Many auto retail professionals are wondering how to successfully thrive and recover from the pandemic that we face. Several new and innovative changes have been made nationwide in dealerships and digital retailing seems to be the way of the future. Here to talk more about those changes and how to improve your profit is Pete MacInnis, Founder and CEO of eLEND Solutions.
In this segment, Jim and Pete first discuss how the COVID-19 pandemic has forced the acceleration of process changes, like digital retailing, for automotive dealers. In Pete’s 40-year career, this has been unprecedented. However, he is not very surprised by it. Pete believes that crises like these are blessings in disguise. Dealers tend to become more efficient, more profitable, and provide consumers with better customer experiences.
From Pete’s perspective, consumers are driving these process changes. The boost we are seeing digital retailing is a consequence of that. The heightened presence of digital retailing also signals to customers that long-term process changes are coming. At this stage of digital retailing maturity, Pete believes that it still has a long way to go.
At the end of the day, consumers want a better car buying experience. Dealers then need to align their processes with consumers’ desires. While great strides have been made, certain areas are still falling short. Sales and finance have been working in tandem in store for decades. Digital retailing will never reach its full potential without the digital finance component.
Pete MacInnis brings 40 years of experience in automotive finance and technology to the industry. He began his career with WFS Financial where he spent 14 years in various management positions. He then co-founded the auto finance company Onyx Acceptance in 1993. Onyx originated over $14 billion in auto loans, went public in 1996, and was acquired by Capital One in 2005. In 2003, Pete founded DealerCentric, known today as eLEND Solutions, one of the industry’s leading FinTech companies.
Did you enjoy this interview with digital retailing and finance expert Pete MacInnis? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at jfitzpatrick@cbtnews.com.
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