#490 -💪 Work The Facts

TOGETHER WITH

The industry is changing, and when it is done changing, it will change some more.

Nothing is set in stone and we actually get a lot more say than it may seem.

ASOTU stands on the power this industry has when it decides to push back or move forward, and ASOTU CON is where people who believe it with us can learn, vibe, encourage, and recharge together.

The industry is changing, and when dealers get together, they decide how.

Keep Pushing Back
-Paul, Kyle, Chris & Kristi

TODAY’S LOT WALK

• Working the facts with All Things Used Cars. 🧐

• Hyundai may strike, Ford’s black tie F-150, and GMC’s campsite on wheels. 🏕

• T-Rexes race around Washington. 🦖

Reading time: 4 mins 30 secs

MORE THAN CARS MOMENTS

Working The Facts

Last week, David Long's All Things Used Cars welcomed Jasen Rice to talk lead management. Jasen is the author of "Work the Facts: Have Both Gross and Volume in the Used Car Operation" and offered a collection of insights that invited Clubhouse members to rethink the way they work leads.

Listen to the full conversation here, or read a few of Jasen Rice's Key Insights on Lead and Inventory Management:

💼 Work the Facts (WTF) Method: Emphasizes the importance of actionable, factual data. Analyze patterns in inventory age vs. sales and adjust strategies accordingly.

💨 Leads on Sold Cars: Up to 70% of active leads might be on cars already sold. Rather than discarding these leads, guide customers to find alternative vehicles.

😵‍💫 Lead Conversion Metrics Can Be Misleading: A high percentage of leads on sold cars can make conversion rates appear higher. A lower percentage may signify a more efficient sales process.

⚖️ Switching to Alternative Cars: If a car a customer is interested in is gone, suggest similar alternatives within their budget.

✂️ Avoid Dropping the Price: Price drops shouldn't be the go-to strategy to promote a vehicle.

♟️ Lead Management Strategy: Leads should be managed based on specific situations, not merely on their age.

🍨 Lead Distribution: A disproportionate number of leads might be on a few cars. For instance, 50% of leads might be on just the top 10 cars in the inventory.

🧮 Inventory Management: Nearly half of a dealer's inventory might not have leads. Dealers need to consider cars that aren't garnering attention proactively.

🏃‍♀️ Lead Activities: Shift focus from tracking activities per lead to "activities per car." If a car is priced right but needs to be attracting leads, dealers should use their database to find potential buyers.

🐣 Early Inventory Movement: Strive to sell many cars within the first 30 days. Delays, like slow photo uploads, can impede this.

🛵 SRPs and VDPs: While they play a role in lead generation, dealers shouldn't be overly reliant on Search Results Pages and Vehicle Details Pages.

👨‍🍳 Major Takeaway: Blend inventory management with lead management. Ensure all cars, regardless of lead count, get adequate attention. 

TOGETHER WITH CARS AND STREAM COMPANIES

Our Feature Presentation

The great folks at CARS and Stream Companies are the co-presenting sponsors of ASOTU CON 2023!

Cars.com is the nation’s leading digital marketplace for retail automotive. They consistently display their belief in dealers by partnering in the work of putting the right cars and the right customers together.

Stream Companies is a fully integrated tech-enabled ad agency that expands a dealer’s reach, deepening its message's impact to sell more cars and retain more customers.

Get to know these two, and many more, great collaborators at ASOTU CON 2023 in Baltimore, MD, Sept. 25-27!

BUSINESS

Ford's 2024 F-150 Lightning 🏴‍☠️

🚗⚡ Meet the sleek Platinum Black Edition! This matte-black beauty is priced at $99,990 and has unique badging, wheels, and a vibe. Here's a quick rundown:

• Units: Limited to 2,000.

• Delivery: Rolling out early 2024.

• Tech Upgrades: Boasts the latest BlueCruise 1.2 hands-free tech and a powerful ProPower onboard generator. 🚗🖤🔌

Hyundai Drama 🪧

🚘📢 Strike on the horizon? Hyundai Motor's union, with its 44,000-strong army, just got a major thumbs-up:

• Vote: A whopping 88.93% approve of the strike.

• Reason: They're talking wage hikes & upping the retirement age.

• Impact: Brace yourself; it's the first wage strike threat in 5 years, potentially disrupting deliveries.

• Demands: Better pay packets & retiring at a cool 64. 🚘📢💼

GM’s Battery Power-Up 💰

🚗🔋 Ultium is lighting up Ohio with some power moves!

• Wage Boost: A 25% hike for EV battery aficionados.

• Context: This follows intense negotiations with the UAW.

• Team Size: A force of 1,100.

• Comparison: While it's a win, they're still pocketing slightly less than traditional UAW assembly stars. 🚗🔋💰

GMC's Hummer EV EarthCruiser 🏕

🌲🚗 Adventure, anyone? This beast is more than ready:

• Partnership: GMC & EarthCruiser are in the driving seat.

• Features: Solar-powered glory, zero emissions, and that pop-off top for those who adore the stars.

• Amenities: Think spacious interiors, an RV bed, a gourmet kitchen, and more!

• Burning Question: Those solar panels are sleek, but can they juice their mammoth battery? ✨🔋🏞️

CULTURE

The Rex Race

Who doesn't love a good race? Add a few dinosaurs, and you have a good time for the whole family. Every year, one race does just that, and we are excited to share it with you.

🏁 Over 200 participants donned inflatable Tyrannosaurus rex costumes and raced at the Emerald Downs track. The race began in 2017 as a team-building exercise for a pest control company.

🏆 Results:

🥇: Ocean Kim from Kailua, Hawaii
🥈: Colton Winegar of Boise, Idaho
🥉: Seth Hirschi of Renton, Washington

🍿 Fun Fact: The event pays playful homage to the iconic dinosaur popularized by the "Jurassic Park" films. 

Quick Hits

• A hacker in the UK leaked details from Grand Theft Auto 6 using an Amazon Fire Stick and a hotel TV. 🏨

• NASA says the full moon on Wednesday, Aug 30th will be a Super Moon and a Blue Moon. 🔭

• Tests say water released from the Fukushima nuke plant is safe. Protestors say otherwise. ☢️

History

• 1898: Caleb Bradham's beverage "Brad's Drink" is renamed "Pepsi-Cola.” 🥤

• 1937: The Toyota Motor Company is established. 🚘

• 1963: MLK gives his powerful “I Have A Dream” speech. 🎤