Better training for your dealership’s F&I teams can improve the department’s profitability — and boost employee retention.

For dealers, the outcomes of customer discussions in their business offices — whether online or in person — have a direct impact on their dealership’s profitability.

So why leave those crucial interactions with your customers to chance?

That’s what many dealerships are doing when they don’t invest enough in training for their F&I Managers and business office teams. “At many dealerships, the customer experience varies dramatically, and can depend on the F&I Manager that a vehicle buyer is dealing with,” said Jake Stacey, Executive Vice President, Sales & Training, LGM Financial Services (LGM) and a frequent speaker at auto industry events. “This lack of consistency in approach and process has a direct impact on profitability.”

To help dealerships improve their performance, LGM developed an entire set of tools, including a comprehensive Performance Enhancement program, facilitated by industry experts.

“It’s designed to elevate the skills and knowledge of F&I professionals,” explained Stacey.

The program is all-encompassing, covering topics such as: financial products, compliance, customer experience, dealership-specific best practices, and even soft-skills, like communication training. In November, the company also announced the official launch of its Financial Services Manager (FSM) Certification Program.

FSM Certification is part of LGM’s broader Learning Journey Program, and consists of a three-phase program designed to empower Financial Services Managers with advanced skills, enhancing dealership performance and customer satisfaction, according to a news release about the new program. “This structured curriculum ensures that professionals excel in their roles, ultimately contributing to the success of their dealership,” said Nathalie Abdallah, Vice President, Sales Effectiveness and Training at LGM.

Each phase of the FSM Certification program focuses on different learning objectives and offers participants the flexibility to access courses online,  through virtual platforms, and  in-person.

If employees aren’t adequately trained, it will impact the experience they are delivering every day to customers. When properly trained, however, they can effortlessly deliver excellent service, address customer questions and provide the right solutions tailored to a customer’s specific needs. This confidence boost can lead directly to more engaged and motivated employees — and improved results in your business office.

“Since implementing LGM’s processes and systems, we’ve seen significant improvement in the performance and efficiency of our business office and a substantial boost in interdepartmental collaboration across our dealership,” said David Deline, General Manager at Port City Kia. “We continue to discover ways that benefit LGM and Port City Kia while providing industry leading protection and peace of mind for our valued customers.”

Pauline Bessada, Financial Services Manager at Bessada Kia also had praise for the performance boost they experienced. “We have been utilizing LGM’s processes and systems for the last two-plus years and have had an impactful improvement in both the efficiency and performance of our business office,” she said. “The tools and training have increased sales, and improved penetration and profitability of the core products. Collaboration among sales and service has improved as a direct result of LGM’s processes as well!”

According to their 2022 Industry Report, a national workforce study released by the Canadian Automobile Dealers Association (CADA) in 2023, the national average annual salary for F&I Managers in 2022 was $152,511 — with the top quartile earning $184,986. 

But despite the good pay, the same study found that annual turnover rates for F&I Managers was 31 per cent and the average tenure for the position was only 5.6 years. In fact, F&I Managers have the third highest turnover rates of all dealership positions, with Sales Consultants being at 43 per cent and Service Advisor / Writer at 39 per cent, according to the CADA study. 

“If employees aren’t properly trained, they can get frustrated and it creates stress for them when they know they aren’t performing as well as they should,” said Stacey, adding that this can contribute to the already high turnover rates for F&I Managers.

Stacey said she is also a big believer in measuring performance and fine-tuning as needed. “Every month our teams conduct a performance review to see what’s working in certain regions or dealerships,” she said.

By sharing that information with dealers, the company can continuously strengthen team performance even after their formal training. “By building a strong team in all areas of your dealership that fully understand the value of all the F&I products you offer, and by measuring your results, you can close the experience gap and deliver better profitability too. That’s a winning formula for dealerships,” said Stacey.

The post Driving better F&I results through training appeared first on Canadian Auto Dealer.

Garage insurance programs adapt to cover new types of risks and perils dealers now face.

Dealers have enough to worry about today. Changing consumer expectations, managing relations with their OEMs, growing new and used vehicle sales and keeping their teams engaged and productive, just to name a few.

Ensuring they have comprehensive garage insurance in place, that protects them and their business from a wide range of risks, is something that can help ease their minds so they can focus on their businesses.

“It’s not easy being a car dealer,” said Tim Reuss, President and CEO of CADA. “That’s why when we provide programs for our dealer members, like CADA 360 Garage Insurance, we consult broadly with our dealers. The program is managed by a CADA dealership committee to ensure it’s aligned with what dealerships really need.”

For example, the dealer committee and the insurance program managers are currently exploring the impact of electric vehicles in terms of any liability and safety risks that might not yet be fully understood. What’s going to change in your insurance portfolio when you are selling EV products as opposed to ICE vehicles? What are the concerns regarding safety and fires and EV batteries? Is the program right now providing adequate coverage for any emerging risks related to EVs?

“When we meet with our dealer committee, it’s a collaborative effort where trends in the marketplace are discussed.” said Reuss. “We want to get in front of things so that we anticipate what the types of losses could be, and to make sure that the dealers are covered for it as opposed to realizing we have a problem after the unthinkable happens to a particular dealer. That’s the worst thing in the world. Our main concern is how do we protect our dealers from what’s coming down the pipe?”

Those regular meetings are also the place where dealers can bring forward any specific concerns regarding any claims or other issues. “When dealers bring forward an issue, we table it at that committee and then we all come back and talk about what happened, why it happened, and how to fix it,” said Laurie Maher, CADA 360 Program Manager.

It’s this collaborative approach with dealers that has helped make the CADA 360 Garage Insurance program Canada’s preferred garage insurance program, with more than 1,000 dealerships signed on — and an impressive retention rate last year of 94 per cent.

One of the hallmarks of the program is how extensive and flexible the insurance offerings are with flexible deductibles. “CADA 360 Garage Insurance covers everything from shop tools, facilities to business operations,” said Michael Psotka, CADA’s CFO and Director of Member Services.

“Whether you are a large dealership group or a single rooftop, it’s a comprehensive package that can be tailored to suit your needs.”

Derrick Osborn, Vice President, Dealers & Leasing Unit Leader at HUB International, said dealers’ primary concerns are similar, but they do vary depending on what’s happening in the industry. “The number one thing that’s plaguing dealers right now is auto theft,” said Osborn, the approved insurance broker of the CADA 360 Garage Insurance program, who works with Aviva Insurance Company of Canada, one of the country’s largest commercial P&C insurance companies to provide the coverage. “There are so many new threats from cybersecurity and physical security that dealers are increasingly combatting, and our program helps cover those risks,” said Osborn.

Psotka said that when dealers join the program, they receive risk-management tools to help them reduce the risks for the biggest sources of loss including fires, thefts, cyber assaults, vehicle demo accidents, and fraud. “This can lead to lower premiums and deductibles,” said Psotka.

As with all CADA 360 programs, like employee benefits or HR automation, the proceeds from the programs help fund CADA’s advocacy efforts on behalf of dealers across Canada. “You get industry-leading coverage and programs, and in turn help fund our legal and advocacy teams that are working every day to protect dealer interests,” said Psotka.

The post Helping dealers sleep better at night appeared first on Canadian Auto Dealer.

Louis-Philippe Ménard, Senior Manager, Consumer Financing Solutions, National Bank of Canada

With a large field staff across Canada, and a focus on staying close with dealer customers, National Bank of Canada is looking to grow its automotive business.

You can’t deliver top notch service that connects with your customers if you aren’t staying extra close to them.

That’s true for car dealers, and also true for their banking partners. “It’s all about relationships,” Louis-Philippe Ménard, Senior Manager, Consumer Financing Solutions, National Bank of Canada. “At the end of the day, dealers want to deal with lenders they know, that have their trust and know their business. That’s why we try to be out there as much as possible.” 

Ménard said to accomplish that goal, the bank built a large field staff spread out across Canada with one team for Québec and the Atlantic, another for Ontario and one for western Canada. Being close to their dealers helps ensure they are positioned to help explain new bank programs and offerings. 

“Dealers in different regions of Canada have different lending needs, and the profile of their customers is also much different,” said Ménard. “Having regional field teams really helps make sure that our programs are right for each market. For example, demand and infrastructure for EVs is variable across the country and as such, incentives or special lending programs will not have the same success across all markets. There is no one size fits all approach.” 

Staying close to dealers and their customers also means the bank can stay abreast of broader trends impacting the auto retail industry, so that they can pivot and adapt as needed.

“Recently, a lot has changed in the economy and in people’s personal financial situations that have to be taken into consideration,” said Ménard. “We try to understand where the market is going to land for the next few years to come. Having a good understanding of that will impact the loan offers, not only from a new vehicle perspective, but also for used.”

To stay connected to the reality on the ground the bank adapts to the environment. Menard said the bank can change the way they structure their loans and terms based on the borrowers’ evolving needs. “At the end of the day, the dealers are the ones sending us the customers, so we want to make sure that we’re working closely with them. In a few years, that customer might be buying another vehicle from the same dealer, and we want to retain our customers.”

Menard said the bank also works hard for their dealers to prove they are an agile partner that can get deals approved and funded quickly. “They want to make the process quick, and we’re there for that. That applies not only to the funding decision but to the disbursement of funds. While we are diligent, we try to be quick and agile. We’re there for them.”

Menard said the bank keeps close tabs on the OEMs and their incentive strategies, and other market factors. “How are all the forces in the ecosystem interacting? That’s mainly what we’re trying to figure out and try to land at the right place for the customer at the end of the day,” he said.

Headquartered in Montréal, Qué., National Bank of Canada was founded in 1859 by a group of Québec City businessmen, and has grown to become Canada’s 6th largest bank with 360+ branches — and is the leading bank in Quebec. They offer a full range of financial services for individuals, businesses, and clients with specific needs, both domestically and internationally. They also offer a wide range of banking and insurance services as well as innovative investment and wealth management solutions.

The post Banking on a personal touch appeared first on Canadian Auto Dealer.

Building culture and community is the key to keeping employees engaged.

With employee turnover as high as 30 per cent in Canadian dealerships, it’s more important than ever to build and nurture your dealership’s culture.

Is your dealership a fun place to work? Are you doing events and activities to engage your employees? Are you giving back to your community, and if so do your employees know about it?

“Culture has always been an important part of dealership success,” said Tim Reuss, President and CEO of the Canadian Automobile Dealers Association (CADA). “But for younger employees, it’s a key part of how they evaluate their workplace. These generations want to do more than just go to work, they want to connect and feel like they matter, and are making a difference.”

To that end, the CADA 360 HR Automation platform rolled out a suite of new tools to help support and nurture the culture within your dealership. “Instead of just engaging with your employees when they are hired, fired or retired — you can keep in contact with them throughout their career,” said Michael Stassen, Regional Manager with DealerPILOT, the software that powers the CADA 360 HR Automation platform.

Stassen says the platform’s new Culture Module features allow for things like centralized posting of events, posting and sharing media and photos, commenting and suggestions, and even surveys of employees from within the platform.

“Instead of just engaging with your employees when they are hired, fired or retired — you can keep in contact with them throughout their career.” — Michael Stassen, Regional Manager with DealerPILOT

“It’s kind of like an internal social media platform for sharing content. it’s a great way to stay connected and engaged with existing and new staff,” said Laurie Maher, CADA 360 Program Manager. “We are excited to see how dealership teams start to use these new features built right into CADA 360 HR Automation.”

Michael Psotka, CADA’s CFO and Director of Member Services, said DealerPILOT is CADA’s exclusive partner for HR software, and he is pleased to see more innovation and customizing within the platform to meet the evolving needs of dealerships. “When employees are able to do things like build their own profile within the platform, and can connect to other employees it fosters a sense of team and being part of a work community. These are important tools that help retain people,” he said.

Psotka said the platform already checks all the boxes for what a dealership would require from a highly-automated HR software system such as: employee onboarding, training, vacation requests, inspections, health and safety, record keeping, bio-punching, and HR compliance needs — but these new culture tools will encourage employees to use the software more often to stay on top of their dealership’s activities. “This added visibility will allow people to see what’s happening throughout their organization, or for dealership groups, across their network,” he said.

Dealers also say they like using the platform and interacting with the team behind it. “In all my interactions with the CADA360 HR Automation team, responsiveness and helpfulness has truly set them apart,” said Nancy Little, Corporate Controller from the Boyer Auto Group in Ontario. “Whenever I’ve had a concern or question, the support team consistently goes above and beyond to provide me with the support I need. I strongly believe that it’s in a dealer’s best interest to consider CADA360 HR Automation.”

The best part for dealers, said Psotka, is that by supporting CADA 360 programs and services, the proceeds go to help fund CADA’s advocacy efforts on behalf of dealers across Canada. “You get best-of-breed software and tools, and in turn help fund activities that benefit and protect your business interests. That’s a win-win in my books,” said Psotka.

The platform is fully mobile-enabled, and employees can check for updates on their desktop computers, laptops or phone while at work or home. “This platform was built by dealers, for dealers, and is always evolving based on the feedback from CADA and their dealer members,” said Stassen. “The Culture Module is another example of how we adapt the platform to new business needs.”

The post Keeping your dealership teams connected appeared first on Canadian Auto Dealer.

A solid employee benefits plan can be a competitive advantage in recruiting top talent.

In the battle for talent, dealerships need all the tools at their disposal to attract, recruit and retain their key employees.

That means providing a solid benefits program that is both fiscally responsible for the dealership, but that also offers the coverage and flexibility to meet the needs of today’s employees.

“The overall costs associated with providing a great employee benefits plan is always a key concern for dealers,” said Cindy Robinson, Director, Governance & Plan Management, CADA Employee Life & Health Trust, with the Canadian Automobile Dealers Association. “We are always working to improve the program to ensure it is flexible and allows dealers to create their own benefits offering for their employees at a price point they can afford.”

Robinson said to ensure dealer needs are always at the forefront, they recruit active dealer principals from across the country to serve on the CADA 360 Employee Benefits Dealer Committee which oversees the plan. CADA 360 doesn’t operate to generate profit for the plan; instead, any proceeds are used to fund CADA’s extensive advocacy work on behalf of dealers.

The flexibility of the plan is a huge bonus for dealers. Dealers can choose to add a HCSA, Group Retirement Savings, Critical Illness Coverage, Teladoc (Best Doctors) and Consult + (Virtual Health) to enhance their individual dealership’s plan.

“That’s why our program’s tagline is ‘It all comes back to you,’” said Robinson. “The plan proceeds help amplify the voices of dealers with governments, industry groups and the media.”

The fact that the plan is fully-insured also helps protect dealers from any additional risk. “To spread risk and keep costs low within the trust, the total experience of all the dealerships is aggregated to develop block renewal factors,” she said.

Drug claims are typically any program’s largest spend. To help manage drug claims CADA 360 introduced Reformulary in November of 2019 on a staggered basis to all provinces, except Quebec. This program ensures that clinically acceptable, and cost effective, first-line drugs are tried and are placed on file with Canada Life before a more expensive second-line drug is used. This limits dealers’ exposure and reduces drug claims which impact a dealers renewal each year. “The feedback has been very positive with very few issues. Reformulary helps each dealership manage their individual drug spend to ensure health rates remain as low as possible,” said Robinson.

CADA 360 also pools high-cost health and drug claims along with all out-of-country claims. Pooling helps to keep rates low as high-cost claims are not included in renewal calculations.

The flexibility of the plan is a huge bonus for dealers. Dealers can choose to add a HCSA, Group Retirement Savings, Critical Illness Coverage, Teladoc (Best Doctors) and Consult + (Virtual Health) to enhance their individual dealership’s plan. Until August 2025, EAP is included in all CADA 360 Employee Benefit plans at no additional cost to dealers.

“We also have optional benefits available such as Optional Life and AD&D which employees can apply for and purchase at a discounted rate,” said Robinson.

As an added bonus, Retiree Plans ensure ongoing coverage is available to dealership employees throughout retirement. “This is a valuable additional feature to your employee benefit program, and since retiring employees pay for their coverage it does not cost the dealership for this enhancement,” she said.

Robinson explains that one of the distinct features of the plan is its higher Target Loss Ratios: which represents the difference between premiums received by an insurer and the claims they pay out. “Our ratios are typically 10 per cent higher than industry standard. Due to the size of the CADA 360 Employee Benefits program, all dealers can benefit from our economies of scale,” she said.

CADA 360’s Target Loss Ratios are on a sliding scale based on annual premium. Typically, the larger the dealership or dealer group, the higher their premium is, and therefore the higher their ratio becomes.

“So for dealerships looking to win and retain more employees by offering a comprehensive benefits plan, while keeping costs low — and helping fund advocacy efforts to protect their business interests — CADA 360 Member Benefits plans are a win-win-win,” said Robinson.

The post Taking care of your team appeared first on Canadian Auto Dealer.

Expert advice on how to prepare your dealership for sale

It’s never easy for a Dealer Principal to decide when it’s the right time to sell his or her dealership. They have their own life journey to consider, but there are also a host of other factors such as the current buy/sell market, recent financial performance and getting the dealership positioned legally and financially for the transaction.

Peter Heasty, who has worked for more than 30 years in the auto business, including a role as a Chief Financial Officer of a large dealership group, and as a Dealer Principal himself, says he fully understands their situation.

Heasty is President of Baker Tilly Dealer Acquisitions Inc, a leading professional chartered accounting firm, and he is focused exclusively on dealerships. His “in-the-trenches” experience gives him a unique lens on being able to relate to his clients, and understand their concerns and goals.

Heasty explained some of the key things dealers should consider in a video interview with Canadian auto dealer.

For some dealers, the pressure of running a dealership and competing in markets with dealerships that have full marketing divisions and Internet operations can be taxing. “You’re told that if you don’t answer a lead in 32 seconds you are going to lose it to the competition.”

He said dealers who haven’t invested as heavily in digitizing their operations and new marketing practices are feeling additional pressures.

“Running a car dealership today is a challenge. You never know what the day is going to bring and there are decisions you make every day,” says Heasty. “There comes a time when you just want to smell the roses —
You can buy a lot of roses with $20 million bucks.”

At some point, some dealers recognize it’s a good market for buy/sell, there is a lot of consolidation going on and they decide that it’s time. “If you’re still having fun and you want to go in every day, all the power to you. But the cheques are bigger, as big as they’ve ever been still today.”

Heasty operates a one-stop shop so that dealers can ensure all aspects of their transaction from legal to finance and accounting have been accounted for.

When dealers do make the decision, Heasty says advice he gives them is to not try to do it alone, or with a legal or accounting firm that isn’t experienced in the dealership buy and sell space.

“Make sure you get proper advice, because if you are going to sell you need to pre-plan your tax and your exit strategy,” says Heasty. 

“You need a conductor who is experienced, who does these things because I’ll tell you what, if you don’t get to the finish line, everybody loses, especially the seller who’s now mentally committed to selling.”

He said to prepare for a sale, it never hurts for dealerships to “pull up their socks” and enhance the profitability by focusing on areas your dealership might be lagging behind other franchises. “We have ways of maximizing a dealer’s return, even if their profitability is not where it could be, but when you’re actually making money it does make a difference and makes it easier to do a transaction.”

As for trends impacting the markets at the moment, Heasty doesn’t see the current threats or “disruptions” as having a major impact on the prices paid for dealerships. The business model is solid, the transition to EVs is starting and the increase in acquisitions is because people in the business community recognize dealerships can be profitable businesses.

“At the end of the day, everybody has to win,” he says. “My rule of thumb is that the buyer has to see their way to about a 20 per cent return.”

So, if a dealership is looking at a transaction that looks like it’s an 11 or 13 per cent return, Heasty says they do their homework and present evidence that the dealership can hit those targets. “You do the analysis, you present it, you say, ‘Here’s what we need for the store.’ And you show the buyer that within three to six months they’re going to be making a 20 per cent return.”

To reach Peter Heasty, send him an email at: Peter.Heasty@bakertillywm.com

The post When is the right time to sell? appeared first on Canadian Auto Dealer.

Canadian auto dealer Senior Editor Todd Phillips interviews Peter Heasty, President of Baker Tilly WM Dealer Acquisitions, about the dealership selling experience. Topics include how dealers will know when it’s time to sell, what factors they need to consider, what they can do now to maximize the sale purchase price, and the importance of working with the right team of experts.

The post Peter Heasty discusses key factors impacting a dealership sale appeared first on Canadian Auto Dealer.

You own a small-to mid-sized dealership, your name hangs over the door, and you’re starting to think about retirement. Your transition out of the dealership could be smooth or rocky, depending on the decisions you make now, and how early you started the process of succession planning. Consider, for example, how you would handle an unsolicited approach from a third party buyer — would you know what the right number would be, how you would explain and discuss it with family, how it would impact you personally long term?

Your succession plan will play a significant role in determining what becomes of the dealership — in some cases your life’s work. You have the option to pass the dealership to your children, your employees, or a third-party buyer, and each path has its own pros and cons. If your goal is to transition it within your family, the most important thing to keep in mind is balancing financial issues with non-financial issues. 

Financial considerations

Like any family business, transitioning your dealership to family members (usually your children) will almost always mean you are getting bought out over time. While a third-party purchaser would just cut you a large cheque for the full price tag of your business, your kids would likely acquire it over the course of a decade or more.

The most common means of passing a dealership to children is through a share freeze or estate freeze. As the dealership owner, you can freeze your ownership shares tax-free at their current value, allowing your family members to accrue any future growth in value while they slowly buy you out.

While a third-party buyer will almost always pay more for your dealership than your next-generation family members, your cash flow needs and preferences in retirement are sometimes just as important as the price tag of the business. Do you prefer to receive a large one-time payment and then stretch it out over many years, or do you prefer to get a regular flow of cash through progressive redemption of the shares?

Also worth noting is the risk of not being bought out in full when being bought out over time. Whether through mismanagement or because of external factors like a recession, if the valuation of your dealership declines after your share freeze, you could face a scenario of not being fully paid.

Finally, keep in mind that under the rules of the lifetime capital gains exemption, you could gain certain tax advantages by passing the dealership within your family or leveraging a family trust. 

Non-financial issues

The emotional and relationship side of the transition can be even more important than the financial side. As an over-arching principle, the best way to avoid family conflicts resulting from the family business is to have conversations about succession early, build consensus, and put agreements in writing where needed.

Legacy versus money: Passing your dealership to your kids should ideally be a very proud moment. If the dealership bears your last name, that legacy will continue with you into your retirement. Ask yourself if you trust your children to carry that legacy, and to what degree you want to be involved in decision making after you retire. As important as it is to keep your legacy intact, also acknowledge the dealership industry is evolving, and even if they could, your kids may not run it exactly as you did. 

Multiple roles for multiple children: If your children already work in the dealership prior to your exit, they likely have different roles. Not everyone can hold the title of Dealer Principal or president, both logistically and based on their skillsets. Will you create resentment by giving the role of Dealer Principal or president to one child, while the other(s) have different roles? Do all your children have the management prowess to run the business? Do they even want to inherit it? Taking these questions seriously is crucial; answering them will require honest and transparent conversations, possibly with the help of a third-party facilitator.

Dividing assets fairly: In a hypothetical situation where you have three children, but only one works in the dealership, you need to consider whether it’s fair that each receive a third of ownership after you exit the business. Should the child who has put more into the dealership inherit more of it? What would that do to family dynamics? Is “equalizing” through other assets (cash, vacation property, etc.) a possibility? It’s possible the child who has worked there is more invested in the success of the dealership and would therefore want to pour more money back into it, while the other two would prefer to pocket the money themselves. All are issues that need to be managed early via succession planning.

Succession is a family matter

Because succession impacts both you and your loved ones, many of the decisions about your future should be made as a family. A family office practitioner brings the skills and experience you need to have informed and productive discussions with your family about the future of your dealership. 

To learn more, contact Chris Schaufele, CPA, CA, National Leader, Dealerships at Chris.Schaufele@mnp.ca or 604.542.6768

The post A roadmap for passing the family dealership to the next generation appeared first on Canadian Auto Dealer.

Louis-Yves Cloutier talks about 360.Agency’s newest product DRX 360

Louis-Yves Cloutier’s 360.Agency has been a familiar DMS presence in Canada for a decade now, and counts over 1,000 dealerships in Canada as customers. But now the company is announcing the next step in the evolution of their product, DRX 360. What is it? Why now?

With all the technology available for marketing cars and running a dealership available today, auto dealers have often been on the leading edge of business software adoption. DMS, CRM, digital marketing, F&I programs and many others can help the day-to-day operations of a dealership, but they may not integrate for the customers on the other side of the equation. This can lead to breaks in communication, added effort on the part of the potential buyer, inputting information numerous times, and overall frustration. Smoothing out the customer’s buying journey is the new Holy Grail.

We sat down with Cloutier at the 360.Agency booth at the NADA 2023 Show in Dallas in January and had a great conversation about the direction of the company, as well as a rundown of their newest product, DRX 360. 

So, why are they releasing this product here and now? “360.Agency has been coming to NADA for the last six years,” said Cloutier. “So even though we’re a Canadian company, and we were not that big six years ago, we always felt that NADA is the biggest platform in North America, probably in the world, to showcase technology to car dealers. And I think for us it’s just an exciting opportunity to be in the market that is boiling. It’s just a strategic decision that we’ve made many years ago that NADA would be part of our marketing strategy.”

360.Agency dropped the big news on the first day of the NADA Show on Facebook Live about DRX 360 being the next evolution in the company’s technology. “DRX stands for Dealer Retailing Experience,” said Cloutier. “So it is an omnichannel retailing platform that will help dealers that want to modernize their activity and absorb the digital transformation that is underway”.

DRX 360 is a tool for creating an experience, not only for consumers, but for staff members, to streamline all the processes that are included in a transaction, from online to offline, offline to online, and vice versa. “It’s a very unique platform that takes all the big components that a retailer uses today: a website, digital retailing, for CRM and another vendor for your desking tool, and we put it together.”

Integration is the key to DRX 360 . “That is actually the platform of choice for omnichannel selling,” he said. “Consumers today, especially through the pandemic, are more online than ever, but there are still customers showing up in dealerships. The problem with today’s ecosystem for a retailer is that there’s no link between what’s happening online and what’s happening offline.”

The problem that DRX 360 is solving is quite simple. Customers can start their journey online, start a quoting process, go into the digital retailing module, and at some point, may need to talk to some people, and go into the store. DRX 360 goes wherever the customer wants to interact, seamlessly. 

“So DRX 360 is the answer for modern dealers that are looking to get into omnichannel, and they want to make sure that the customer experience is seamless, and that their staff is also equipped with the proper tools to interact with the customers without breaking the experience altogether,” said Cloutier.

DRX 360 is the evolution of the 360.Agency concept that has been in the works for over 13 years, Said Cloutier. “The DRX 360 is a unique user experience and a unique platform that will integrate everything and basically take all the friction that is in between all the products out of the way.”

The future is bright for 360.Agency. “We’ve been working on this for so long. It’s the beginning of something, because we are the leader of the industry in omnichannel selling.” NADA was a success for Cloutier and 360.Agency, with a lot of interest from dealers from Canada, as well as the U.S. “We did many demos at NADA for American dealers, and dealers actually said to us, ‘This does not even exist here in the United States’”. Cloutier is rightly proud of being a Quebec-based company, a Canadian vendor, with about 1000 dealerships doing business in Canada. But the company has greater ambitions as well. ”I would be lying if I said 360.Agency doesn’t have the power to be exported. I think we have a solution that is leading edge even in the United States, and that’s something we’re looking for for the next months and years to come. We’d like to go south of the border, but at the same time, we are never going to forget where we come from”.

The post Omnichannel retailing platform DRX 360 takes centre stage at the NADA Show appeared first on Canadian Auto Dealer.

CARFAX Canada, the country’s leader in vehicle history, announces the launch of a new vehicle valuation offering for dealers, History-Based Value.

What has happened in a vehicle’s past—including any damage, how well it’s been maintained, how many owners it had, the mileage, and what it’s been used for—can have a significant impact on its value today. With access to the most robust vehicle history data network in North America, CARFAX Canada is uniquely positioned to deliver vehicle values with unparalleled accuracy. 

CARFAX Canada History-Based Value is the first and only valuation model in Canada that automatically adjusts for each vehicle’s unique history when determining how much it’s worth. 

Made available to Canadian dealers in February, History-Based Value allows users to determine a vehicle’s value without the guesswork of manually adjusting for its past. The valuation engine objectively factors a vehicle’s history into the equation to generate VIN-specific values, easing tough negotiations and maximizing profits.

World events have caused chip shortages that have made the auto market fluctuate a lot lately. Most valuation models can’t keep up with the volatility of the market, but with History-Based Value, new data is added weekly, so valuations are always in tune with rapidly changing market trends.

“We’re thrilled to finally launch History-Based Value to our dealers,” shares Mark Rousseau, president and GM of CARFAX Canada. “Our customers have been asking for it and we’ve been hard at work perfecting the model.” 

How does History-Based Value generate vehicle values? It begins by looking at millions of data records, starting with actual sold data from similar vehicles. It then factors in the vehicle’s unique history, such as odometer reading, prior damage, use-type, and ownership and service history. Plus, it adjusts for market factors such as geographic location and seasonality to produce a VIN-specific value. The end result is an extraordinarily powerful, highly intelligent valuation engine.

“History-Based Value was a natural extension of our valuation capabilities,” said Rousseau. “We all know that a vehicle’s history, especially damage history, is one of the biggest factors influencing its value. By combining the most comprehensive vehicle history network in Canada with our extensive valuation technology, we’re able to provide the smartest approach to valuing vehicles in Canada. No other valuation tool in Canada can automatically adjust for vehicle history like History-Based Value.”

Right now, most dealerships across Canada are still facing issues with low inventory and used car prices are beginning to cool off, so reliable valuations are becoming increasingly essential. Dealers interested in a free trial of History-Based Value can contact their CARFAX Canada rep or visit carfax.ca/accuracy to learn more.

The post Vehicle history and vehicle valuation come together appeared first on Canadian Auto Dealer.

360.Agency made the most of the NADA Show in Dallas last week, creating huge buzz with the Facebook Live launch of their newest digital retailing product, DRX 360. According to the company “DRX 360 platform brings together all the essential functions needed to create, manage and sell vehicles online and in-store simultaneously. From the search for a vehicle to the final sale, DRX 360 covers the whole process, whether the consumer wants to interact with the dealer in-person, virtually or both”. Canadian auto dealer interviewed 360.Agency President, Louis-Yves Cloutier, to find out what the hype is all about.

The post 360.Agency makes a splash at the NADA Show with launch of DRX 360 appeared first on Canadian Auto Dealer.

Keyloop is an international company with over 2,500 employees and over 20,000 dealer customers around the world.  Recently, Keyloop has broadened its reach and range of dealer solutions by acquiring two highly-regarded Canadian companies; SERTI and Rapid RTC. Canadian auto dealer sat down with Keyloop Canada’s Vice President Sales Martin Jalbert to talk about what this merger is all about, and what it means for Canadian dealers, whether they are current SERTI or Rapid RTC customers or not.

The post Global automotive solutions brand Keyloop acquires Canadian brands SERTI and Rapid RTC appeared first on Canadian Auto Dealer.