Today on CBT News, we’re happy to welcome back Hugh Hathcock, Owner of ReconVelocity, and Gage Hathcock, Partner at ReconVelocity. COVID-19 has brought a strong focus on used vehicles for dealers who are struggling with new-vehicle inventory. This has only made the software of ReconVelocity more valuable to dealers as they look to turn sales on pre-owned vehicles as quickly as possible.
Gage opens the conversation by crediting dealers for coming back strong after the start of the pandemic. He then goes into ReconVelocity’s recent deal with Sonic Automotive as the deal was finalized in the middle of the outbreak. Despite difficulty in travel, the deal has moved forward and onboarding plans to finish at the end of this month.
Hugh then goes into the need for building efficiency in the recon process. He says ReconVelocity has seen success through trainers buying into the software and relaying those experts to dealers. Gage elaborates on how the software can increase sales for dealerships by eliminating time-consuming tasks.
“It enables people who are doing a great job to be recognized,” said Gage. “Then it enables the dealership to identify those who aren’t doing a great job.”
Gage also introduces a new feature that has been added to the platform called “ReconVelocity Insight”, which gives salespeople and customer service reps access to the progress of a vehicle in the recon process. This helps build accuracy on setting up appointments with car buyers, giving dealers and sales teams confidence that the car will be ready.
According to Hugh, general managers are the quickest to buy into the software, whereas used-car managers sometimes struggle with accepting the change. Overcoming the roadblock of change is addressed early on in the pitch by showcasing how much easier the program can make daily operations.
With used-vehicle retailing growing through companies like Vroom and Carvana, dealers must be willing to embrace the change. Otherwise, dealers who fall behind on the digital front will lose their market position in CPO and used-vehicle sales.
Did you enjoy this interview with ReconVelocity’s Gage and Hugh Hathcock? Please share your thoughts, comments, or questions regarding this topic with host Jim Fitzpatrick at firstname.lastname@example.org.