01/17/2023 8:43 pm | GWC Warranty

2023 Independent Dealer Used Car Outlook

In 2022 we saw a drastic rise in used car prices and with that brought a lot of success for indpendet dealers. With prices dropping on used vehicles for the fifth month in a row, the right strategy going into 2023 is key to your dealers success. James Virgoe has some key things to think about as we enter the new year for your dealership.

12/27/2022 3:16 pm | GWC Warranty

Advice for independent operators to manage inventory in lean times

Inventory for your dealership is still hard to come by and now we need to deal with used car prices beginning to drop. With the current economic situation, you need to be on top of your inventory management and make sure it is set up to remain profitable. We have a few strategies to help you stay successful and profitable through these difficult times.

12/19/2022 3:04 pm | GWC Warranty

4 Tips to Finance More Deals

For independent dealers, high vehicle prices and rising interest rates come with a downside: consumers are less likely to qualify for traditional loans. According to Experian, in the second quarter of 2022, the average monthly car payment for used cars was $515, the average loan amount was $28,534, the average interest rate was 8.62% and the average loan term was 68 months.

10/19/2022 3:48 pm | GWC Warranty

To Improve Customer Experience, Improve the Employee Experience

The Federal Trade Commission (FTC) recently issued new requirements to its Safeguards Rule that take effect Dec. 9—requiring auto dealerships with more than 5,000 customer records in their database to develop, implement and maintain an information security program to protect customer information. But it’s not as simple as hiring a vendor. You must have someone on staff to monitor your program. Learn how an AFIP-certified staff member can be a big help in complying with this new requirement.

09/12/2022 3:40 pm | GWC Warranty

Prepare for More Regulations

Today's auto industry is fiercely competitive, and independent dealerships are facing headwinds that are out of their control. Despite optimistic predictions for 2022, dealers are still facing significant inventory challenges. The cost of running a dealership is at its highest since measurements began in 2017. The used-vehicle sales index is down 14 points from a year ago. Add to this inflation, the possibility of a recession, and weakening consumer confidence.

07/15/2022 7:22 pm | GWC Warranty

Five Tips to Help Independent Dealers Thrive in Trying Times

Today's auto industry is fiercely competitive, and independent dealerships are facing headwinds that are out of their control. Despite optimistic predictions for 2022, dealers are still facing significant inventory challenges. The cost of running a dealership is at its highest since measurements began in 2017. The used-vehicle sales index is down 14 points from a year ago. Add to this inflation, the possibility of a recession, and weakening consumer confidence.

05/24/2022 7:10 pm | GWC Warranty

NIADA’s All-New Certified Pre-Owned (CPO) Program: Is it Time to Go CPO?

CPO programs are a great way to boost your dealership’s reputation and increase margins and profitability. NIADA’s CPO program makes the process of certifying vehicles cheaper, faster, and easier than ever before.

03/31/2022 3:28 pm | GWC Warranty

Defining Transparency in the Sales and F&I Process

Transparency is a widely used term in retail automotive, but what does it really mean? The term transparency can mean a lot of things to different people, so I think it is important to define it. A definition helps to establish a standard that can easily be understood by both consumers and dealers, so that both parties can set an expectation for the car-buying experience.

03/30/2022 6:08 pm | GWC Warranty

Four Tips for a Successful CPO Program

CPO programs are a great way to boost your dealership’s reputation and build customer loyalty and trust. These tips will help your dealership run a successful program.

03/23/2022 5:04 pm | GWC Warranty

Three Ways to Build Trust with Customers

If your dealership focuses on building trust with customers from the very first conversation, buyers will feel like they made the right choice.