Jim Fitzpatrick with Casey Coffey, CEO of Greenway Automotive & Hugh Hathcock Discuss The Benefits Of VelocityEngage Marketing Solution
The used car industry is a huge part of the Greenway platform. Coffey says ReconVelocity gives them the ability to move cars rapidly and have complete transparency for all the managers. One of the challenges, Coffey has had was running a large organization in a lot of different dealerships across the country. They wanted to be able to have visibility of what was going with their inventory at each store. How quickly you get inventory through the system is paramount to being able to be on top of the market and delivering the type of vehicle your customer wants on a timely basis.
Hathcock says ReconVelocity is a software where a lot of dealers are a little slower to act on it because it takes a lot of work. Hathcock says they were able to put 10 to 15 pilot stores in place with both products and let the GMs and salespeople experience what the product could do for them.
Having sticker prices is majorly important says Coffey. It’s important to understand all the different offerings each car may bring. He says if you don’t have the window sticker, and the ability to look at it, you may end up missing something. It could end up costing you a car deal.
Hathcock says nobody has done in this category, where the CRMs are pushing the platform and integrating it. He says it’s a huge deal. The integration has probably been one of their biggest advantages for dealers to see because it makes everything so easy. Coffey says, what they’re trying to do is make the whole deal simple. To the consumer, it’s all about time and being able to gather information in one spot. Not only does it educate the customer, but it educates the salespeople as well. It’s been a great tool for us says, Coffey.
Hugh Hathcock and Kalah McCoy talk with Jim Fitzpatrick of CBT News about the benefits of the integrated window stickers in VelocityEngage, such as not losing out on trades, more accurate trade appraisals, salespeople being product experts of all makes and models on the lot, and greater transparency with customers,
Customer trust and transparency are crucial elements for every car dealer to consider when selling vehicles digitally. In fact, the majority of consumers today expect a high level of transparency when making large purchases. In order to help car dealers earn that trust, VAS offers digital window stickers as part of the larger VelocityEngage portfolio. Window stickers are the number one tool that gets the most engagement from consumers.
Every time a car comes through your dealership’s inventory, a digital window sticker is generated automatically for consumers with no wait time. From the dealership perspective, McCoy says as customers bring in trade-ins, used car managers have more nuanced data to assess the value of these vehicles.
The readily available information that the digital window sticker provides can even assist dealerships with their finance companies. Due to the current prices of used cars, finance companies might be hesitant to extend larger auto loans without comprehensive knowledge of the specific vehicle. However, with digital window stickers, anyone can have access to a complete vehicle profile. Banks are far more likely to approve larger loans with this information on demand.
“What’s the number one thing dealers want and are thinking now? Acquire more used cars,” says Hathcock. “If a used car manager scans the VIN, up pops the window sticker. He knows everything about the car now. So, he can make a trade appraisal to that consumer that’s going to be the best one.”
McCoy adds that when dealers set their used vehicle prices with various tools, what is not being considered is the crucial element of consumer engagement. If a pricing tool is telling the dealer to lower the price of a vehicle based on the local market and past performance, but the vehicle is getting a high level of engagement, then the dealer might not want to drop the price. This is what digital window stickers and the VelocityEngage portfolio as a whole offer.
“[The portfolio] is great for used cars, there’s no doubt about it, but it’s really for all of your inventory,” explains McCoy. “There’s no reason you wouldn’t have it for every car, new and used.”
At the end of the day, car dealers can have the best digital retailing tools on the best websites, but if consumers can not find all the information they need in one convenient place, they won’t even start the transaction phase.
Take a look at our latest CBT Interview! The panel discusses the new VAS digital portfolio tool VelocityEngage, and why car dealers need to focus on creating value for potential car buyers. Hugh says that in the last 6 months, the product has changed and grown so much. 300 car dealers have already committed to it, which is well on its way to having 1,000 car dealers by the end of this year!
Hugh Hathcock, Found of ELEAD1ONE & Velocity Automotive Solutions, and Troy Duhon, Owner of Premier Automotive Group – talk with Jim Fitzpatrick of CBT News about VelocityEngage and the acquisition of a long-standing company that provides window stickers to dealers, consumers, and banks. VelocityEngage embodies ReconVelocity, the industry’s most advanced recon workflow management software – giving dealers multiple solutions within one tool. VelocityEngage’s window sticker component also integrates with vAuto – and allows dealers to pull an unlimited amount of window stickers automatically within their digital portfolios, in the showroom, and while appraising vehicles. Salespeople are now armed with all the information they need about a vehicle to answer any questions their customer may have. This level of transparency creates an atmosphere of trust and values, which ultimately translates to more car deals and increased gross profit.
Velocity Automotive Solutions Drives Digital Transformation With VelocityEngage Digital Vehicle & Dealership Portfolios
DESTIN, FL (July 20, 2021) – Earlier this year, Velocity Automotive Solutions launched VelocityEngage – the industry’s first and only digital vehicle and dealership reputation portfolio solution. Designed specifically for salespeople and BDC agents, VelocityEngage creates an easy, transparent online car buying experience, while getting shoppers deeply engaged in interactive media content. Car shoppers find everything that they want to know about the vehicle, the OEM brand, the dealership, and their financial options. Since its launch, nearly 500 dealerships have implemented VelocityEngage digital portfolios on their inventory listings, in the sales process, and in their CRM.
“Today, car buyers expect a fast and easy – and transparent car buying experience. They typically spend upwards to 15 hours researching online, searching for videos, reports, brochures, photos, and reviews to help them make the very best purchase decision,” says Hugh Hathcock, owner of Velocity Automotive Solutions. VelocityEngage digital portfolios contain all the information shoppers need on one page, moving them through the purchase process more quickly and while they’re on the dealer’s website.”
VelocityEngage also embodies behavioral heat-mapping technology that gives salespeople insight into the actions each shopper takes within a digital portfolio. This information empowers them to have value-based conversations that result in higher grosses and an improved customer experience. It also allows the dealership to develop a consistent sales process throughout, so that salespeople and BDC agents speak the same language to every potential customer.
When presenting a digital portfolio using VelocityEngage’s Showroom Mode, the salesperson is armed with relevant and valuable information to answer all the customer’s questions, which creates an atmosphere of trust and rapport.
Salespeople feel more confident when they have the information they need in hand to overcome objections and to justify vehicle pricing. Information from window stickers, inspection reports, ebrochures, OEM videos, customer reviews, and more – allow the salesperson to build value in the vehicle and the dealership which translates to increased gross profits and higher CSI levels.
VelocityEngage is fully customizable for each dealership and the OEM brand, resulting in inventory portfolios that reflect each dealer’s unique value proposition and OEM messaging. Dealers can add custom module images that reflect their branding elements. They can showcase their value-added services, community involvement, and personalized messaging in the form of videos, images, and documents.
What’s even more important is that VelocityEngage digital portfolios are auto-generated – and can be sent right from the CRM, via text and email, and shared across social. VelocityEngage power-users are salespeople and BDC agents because they finally have a tool that works for them – one that makes the sales process go quickly and smoothly. Salespeople are presenting VelocityEngage portfolios to every customer that comes into the showroom for a truly seamless and consistent sales experience.
VelocityEngage has created a new category in the automotive space – bridging the digital retailing gap with visually appealing digital vehicle and dealership portfolios that both salespeople and car buyers love. Dealers are experiencing a significant increase in direct website leads, a higher lead connection rate, more phone-ups, and significantly more showroom traffic. They are also selling cars faster – since the customer’s research process is streamlined. Dealership marketing managers are seeing SRP and VDP viewers convert at higher rates to contactable opportunities and time spent on VDPs increase up to 10x the average view time – driving up the ROI on the digital advertising dollars spent. The dealership benefits are enormous – and multifaceted.
VelocityEngage has true integration with leading CRMs, such as eLead and VIN Solutions. It also fully embodies ReconVelocity, the company’s recon workflow management tool – which allows dealers to start advertising vehicles the moment they enter the recon process, maximizing the number of available selling days on each unit.
Continuing its customer service legacy as Founder of ELEAD1ONE, Hugh’s technology team releases biweekly enhancements based upon dealer feedback.
About Velocity Automotive Solutions
Velocity Automotive Solutions (VAS) was founded in 2018 by Hugh Hathcock, Owner & Founder of ELEAD1ONE for more than 35 years. The company is headquartered in Destin, Florida – with an Atlanta-based technology team. Its products include ReconVelocity and VelocityEngage.