoffman@integrumadvisors.com Lawyer Accountant Brokerage Leonard Bellavia, (516) 873-3000 lbellavia@dealerlaw.com Settlement Recovery Services Kimberly Johnson, (818) 640-3164 kimberly.johnson@mcaginc.com Service Department Products & Programs Robert Buffington, (859) 240-2989 rbuffington@mocmidatlantic.com NADA Retirement Program Jeff Liwacz, (609) 529-3546 jeff.liwacz@empowerretirement.com Kentucky F&I Forms Library Rose Pottkotter, (567) 279-3573 rosemary_potter@reyrey.com Automotive Finishes Patrick Shaw, (859) 509-0382 patrick.shaw@sherwin.com Electronic Vehicle Transactions Dave Spencer, (916) 857-6063 dspencer@vitu.com WWW.KYADA.COM 21
“Less is More” is a popular phrase that has been tossed around for years, even dating back to the ancient Greeks. You may have heard it in various settings — perhaps the Minimalist Movement comes to mind. “Less is More” is a simple yet powerful concept that can greatly impact your life. The essence of the principle is this: Instead of always striving for more, sometimes focusing on less and simplifying things is better. By doing so, you can reduce stress, increase clarity and achieve greater satisfaction in your daily life. This principle can be applied to many different areas of life — from home organization to cooking and more. You wouldn’t want to ruin a nice steak by putting too much salt on it! So, why not try embracing the idea that less can sometimes be more? This premise may be more valid in the sales business than any other. We often teach salespeople that in order to excel, they need to be product-knowledge experts on each vehicle model the dealership offers. And while this is true — product knowledge can be a catalyst for growth, confidence and professional development — it must be relayed in moderation. F&I managers are also encouraged to become experts in their product, or it could reflect badly on their business. Nobody wants to be sold anything by someone who doesn’t know what they’re selling. If the salesperson or F&I manager has put forth the effort to become a product expert, they should be prepared and ready to share what they’ve learned in response to a customer’s question. The issue is that some people tend to share excessive information about a product when asked a question, instead of providing a direct answer. This can turn their extensive product knowledge into a negative rather than a positive. Whether prompted or not, sharing everything you know is usually not the best course of action. A direct response that is clear and concise trumps the volume of information just about every time. Why waste time and energy using 10 words when one will do? It takes skill, awareness and experience to know how to answer and when to stop answering. Most customers are probably not interested in the details; instead, they want their answers and they want to get on with their day. So why is it so hard for some salespeople and F&I managers to get to the point? It’s possible that they don’t have a point. Perhaps they haven’t thoughtfully considered the question and how to answer it before they start talking, or maybe they lack experience or confidence, which can lead to over-answering. People speak at about 150 words per minute but process words at about 750 words per minute. Providing too much information without getting to the point can bore your customer and come dangerously close to a lecture or history lesson nobody asked for. Over-answering can harm your credibility and erode trust, potentially resulting in a quick “No, thank you” or silence when you stop talking — which is not ideal. If salespeople and F&I managers can learn to give direct and concise answers, this can prompt customers to ask more questions. Each question can provide valuable insight into the customer’s needs and problems, which the salesperson or manager can address in a clear answer that showcases the products’ benefits and features. Remember: Speaking less leads to better listening. In sales, actively listening can be more influential than words. Effective listening gives you a better idea of how to respond, allowing for more targeted, specific, concise and direct communication. When handling a customer concern, less is more. Salespeople and F&I managers often over-empathize with the customer by offering a lengthy response, trying to show understanding or similarity with the customer’s issue. When asking for business, less is more. If a customer raises one of three common concerns — such as cost, need or urgency — offer a solution and then ask for action. The old tried-and-true method still works: “If that works, I just need your approval.” If we can learn to talk less and listen more, it will lead to more yeses from our customers. WHEN SAYING LESS GETS YOU MORE 22 KENTUCKY AUTO DEALER
YOUR NEW ASSOCIATION HEALTH INSURANCE PROGRAM Health insurance by dealers for dealers We realize that when it comes to health insurance and benefits, one size does not fit all. Through our program, you’ll get a customized approach to maximize your dealership’s benefits. ABOUT KADS Through Kentucky Auto Dealer Services (KADS), your association is now able to directly offer insurance options to our members! We’ve partered with Integrum Advisors to provide your dealership with a comprehensive benefits plan that makes sense for your unique business model. WHAT WE OFFER Cost Containment HR Technology Solutions Compliance Get strategies that boost your bottom line and curb employee health expenses. Identify and operate the technology you need to tackle your organization's unique challenges. Learn how to implement healthcare reform effectively so you can achieve your business goals. Contact Us For More Information : Sarah Bishop sbishop@kyada.com (502) 695-3334 Communication & Education Create value through employee education and outreach. Advocacy Resolve claims and billing issues, so you can focus less on paperwork and more on building your business.
This magazine is designed and published by The newsLINK Group LLC | (855) 747-4003 Kentucky Automobile Dealers Association 152 Consumer Ln. Frankfort, KY 40601 (502) 695-3333 FRANCHISED DEALERS SAVE AN AVERAGE OF $6,500 MONTHLY / PER LOCATION! EVERYTHING YOU NEED, NOTHING YOU DON’T. SCAN THE QR CODE AND SCHEDULE YOUR DEMO TODAY! SECURITY FLEXIBILITY SAVINGS • $0 Core Monthly Support • $0 Conversion and Training • Unlimited Users • Encrypted Integration to Any Application • Continuous Software Enhancements • Robust Suite of Core Features • Easy to Learn / Simple to Use • Access from Any Web Connection • Choose the Apps You Want The new pricing structure, including an unheard-of $0 initial and monthly fee for VUE Core DMS, is unique in our industry. With the many challenges they face, we want to give dealers freedom and flexibility to create the custom software solution their business needs. Sharon Kitzman | President of Dominion DMS DominionDMS.com (866) 928-3210 1515 South Federal Highway, Suite 406 Boca Raton, FL 33432, USA SCHEDULE YOUR DEMO
www.thenewslinkgroup.orgRkJQdWJsaXNoZXIy MTg3NDExNQ==