How auto dealers can spot identity fraud and prevent it in the future — Pete MacInnis & Sergeant Darren Schlosser
Recently, CBT News did a segment on Inside Automotive about new ID scanning technology that played a critical role in helping the Houston Police Department catch fraud suspects trying to purchase vehicles with fake IDs. In response to the show, we received a lot of interest from our audience and decided to take a deeper dive into this growing problem. We asked Pete MacInnis from eLEND Solutions to come back and lead a series for CBT News called Fraud in the modern auto retailing age. He joins us now alongside Sergeant Darren Schlosser from the Houston Police Department, who will talk more about working closely with auto dealers to prevent vehicle purchase fraud and catch the bad guys. Watch the complete segment here.
General Motors unveiled a new business unit that will house a variety of EV-related products and services. Called GM Energy, the unit is comprised of GM’s signature Ultium battery platforms, Ultium Home and Ultium Commercial, as well as the new Ultium Charge program. GM says it envisions a portfolio of products and services that provide reliability and flexibility at a time when transportation and energy are becoming increasingly intertwined. GM’s energy components are expected to be available by the end of 2023, but the rollout will occur in phases, the first of which occurred in august. GM is also working with utility companies to strengthen the power grid better. Read More
A new study from the Insurance Institute for Highway Safety found that drivers using advanced driver assistance systems often treat their vehicles as fully self-driving, despite warnings not to. The survey found regular users of General Motors’ Super Cruise, Nissan and Infiniti’s ProPilot assist, and Tesla’s Autopilot said, they “were more likely to perform non-driving-related activities like eating or texting while using their partial automation systems than while driving unassisted.” The study coincides with investigations by the NHTSA into crashes involving Tesla vehicles using Autopilot systems which have resulted in 18 deaths. Read More
JPMorgan Chase CEO Jamie Dimon said this week that a “very serious” mix of headwinds is likely to tip both the US and global economy into a recession by mid-2023. Dimon made the comments to CNBC‘s Julianna Tatelbaum at the JMP Techstars Conference in London, where he commented on the current US economy, saying it was “actually still doing well.” Dimon added that consumers would likely be in better shape heading into a recession than they were during the 2008 global financial crisis. Dimon also said he felt the Federal Reserve “waited too long and did too little” to curb inflation. The CEO said he was unsure how long the US recession might last but said it could range from very mild to quite severe. Read More
According to the Dealertrack Credit Availability Index from Cox Automotive, access to auto credit expanded in September for the first time in five months. The All-Loans Index increased by 1.1% for the month. The increase shows that access to credit was easier to acquire by 4.8% year-over-year. Subprime share increased to 11.7%, and the share of auto loans with negative equity increased slightly. The average yield spread on auto loans was more attractive relative to bond yields in September. However, approval rates fell, the number of loans with longer terms declined, and the down payment share increased. Read More
News & Opinion
5 simple ways to improve customer retention and satisfaction
If your clients aren’t happy with your services, you won’t be able to keep up with the other Key Performance Indicators (KPIs) that are essential for your service center’s success and profitability. Consider customer satisfaction the foundation on which everything else should be built. With these simple ways to improve client retention and satisfaction, you can keep customers happy while focusing on other growth tactics. According to Harris Interactive, 89% of customers have previously switched to doing business with a competitor after a bad customer experience. One small mistake with the way you deal with your clients can lead to them jumping ship and visiting a new service center. You can’t afford to lose these customers, so every effort must be made to ensure their happiness. Read More
How often should you mystery shop your car dealership?
Mystery shopping is one of the most effective ways to identify areas where your team and processes are succeeding, and where they’re falling short. If you want your dealership to succeed in a quickly changing industry, you should conduct one. You can’t fix what you don’t know is broken. A mystery shop of your store reveals exactly what your customers experience when they call, email, or text. It can unveil training needs, areas of inefficiency, and opportunities for growth. There’s no rule for how often to mystery shop. I would definitely do it any time you add new customer-facing technology. Otherwise, once per quarter is a good place to begin. Here’s how to get started. Read More
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