The recently approved resolution to repeal the Consumer Financial Protection Bureau’s (CFPB) dealer participation guidance by both the U.S. Senate and House of Representatives got me thinking about the struggle dealers are having in preserving their often relied-upon dealer reserve. My conclusion: This important profit center is in jeopardy regardless of what the CFPB is up … [Read more...] about Dealer Reserve Remains in Jeopardy, Even With CFPB Rollback
I know what you’re probably thinking. Blockchain is another one of those topics technology vendors throw around to show how smart they are, and to convince dealers how badly they need our expertise to remain relevant in the constantly evolving technical landscape. With all the hype surrounding blockchain, bitcoin, and other cryptocurrencies, I can’t say I really blame you … [Read more...] about 4 Ways Dealers Can Benefit From Blockchain Technology
Since 2013, eLEND Solutions’ annual survey has examined the disconnect between actual start-to-finish purchase transaction times and what dealers believe is the “ideal” time consumers should spend in a dealership buying a car. This year, the disconnect has diminished somewhat versus the previous year, with transaction times showing a marked improvement. But most dealers … [Read more...] about Dealers Agree Mobile Speeds Up Transaction Times, So Why Do Some Resist?
A recent study by Deloitte looked at how dealers could improve the transaction purchase process to better address today’s consumers. It concluded that consumers want a quicker in-dealership experience than today’s typical process that takes more than four hours. Dealers overwhelmingly share this sentiment: Eight out of 10 dealers surveyed by eLEND said that the ideal … [Read more...] about Prequalification Speeds Up the Purchase Process
In our recent survey, dealers overwhelmingly agreed that an under-two-hour sales process is much preferred to the lengthy, often four-hour start-to-finish transaction time currently common at most dealerships. Yet, despite the fact that a full 85% of dealers surveyed think that under two hours is the ideal amount of time for a sales transaction, 42% say that selling a car … [Read more...] about Transaction Time: Achilles Heel of the Dealership Sales Process