DEALER
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NEW JERSEY INDEPENDENT AUTOMOBILE DEALERS ASSOCIATION
AUGUST/SEP TEMBER 2019
Mental Toughness and Sales Success TRAIN TO OVERCOME |
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AUCTION NEWS
WORLD AUTOMOBILE AUCTIONEERS CHAMPIONSHIP RECAP
Cody Shelley Follows His Mentor With a Victory at the 2019 World Automobile Auctioneers Championship
World champion ringman Landon Waddle
Winning a world championship was a special moment for Cody Shelley. There was only one way it could be even more special. When 2018 champion Casey Enlow handed his fellow Oklahoman the trophy at the 2019 World Automobile Auctioneers Championship, Shelley couldn’t help getting emotional – especially since he knew it took Enlow, his longtime mentor, 17 tries before he won his title. “I don’t feel worthy or deserving of this,” Shelley said. “He’s taught me so much.” Shelley, who won in his sixth appearance in the contest, credited Enlow and Oklahoma auctioneer John Gary Collins as being instrumental in turning a high school rodeo star with dreams of going pro into a world champion auctioneer. “This means so much, especially coming from Casey – and from the other people who have won it in the past,” Shelley said. Shelley’s score of 91.5833 edged 2017 runner-up Matt Moravec for the victory in the
31st annual event, held May 10 at Charleston Auto Auction in Charleston, S.C. Landon Waddle of Lago Vista, Texas claimed the title of world champion ringman, while Blake McDaniel won his second team title, this time pairing with defending champion ringman Chris Elliott to take top honors. Shelley, who turned 30 the day before the contest, looked very much like a rising star when he finished third in his first WAAC appearance in 2013. But he missed the finals the next two years, then skipped the event the next year before returning in 2017. In fact, Shelley almost missed this year’s WAAC as well, after a delayed flight turned what should have been a relatively easy trip into an all-night odyssey. He had rushed back from Dallas that day, stopping at his home near Tulsa just long enough to pick up the bag his wife Ashley had packed for him before heading to the airport. But when a flight delay caused him to miss his connection to Charleston, Shelley said, he thought about turning
World champion auctioneer Cody Shelley
around and going home. He didn’t – not because he wanted to compete as much as because of his friendships with his fellow auctioneers. “I’ve met so many unbelievable people here,” he explained. “I was just going to go home. And then I got to thinking I just wanted to see everybody. … That’s what made me go.” It was nearly midnight when Shelley arrived in Atlanta. He tried to talk his way onto another flight to Charleston, but it was full, forcing him to rent a car and drive. “I said, ‘I understand the flight was overbooked, but since it’s been delayed, some people didn’t make it. Can you let me on?’ ” he recalled in an interview on Mike “McGavel” Jones’ podcast. “ ‘Nope.’ The pilot was standing there at the gate and he said, ‘I’ll race you.’ ” Needless to say, the pilot won the race. Shelley arrived in Charleston at 4:45 a.m., took a quick shower and got to the auction at 6:30 to get ready to compete. “It was a long day,” he said. “It didn’t go as planned, but I got here.”
Photos by Myers Jackson ceo@myersjackson.com
WAAC president Paul C. Behr (left) and 2018 champion auctioneer Casey Enlow (right) flank the 2019 world champs: Blake McDaniel and Chris Elliott (team), Cody Shelley (auctioneer) and Landon Waddle (ringman)
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Index
05....Success Objectives & Social Media Metrics 06.............................................Mental Toughness 09.................................................Google Reviews 10................................NIADA Government Report 12......................... Be Careful with Credit Reports 14................................................Big Auction Wins
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DEALER NEWS AUGUST/SEPTEMBER 2019 WWW.NEWJERSEYIADA.ORG
SOCIAL MEDIA | By Kathi Kruse
TOP SUCCESS OBJECTIVES & SOCIAL MEDIA METRICS
Optimize Your ROI
One of the best things about social media Here are the top five dealership business marketing is that it’s measurable. objectives we encounter at Kruse Control, I’m still caught off guard when I hear some including the relevant social media metrics dealers don’t track their social media metrics you’ll want to track. or review their data. But I do understand, Retain Current Customers because so many dealers truly aren’t sure •R each. Reach is an important social metric what metrics to track or what the data might for all business objectives. However, it’s far indicate. easier to sell to existing customers than it is Defining the right social media metrics is to strangers. key to meeting dealership business objectives •E ngagement (comments, likes, shares, and makes it so much easier to measure ROI retweets, re-grams). Engagement is the (return on investment). kingpin of everything social. How are Two factors weigh heavily in existing customers engaging with your computing ROI: costs and metrics. content? Costs are the investments required to meet • Reviews. Customers do not consume in dealership objectives. Many dealers don’t silence. What common words or themes are measure and analyze each cost associated with customers saying? social media marketing: • Return visits from social media. How are •A ttention (there’s a reason it’s called “paying you tracking visitors to your website? What attention”) tactics are you using to engage them on an •L abor/Human Resources ongoing basis? •F inancial Engage New Potential Customers • Training • Increase in likes and followers. Is there a •O rganizational Development specific plan to increase your audience? •S ocial Technology Which platform, by how much and by •A gencies and/or Consultants when? •P aid Media (i.e. Facebook ads) •C ontent. What types of content are getting • Employee Engagement most engagement? Metrics are how you measure the result of •N ew opt-ins from social media. Are you your investments. One accurate measurement offering valuable information at no-charge is worth a thousand expert opinions. in exchange for contact info? Tracking the right social media metrics to •C ustomer acquisition. How many, at what determine ROI is challenging. With real-time cost, over what period of time? data providing cues to re-work certain tactics, •A udience demographics. Are the people it’s crucial to designate someone whose job you’re reaching actually your target is to track and analyze. Restructure of the customers? dealership’s organizational framework may Improve Customer Satisfaction be required. •R esponsiveness to messages and A marketing team’s comfort in working reviews. Everyone likes to be heard. with data and analytics is critical. Tracking Responsiveness gives prospective the right metrics is important but so is customers a glimpse of how you handle knowing what to do once you have the concerns, issues and questions. data, especially when things aren’t going as •R esponse time. Forty-two percent of social planned. customers expect a response within 60 Measuring metrics and analyzing results minutes. Is your store prepared to handle is formidable and you should take careful social media inquiries within the hour? consideration. Sometimes a social media •O nline reviews. What’s the company’s audit is called for. Due to the unique nature of practice for building a successful review the data, and the social aspect of the medium, funnel? it’s essential to isolate issues and determine •N egative feedback (reviews, hide posts, true success. unlike page, unfollows). How often is it Achieving dealership objectives with happening? How is this handled within the social media requires experiential knowledge organization? to make metrics meaningful. If you need Establish Earned Authority and Trust guidance, seek out trusted advisors who can • Traffic and time on your website help you accurately measure and analyze your from social media. “Social signals” let results. Google know your site is being talked Tracking and auditing results is about. Hopefully, there’s a live human most beneficial when you know the right managing your social channels to keep the metrics to measure. engagement high.
• Links to your site from social media. When social signals (traffic from social sites) turn into social shares, further value comes into play. People share good content and link to your site. Social media then becomes a huge win for SEO. •A mplification (shares by others). This is evidence your content resonates. Sharing provides “social proof,” which is a psychological phenomenon where people assume the actions of others in an attempt to reflect correct behavior for a given situation. We view a behavior as more correct in a given situation to the degree we see others performing it. • Opt-ins for “free helpful content.” One of the best ways to develop trust is to offer valuable tips/information at no charge in exchange for an email address. Have you explored this tactic? Have you considered a putting together a PDF with car buying tips? • Video views. How much time did people spend viewing your videos (such as walkaround or “how-to” videos)? How many watched each video all the way through? Increase Sales • Facebook ad spend vs results. Are you setting goals for Facebook ads? Does your vendor track these goals? How did each ad achieve its intended goal? • Facebook ad relevance. How did your offer resonate with the intended audience? • Organic vs paid engagement. Are your posts resonating with your audience before you pay to promote them? •G rowth of audience who visited your website from social. Which campaigns brought the most visitors? • Leads. Are you tracking results using dedicated landing pages and lead forms? • Conversions. How many sales converted from Facebook ads? •R evenue generated. What is your monthly revenue earned from Facebook ads? Determining the costs and tracking the right social media metrics will provide the data to measure your actual return on investment. Use these recommendations to put optimal processes in place. Your marketing decisions will become better informed, your social media will be more successful and the puzzle pieces will finally fit together on social media ROI. Kathi Kruse is an automotive social media marketing expert, blogger, consultant, author, speaker and founder of Kruse Control Inc., which coaches, trains and delivers webinars focused on integrating social media and online reputation management into dealership operations. She can be reached at kathi@krusecontrolinc.com.
WWW.NEWJERSEYIADA.ORG AUGUST/SEPTEMBER 2019 DEALER NEWS 5
SALES MATTERS |
By John Chapin
MENTAL TOUGHNESS AND SALES SUCCESS
Train to Overcome
In a recent article, I mentioned the five foundational personality qualities necessary for sales success: people skills, mental toughness, work ethic, attitude, and character (honesty and integrity). If someone is missing any one of these, they won’t make it in sales over the long haul. Of the five, I find the one that is most overlooked is mental toughness. Not just in the initial search when looking for a new sales rep, but also after the person is hired. When someone comes to you, they either have good people skills, work ethic, attitude and character, or they don’t. You can’t teach those. They also come to you with some level of mental toughness. It may be high, low, or somewhere in the middle, but they at least have some. That said, mental toughness is a skill that can be, and should be, developed after they’ve been hired, similar to sales skills and product knowledge. This is where many companies miss the boat. While most companies have some form of product and sales training, very few do any mental toughness training, and mental toughness can make or break a salesperson. Why mental toughness training? There’s a saying that 90 percent of life is mental, or as Yogi Berra reportedly said, “90 percent of life is half mental.” Whether or not you like math or Yogiisms, one thing is true: sales – like life – is pretty much 100 percent mental. Think about it. One hundred percent of our waking hours, and most of our sleeping hours, are done through our brain. With the amount of rejection required to be successful in a sales career, one needs to have a high level of mental toughness. When people fail at sales, 99.9 percent of the time it’s due to a lack of activity: they didn’t make enough calls, talk to enough people, or get enough qualified prospects to make enough sales. What causes the lack of activity is either fear of rejection (addiction to the approval of others), complacency (the comfort zone), or an inability to persist and persevere when they encounter repeated failure and rejection. The cause of each of these is a lack of mental toughness. What is mental toughness training and how do you do it? In short, mental toughness training is training people to overcome the mental hurdles they encounter in sales and in life. Essentially, it’s developing someone’s grit and determination.
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You do it by discovering what they’ll fight for and what they’ll die for and then helping them use those emotional hot-buttons when they are down or otherwise unmotivated. This requires a deep dive into the psyche via targeted questions that cover the past, present, and future in all the major areas of life. What you’re after here is their why. Why do they do what they do? Why do they get up in the morning and go to work? Why is it critical they succeed in their career? A powerful why is the key to having a high level of mental toughness. As Nietzsche once said, “He who has a [powerful enough] WHY to live, can bear almost any HOW.” In other words, if the why is powerful enough, a person will go through almost anything to achieve their goals. That means they’ll push through rejection, won’t allow themselves to get complacent, and even when they are feeling down and beat up, they’ll still have the persistence and perseverance to keep moving forward. While finding someone’s why involves some extensive questioning over several weeks, in short, you discover someone’s why in two areas: pleasure and pain, which is the language of the brain. On the pleasure end, what are they running toward? What do they want for themselves and the people in their lives? Do they want a house on the lake or a new sports car? Do they want to send their kids to a specific school? Do they want to take a trip around the world with their family? Do they want to retire and travel? What are their goals and dreams, and how much money do they need to make those goals and dreams a reality? Start with goals but keep in mind for most people positive goals aren’t enough to keep them motivated long-term. As a result, we need to leverage pain. Pain is a more powerful motivator than pleasure for humans. What “pain” is someone running from in the present, hoping to avoid in the future, or striving to overcome from the past? What has happened to them that motivates them? Did they get fired from a job? Did someone tell them they’d never amount to anything? Is there an ex-spouse or ex-boss they’re going to show they made a mistake? Are they afraid of not having enough money? Are they afraid of how they’ll feel if they don’t provide for their family? Where are the issues, or the pain? What are the motivators or demotivators behind those? When you think of motivation, think of the 3 Ps: people, possessions, and proof.
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A powerful why is the key to having a high level of mental toughness. As Nietzsche once said, “He who has a [powerful enough] WHY to live, can bear almost any HOW.” What do they want for the people in their lives, including themselves? What possessions do they want and what values do those possessions fulfill, such as peace of mind, security, love, and excitement? And what do they have to prove to themselves and others? Do they need to prove they are worthy, important, capable of taking care of their family, or good enough? When you discover what’s truly important to people, what they are willing to fight and die for, then you and they will have the necessary emotional hot-buttons to push for them to get through fear, step out of their comfort zone, and get back up after they’ve been knocked down. John Chapin is a sales and motivational speaker and trainer. He has over 31 years of sales experience as a number one sales rep and is the author of the 2010 sales book of the year: Sales Encyclopedia. For more information, visit www.completeselling.com or email johnchapin@completeselling.com.
AUCTION NEWS
SARATOGA AA CONSIGNS CLASSIC T-BUCKET ROADSTER
Car Featured on “Ventures in Space” Album Cover The Saratoga Automobile Museum is excited to announce its newest consignment for the 2019 Saratoga Auto Auction: the 1920 Ford T-Bucket Roadster that was featured on the iconic 1964 Venture’s album cover “Ventures in Space”. The Ventures are one of the best-selling rock-instrumental groups of all time, with nearly 110 million albums sold worldwide. The Ventures were inducted into the Rock and Roll Hall of Fame in Cleveland, Ohio, on March 10, 2008. “Ventures in Space” was their 14th album and featured the now iconic 1920 Ford T-Bucket overlooking Los Angeles. The car was purchased by Bob Collins from Fred Steele, who has maintained the originality of the car. The T-Bucket boosts the original 1956 Chevy 265 cu. in. engine that was selected by Steele for the build. The black Naugahyde upholstery is a strong contrast to the white body and was installed in REGULATORY NEWS |
Tijuana, Mexico, after Fred Steele relocated to California in the 1960s. “We are excited to have this piece of automotive and music history consigned to our third annual Saratoga Auto Auction in September,” said Saratoga auction director Bill Windham. “We hope that many music and automotive fans come out to see and bid on this beautiful car and help maintain its legacy of great music and great automobiles.” The T-Bucket Roadster is currently on display at the Saratoga Automobile Museum until the auction in September. Questions about this T-Bucket Roadster, the 2019 auction or current consignments can be made by calling Bill Windham at (518) 587-1935 (ext. 22) or emailing bill.windham@ saratogaautomuseum.org. The 2019 Saratoga Auto Auction, in support of and presented by the Saratoga Automobile
Museum, will be held Sept. 20-21 at the Saratoga Performing Arts Center in Saratoga Springs, N.Y. The auction will have more than 300 vehicles available for bid. There will be opportunities to bid in person, online, over the phone, or via proxy. To learn more, register to bid, or consign a vehicle for the Saratoga Auto Auction, visit saratogaautoauction.org. The Saratoga Automobile Museum was organized in 1999 and opened to the public in 2002. The museum’s mission is to preserve, interpret and exhibit automobiles and automotive artifacts. The museum celebrates the automobile and educates the general public, students and enthusiasts regarding the role of the automobile in New York State and in the wider world. In addition to technical and design aspects, the museum’s educational focus is on the past, present and future social and economic impact of the automobile.
By SubPrime Auto Finance News Staff
CFPB TARGETS COLLECTIONS
Proposing New FDCPA Rules The Consumer Financial Protection Bureau is setting its regulatory target next on debt collection in light of technology advances such as text messaging and more. The bureau issued a notice of proposed rulemaking (NPRM) to implement the Fair Debt Collection Practices Act. CFPB officials said the proposal would provide consumers with “clear protections against harassment” by debt collectors and “straightforward options” to address or dispute debts. Among other things, the CFPB explained the NPRM would set “clear, bright-line” limits on the number of calls debt collectors may place to reach consumers on a weekly basis as well as clarify how collectors may communicate lawfully using newer technologies such as voicemails, emails and text messages that have developed since the FDCPA’s passage in 1977. The bureau also noted its initiative would require collectors to provide additional information to consumers to help them identify debts and respond to collection attempts. “The bureau is taking the next step in the rulemaking process to ensure we have clear rules of the road where consumers know their rights and debt collectors know their limitations,” CFPB director Kathleen Kraninger said. “As the CFPB moves to modernize the legal regime for debt collection, we are keenly
interested in hearing all views so that we can develop a final rule that takes into account the feedback received.” Prior to the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act (DoddFrank Act), the CFPB explained Congress had not delegated to any agency the authority to issue substantive rules to interpret the FDCPA. The Dodd-Frank Act delegated that authority to the bureau. Officials reiterated their proposal would: • Establish a clear, bright-line rule limiting call attempts and telephone conversations: The proposed rule generally would limit debt collectors to no more than seven attempts by telephone per week to reach a consumer about a specific debt. Once a telephone conversation between the debt collector and consumer takes place, the debt collector must wait at least a week before calling the consumer again. • Clarify consumer protection requirements for certain consumerfacing debt collection disclosures: The proposed rule would require debt collectors to send consumers a disclosure with certain information about the debt and related consumer protections. • Clarify how debt collectors can communicate with consumers: The proposed rule would clarify how debt collectors
may lawfully use newer communication technologies to communicate with consumers and would protect consumers who do not wish to receive such communications by, among other things, allowing them to unsubscribe to future communications through these methods. The proposed rule would also clarify how collectors may provide required disclosures electronically. In addition, if consumers want to limit ways debt collectors contact them, the rule clarifies how consumers may easily do so. • Prohibit suits and threats of suit on time-barred debts and require communication before credit reporting: The proposed rule would prohibit a debt collector from suing or threatening to sue a consumer to collect a debt if the debt collector knows or should know the statute of limitations has expired. The proposed rule also would prohibit a debt collector from furnishing information about a debt to a consumer reporting agency unless the debt collector has communicated about the debt to the consumer, such as by sending the consumer a letter. The proposed rule can be found at https:// files.consumerfinance.gov/f/documents/cfpb_ debt-collection-NPRM.pdf. Officials said the public is invited to submit written comments on the proposed rule. The bureau said it will carefully consider comments received before a final regulation is issued.
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INDUSTRY WATCH | By Auto Remarketing Staff
LATEST SAFETY FEATURES PIQUING INTEREST
Recent Survey by CarGurus While your used inventory probably doesn’t have any self-driving cars – yet – your store already might have models containing the latest safety features a large number of consumers surveyed by CarGurus want. Along with gauging interest in vehicles having features such as a rear-view camera or blind-spot monitoring, the company’s newest automotive consumer research findings showed that over the past year there was a perception shift regarding selfdriving cars. CarGurus learned consumers expressed greater enthusiasm for self-driving car development overall, and also showed a stronger likelihood of owning a self-driving car in the next 10 years. Specifically, the survey found: • Respondents excited about the development of self-driving cars increased from 21 percent in 2018 to 32 percent in 2019, and the respondents concerned about them decreased from 47 percent to 37 percent.
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• 28 percent of respondents specified they could own a self-driving car in the next 10 years, more than double the 13 percent from last year. “Consumer sentiment around self-driving cars is changing fast, with enthusiasm rapidly replacing skepticism,” said CarGurus director of customer insights Madison Gross. “These benchmarked results demonstrate that today’s consumers are becoming more comfortable with the idea of either owning an autonomous vehicle, or having them on the road, and it will be fascinating to continue to monitor this perception shift.” While dealers cannot yet go to the wholesale market and find self-driving vehicles heading down the lanes, managers can offer vehicles that have advanced safety features some owners already have or hope to get in their next vehicle. CarGurus’ survey delved into that topic, too: • Rear-view camera: 34 percent already own and 43 percent extremely interested.
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•B lind-spot monitor: 11 percent already own and 61 percent extremely interested. •S urround-view camera: 4 percent already own and 51 percent extremely interested. •A utomatic emergency braking: 8 percent own and 45 percent extremely interested. •A daptive cruise control: 14 percent already own and 38 percent extremely interested. •L ane-keep assist: 8 percent already own and 41 percent extremely interested. •D river-attention monitor: 5 percent already own and 37 percent extremely interested. •A utomatic parking: 2 percent already own and 37 percent extremely interested. When looking into which companies consumers trust the most to develop self-driving cars, the survey found Tesla remains atop the most trusted, and increased its lead over last year. The next-most-trusted companies to produce a self-driving car are Toyota and Waymo. Seventeen percent of respondents selected “None” for which company they trust, which is a shift from the 27 percent in last year’s survey. CarGurus’ research looked into which vehicle owners would consider buying a self-driving car from their current brand, if it were available. Survey orchestrators found: •5 6 percent of Honda owners would consider
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ONLINE MARKETING | By Kenny Atcheson
buying a self-driving car from Honda. •5 1 percent of Toyota owners would consider buying a self-driving car from Toyota. •4 3 percent of Chevrolet owners would consider buying a self-driving car from Chevrolet. •4 1 percent of Ford owners would consider buying a self-driving car from Ford. CarGurus asked respondents whether they were ready to take a ride in self-driving cars provided by services such as Uber and Lyft. The survey showed: •3 5 percent of people who currently use ride hailing services are likely to take a ride from these services in a self-driving car. • Of those who currently use ride hailing services, 22 percent trust Uber the most to develop a self-driving car and 13 percent trust Lyft.
GOOGLE REVIEWS
3 Critical Updates
Google techs have been busy changing things again, including three critical updates. First, they are proactively asking Android phone users to write a review on Google for each place their phone has been physically located within the last few months. It is amazingly accurate. In one session I was asked to give a rating on Google about my experiences at places I had visited in South Dakota, Orlando, Tampa, Dallas, San Antonio, Phoenix, Las Vegas, Henderson, and more. My Android phone tracked the restaurants, hotels and dealerships I visited during that same time period. What Google techs did not know was I wasn’t a customer at any of the dealerships I visited. I was consulting and conducting employee training on customer service, sales, and online reviews. But I was asked for a review anyway. Here’s what stands out: If someone visits your dealership and does not buy, a Google prompt will still ask for a review. Is a non-buying customer more likely to write a negative review than a customer who buys? Second, Google is incentivizing people to write a review. Google has offered free access to Google
People like your review
Congratulations, your review helped people over 100 times! Millions of people rely on reviews like yours to learn what places are like.
tools that are not available to everyone else at this time. You can’t incentivize customers to write a review, but evidently Google muckety-mucks can. In another update, they are encouraging people through positive reinforcement to write more reviews on Google, such as the pictured example I recently received from Google. Having spilled the beans about Google’s inner workings, here are some dos and don’ts regarding online reviews. Don’t •Don’t write a review about your own business. • Don’t let employees write a review about your dealership. • Don’t write negative reviews about the competition. • Don’t exchange positive reviews with your buddy’s business. • Don’t incentivize customers to write a review. Do • Do recognize that the way your team treats people has a big impact on reviews, but it’s not all that matters. You need to do more. • Do respond to all reviews. It shows customers, prospects and Google powers-that-be you are listening. • Do use a system to keep most negative reviews internal while at the same time boosting positive reviews into the public realm, such as on Google. Kenny Atcheson is the founder and president of Dealer Profit Pros and author of Marketing Battleground: How to Deploy Under-the-Radar Strategies to Explode Your Profits. His website can be found at www.DealerProfitPros.com.
WWW.NEWJERSEYIADA.ORG AUGUST/SEPTEMBER 2019 DEALER NEWS 9
WASHINGTON UPDATE
| By Shaun Petersen
NIADA GOVERNMENT UPDATE Latest Government Issues and Activity
R E G U L ATO RY
The Federal Trade Commission reached a settlement with dealership software provider DealerBuilt over data security failures that allowed hackers to gain access to the personal information of more than 12 million consumers from the databases of 130 dealership clients. The 2016 data breach was traced to an unsecured storage device installed on DealerBuilt’s network by an employee. The device created an open connection port that allowed transfers of information. The breach was discovered by a dealer who found his customers’ data online and alerted DealerBuilt, his DMS provider. According to the FTC, DealerBuilt was made aware of the open port on its storage device by a news reporter. The FTC cited LightYear Dealer Technologies, known commercially as DealerBuilt, for violating the FTC Act, saying its failure to employ reasonable security measures was an unfair practice. More significantly, it also cited violations of the Safeguards Rule, claiming DealerBuilt meets the Gramm-Leach-Bliley Act’s definition of a “financial institution.” The violations included failing to develop, implement and maintain a written information security program; failing to identify reasonably foreseeable risks to the security, confidentiality and integrity of customer information; and failing to implement basic safeguards and regularly test their effectiveness. The settlement prohibits DealerBuilt from handling consumer data until it has a security program in place that complies with Safeguards Rule, and requires the company to obtain third-party assessments of its security program every two years. It also requires a senior DealerBuilt officer to provide the FTC with annual certifications of compliance. The FTC does not have authority to seek monetary penalties for a first violation, but if the company violates the settlement, it could be fined up to $42,530 per violation.
NIADA is your voice in Washington D.C., advocating for independent dealers, the used vehicle industry and small business. Here’s a look at the latest news and NIADA efforts regarding legislative, regulatory, PAC and grass roots activities.
L E G I S L AT I V E
Sen. Richard Blumenthal (D-Conn.) has again introduced a bill – with Sen. Ed Markey (D-Mass.) as his co-sponsor – to ban the sale of used vehicles with an open recall. The Used Car Safety Recall Repair Act would require used vehicle dealers to repair any outstanding safety recalls before selling, leasing or loaning them to customers. Blumenthal called it “a no-brainer measure to protect American consumers and our roads from unsafe cars.” Blumenthal has introduced similar bills multiple times over the years but all have been defeated before coming before the full Senate for a vote, thanks in part to NIADA, which opposes such legislation and has lobbied extensively against it. NIADA has already met with legislators to advocate against Blumenthal’s latest recall bill. While NIADA opposes legislation banning sales of used cars with open recalls, the association strongly recommends that its dealer members check their inventory for any open recalls and have them repaired prior to sale if possible. If the repair cannot be completed immediately – primarily because parts are not available – NIADA strongly recommends dealers disclose the existence of the open recall to their customers at the time of sale.
Region III vice president Scott Allen hoists the PAC Cup to celebrate his region’s victory in the 2018 competition, which raised a total of $212,000 for the NIADA-PAC Fund.
PAC
The PAC Cup competition is officially underway. The friendly fundraising competition pits NIADA’s four geographical regions against each other, with the Cup going to the region that contributes the most to the NIADA-PAC Fund through the National Policy Conference in Washington D.C., which is coming up Sept. 23-25. Last year’s competition raised a record $212,000 for the PAC Fund – more than double the previous mark. For the first time, Region III, representing the nation’s midsection, won the Cup, barely edging four-time defending champion Region II (Southeast). This year, more than $22,000 has been contributed so far, with Region I taking a slim early lead over Region III in the competition. The PAC Fund allows NIADA to contribute to candidates for office who will protect the interests of the used vehicle industry and small business. The PAC Cup will be awarded at the Tuesday night dinner during the National Policy Conference, at which NIADA will also honor legislators who support our industry. During the NPC we’ll also present the third annual NIADA Legislator of the Year award to a lawmaker who has made an outstanding effort to advance the cause of independent dealers and small business. The winner will join previous recipients Rep. Mike Kelly (R-Pa.) and Rep. Roger Williams (R-Texas) in that prestigious honor. The NPC includes briefings with federal regulatory agencies that oversee the used vehicle industry – and your dealership – and is highlighted by the Day on the Hill, your chance to meet face-to-face with members of Congress to tell them your story, your concerns and how your business and customers are impacted by the decisions they make. For more information or to register, visit www.niadapolicyconference.com.
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DEALER NEWS AUGUST/SEPTEMBER 2019 WWW.NEWJERSEYIADA.ORG
GRASS ROOTS
Colorado IADA is among the organizations fighting an executive order issued by Gov. Jared Polis proposing to adopt California’s strict standards on the percentage of zeroemission vehicles offered for sale by new car dealers. The new standard would mandate that 10 percent of manufacturers’ fleets in the state must be zero-emission vehicles, such as fully electric cars. The Colorado Air Quality Control Commission announced it will hold a hearing this month on whether to adopt the proposed ZEV Rule. State officials and the major auto manufacturers have had talks but have not been able to agree on a voluntary alternative. Shaun Petersen is NIADA’s senior vice president of legal and government affairs.
WWW.NEWJERSEYIADA.ORG AUGUST/SEPTEMBER 2019 DEALER NEWS 11
PRODUCTS & SERVICES | By Auto Remarketing Staff
“NO QUESTIONS ASKED” TradeRev Unveils Pilot Program When wholesale vehicle buyers feel they did not get what they pay for, they often must go through a cumbersome process to return the vehicle. With a new TradeRev pilot program, buyers can now return vehicles with “no questions asked.” TradeRev, a business unit of KAR Auction Services, has been piloting what it describes as an industry-first return policy since May. “With No Questions Asked, we’re making things as simple as possible for buyers – you don’t like the car, you get your money back,” said TradeRev executive vice president of global operations Keith Crerar. Through the pilot program, buyers can notify TradeRev within two business days of vehicle delivery to use the return policy. At that time, TradeRev refunds the purchase price less any initial transport charges and buy fee. TradeReady vehicles (inspected by TradeRev), as well as as-is vehicles, are LEGAL MATTERS |
eligible for the program. The company will continue the return policy as a pilot, with plans to roll out availability to all users over the next year. TradeRev president Becca Polak said TradeRev is working to improve the user experience, eliminate friction and build customer trust. “When buyers feel they didn’t get what they paid for, they enter an arbitration process that involves the seller and can take time,” Polak said. “For dealers, time is money. Our No Questions Asked return policy helps dealers buy with confidence, knowing they can return a vehicle if it’s not what they expected and get their money back quickly.” Crerar said, “The policy aims to remove all potential pain points for the buyer and is a prime example of how TradeRev is standing behind its commitment to make buying fast, fair and easy for dealers.”
By Jeff Ingram
BE CAREFUL WITH CREDIT REPORTS
Follow the Proper Procedures Obtaining and using a customer credit report is one of the most common actions taken by car dealers. Each credit report should be treated with care because each one represents potential liability to you. There are numerous restrictions on the use of those credit reports. Generally, what you obtain is a “consumer report.” Use of such a report is governed by a federal statute. A “consumer report” includes more than just what you may normally think of as a credit report. A consumer report is a written, oral or other communication of information by a consumer reporting agency bearing on a customer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics or mode of living which is used or expected to be used or collected to serve as a factor in establishing the consumer’s eligibility for credit or insurance, employment purposes or any other purpose authorized by statute. Credit reporting agencies are limited in furnishing a consumer report. Such a report can be furnished only if the consumer report is to be used: 1) in connection with a credit transaction involving the consumer; 2) for employment purposes; 3) for insurance underwriting purposes; 4) for a legitimate business need in connection with a business transaction initiated by the consumer or to review the consumer’s account.
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How do credit reporting agencies ensure their reports are used only for these purposes? By obtaining warranties from you confirming the report is being obtained for one of these permitted reasons. If you take an adverse action based in whole or in part upon the information in a consumer report, you must provide: 1) notice of that action to the consumer; 2) the name, address and telephone number of the agency that furnished the report; 3) a statement that the agency did not make the decision to take the action and cannot provide the reasons why the action was taken; and 4) notice that the consumer can obtain a free copy of the report from the agency and dispute anything therein that is inaccurate or incomplete. An adverse action is not just a refusal to provide financing. An adverse action can include offering a financing rate in excess of the amount requested by the customer. If you deny credit for personal, family or household purposes or increase the credit charge based on information gathered from someone other than a consumer reporting agency, you must, if requested by the consumer in writing, disclose the nature of the information to the consumer. Be sure you have reasonable procedures in place to assure compliance with these sections. Such procedures could be an important defense in a claim brought by a consumer.
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It has long been thought that you do not have to supply the adverse action notice if the credit decision is made by someone else. For example, if you submit a credit application to a potential financing source and that source refuses to extend credit, that source must supply the adverse action notice. If their notice if sufficient, you probably do not have to furnish one. There has, however, been litigation as to whether or not dealerships must also send an adverse action notice even if the financing source sends one. To be safe, you should send your own notice to everyone who has an adverse action taken against them. Many dealership computer systems automate this process, making it easy to send out those notices. Once you obtain a credit report, you must take steps to protect that information. Do not allow employees or other persons to view the report unless there is a legitimate business reason for them to view the report. Do not simply throw the report away. When you dispose of a report, you should do so in a secure manner such as by shredding the report. Store reports in a secure manner to prevent unauthorized access. Obtaining credit reports is a necessary part of your business. Do not let it cost you money for failing to follow the proper procedures.
INDUSTRY NEWS
TRUECAR CEO CHIP PERRY RETIRES
Industry Veteran to Continue in Advisory Role TrueCar president and chief executive officer Chip Perry has retired. The company said it intends on Perry continuing in an advisory role, with Michael Darrow appointed by the board as interim president and CEO. Darrow’s current post is executive vice president of partner and OEM development and president of TrueCar’s ALG subsidiary. “I feel beyond proud of the work the TrueCar team has done over the past few years,” Perry said. “We have righted the ship, rebuilding our dealer network to over 16,500 dealers while concurrently completing our Capsela technology re-platforming effort. “This is a critical foundation upon which to build a differentiated, end-to-end car buying experience. Additionally, TrueCar Trade and our expansion into digital retail through our DealerScience acquisition are rapidly advancing us toward becoming the preeminent shopping-to-showroom solution. “With these critical puzzle pieces now in place, I believe TrueCar is well positioned to create even more fabulous new products and services that will provide significant additional value to consumers, dealers, and OEMs.” Perry was named TrueCar’s president and CEO in late 2015, taking over for Scott Painter. This was just the latest in a long automotive career for Perry, who founded what is now Autotrader in 1997 and served as its CEO until 2013. TrueCar chairman of the board Chris Claus said, “On behalf of the board of directors, I want to sincerely thank Chip for the leadership he has brought to TrueCar over the last few years, rebuilding our dealer customer base, reinventing our technology platform and setting the stage for TrueCar’s growth as a bestin-class online automotive marketplace. “We are grateful to Chip and wish him all the best in his retirement. We appreciate his deep commitment to TrueCar, and we thank him for his service.”
INDUSTRY NEWS
| By Auto Fin Journal Staff
EQUIFAX OFFERS DATA TO FINTECH SANDBOX STARTUPS Promoting Technological Innovation
Equifax is sharing in hopes of cultivating technological innovation. The global data, analytics and technology company recently announced a joint collaboration with FinTech Sandbox to help drive global fintech innovation. Equifax highlighted that startups can now leverage various forms of consumer and commercial data from the company in an effort to help these new businesses develop products for the benefit of the industry and consumers. Nonprofit FinTech Sandbox promotes innovation in the financial sector by making data and infrastructure available to well-qualified fintech startups. In return, Sandbox startups collaborate with current and past residents by sharing learnings and advancements with respect to the fintech ecosystem. Participating startups pay no fees, and no equity is taken, according to a news release from Equifax. In addition to data, Equifax said it will give analytical support to the Sandbox by allowing access to its Ignite portfolio of data and advanced analytics solutions. The
portfolio can securely and comprehensively support the full analytical lifecycle – from data access and transparency to visualization and deployment – using a single, connected suite of advanced analytics processes, technology and tools. “The fintech industry is moving fast, and I’m so proud that we have an opportunity to collaborate around our shared mission for advancing the industry,” said Equifax AtlFi and fintech leader Sharla Godbehere. “We look forward to helping influence the Sandbox’s next generation of leaders with our data and analytical tools. “We’re also offering our expertise in this space. Being a fintech company, we understand the challenges of bringing all the pieces together to make a product work. This is an exciting opportunity to partner and share our personal insights and experience with these startups.” Equifax has earned a spot on the IDC FinTech Rankings list consecutively for the past 15 years since it has been produced. It has one of the most comprehensive vendor rankings within the financial services industry.
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SALES MATTERS |
ACCELERATE |
By GWC Warranty
BIG AUCTION WINS
Outside-The-Box Ideas to Stand Out
The used car industry is more competitive than ever before. Everywhere you turn you and your competition are going head to head on the vehicles customers in your area want. Overcoming this obstacle is all about standing out from the crowd. And what better way to step out from the crowd than to step out from your normal acquisition habits? Sometimes the hidden gems are simply hiding in places you haven’t looked before. And once you find them your customers and your bottom line stand to benefit. Hop in the Car Sometimes the best finds reside a few miles farther away than you’re used to. If you’ve been hitting the same auctions year after year, it might be time to extend your radius a bit. You might just score a car that’s what you’re looking for and more for your customers. Hop on the Internet Online auctions may be a new frontier but might just be the ticket to the cars you and your customers desire. Test the waters and get on the web to see if you can find a new frontier for vehicle acquisition. Not to mention if you find some you like you can start finding cars from the comfort of your office chair. Hop on the Phone You might even be able to find some dealers outside of the live or virtual auction lanes. If you’re in an area near a senior home, you might be able to make a connection to get vehicles as new residents are looking to offload them. Or maybe you operate near a college and graduates moving onto new jobs are trading up to a new car. Both scenarios give you the opportunity to find unconventional avenues to score big when acquiring new inventory.
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By John Chapin
SALES SUCCESS
Are you IN or are you OUT? I was recently speaking with a manager at a real estate office about what makes some agents successful and others unsuccessful. He told me, “John, I can sum up the difference between the successful agents and the unsuccessful agents with one quick example: during a major blizzard when everything is shut down and everyone is at home, my top agents are making phone calls to prospects because they know they have a captive audience, and the rest of my agents are posting pictures on Facebook of the cookies they’re baking.” I’ve noticed a similar phenomenon when I speak. Afterwards it’s always the top salespeople who line up to buy my book. The mediocre and poor salespeople, on the other hand, always give me an excuse for not investing in the book – either they don’t read or they can’t afford to buy the book. Here’s another example that outlines the difference between success and failure in sales. Several years ago I worked for the largest banking equipment distributor in the world. The top salesperson was a guy named Pete. One day while Pete was out making prospecting calls, he got in a car accident. In fact, he totaled his car. Luckily, he didn’t get hurt too badly. He ripped his pants, got some cuts on his nose and forehead, but for the most part, he was OK. When the paramedics insisted he go to the hospital and get checked out, Pete adamantly refused. Regardless of the car accident, he was determined to get the rest of his sales calls in. After pleading with Pete for a while, they finally gave him some butterfly stiches to close the facial wounds and sent him on his way. Pete jumped into a cab and completed his calls for the day. While that’s a pretty good story on commitment, it doesn’t end there. Like most top athletes and people who are among the best in their field, Pete was determined to find the advantage in wrecking his car and it didn’t take long to find it. He remembered two hard-to-reach prospects he simply could not get through to. He’d call, stop by in person, email, send items through the mail, and use any and every trick and technique to get through, but he simply wasn’t able to get to these two prospects. Pete now saw the car accident, and his current condition, as an opportunity to change things. He took the cab to both offices. When he arrived – torn pants, bloody face, butterfly stiches and all – he told the receptionist, “Hi, I’m here to see Mr. Prospect. You have no idea what I’ve been through today to see him.” Now these gatekeepers, who had bulletproof teeth and had been shutting Pete down for months, were now off selling to the decision maker why they had to see Pete. I can imagine it sounded something like, “You’re not
DEALER NEWS AUGUST/SEPTEMBER 2019 WWW.NEWJERSEYIADA.ORG
going to believe this. There’s a guy out in the reception area with torn pants and blood on his face. I mean it’s not Halloween, right? You have to see this.” The result was Pete got in to see both prospects that day. They both laughed as he told his story. The best news is three months later Pete ended up getting one of them as an account and it became his fourth largest account. While that’s a great story about commitment, there’s another point to be made here. Both of these prospects were owners of medium-sized businesses. As such, they undoubtedly have some slackers who work for them. You know the type – the ones who take every sick day, holiday, vacation day, family day, and look for every excuse to take days off and work as little as possible when they are actually there. Yet here’s a guy who got in a car accident and had a perfect excuse to take the rest of the day off, but he’s still out working. Do you think that gives Pete some instant credibility? You bet it does. Do those owners know that if Pete says he’s going to do something, they can count on it? Of course. Now let’s compare Pete’s story to that of a low-performing salesperson at the same banking equipment company. This guy showed up to the weekly sales meeting with a coffee stain on his shirt. I said, “Wow, tough drive into work, huh?” His response, “Yeah, luckily my appointment was able to reschedule.” I asked what a coffee stain had to do with rescheduling an appointment. He said, “Well, obviously I can’t go out calling on prospects looking like this.” While missing an appointment because he had a coffee stain on his shirt was bad enough, also notice he said “appointment” versus “appointments.” That one appointment was his one for the day, and probably his one for the week. So we have the top sales rep who gets in a car accident and actually makes two more calls than he had planned on versus the lowest performing sales rep who uses a coffee stain as an excuse to make no calls. I think the difference between the successful and unsuccessful is pretty obvious. One is committed and determined to make the calls and do whatever it takes to be successful. The other is simply going through the motions and trying to stay on the payroll while doing as little work as possible. One’s all in. The other, for all practical purposes, is out. John Chapin is a sales and motivational speaker and trainer. He has over 31 years of sales experience as a number one sales rep and is the author of the 2010 sales book of the year: Sales Encyclopedia. For more information, visit www.completeselling.com or email johnchapin@completeselling.com.
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