SAN CLEMENTE, Calif., March 20, 2018 /PRNewswire/ -- DealerSocket, a leading provider of technology solutions for the automotive retail industry, today announced a number of improvements for its automotive retail technologies, including dealership CRM, sales, inventory and pricing. These will be on display at the 2018 National Automobile Dealers Association (NADA) Convention & Expo, Booth #2759C, March 22-25 in Las Vegas.
DealerSocket retail technology announcements include:
- Absolute Sourcing, new to Inventory+, allows dealers to manage missed appraisals and in-group, in-auction inventory all in one place
- Ping Scoring, new to Revenue Radar™, ranks equity mining opportunities for easy prioritizing
- Credit Bureau Connection (CBC), now fully integrated with DealerSocket products, offers a more efficient credit workflow, including integrated web credit apps, soft credit pulls and compliance reporting
- Digital retailing tool Precise Price™ now supports leasing calculation
- New CRM features for GM dealers
- Passing 100,000 users, Blackbird™ CRM platform releases 18-month performance statistics
"Working in the ever-changing auto industry means making continuous improvement a top priority, and at DealerSocket, we're always looking for ways to enhance our retail tools," said Matt Redden, Chief Marketing and Sales Officer, DealerSocket. "With car buying and servicing processes in mind, our latest updates were purposefully designed to help dealerships identify and act on more opportunities, providing a more streamlined customer experience."
Absolute Sourcing: Optimize inventory strategies to increase sales all on one screen
DealerSocket Inventory+, a suite of data-enabled inventory management and appraisal tools, helps dealerships and dealer groups maximize the value of their inventory investments.
With the addition of Absolute Sourcing, Inventory+ dealers can view ideal inventory needs and efficiently identify sources to meet those inventory needs. Absolute Sourcing provides the ability to locate inventory not only from auctions but from participating group stores and missed appraisals all on a single page, creating a faster, more effective strategy for stocking inventory.
- Identifying ideal inventory and wish list vehicles
- Increasing follow ups with potential customers on missed trade-ins, reducing acquisition cost
- Instant views of sister store inventory, providing access to immediate offer, acceptance and transfer of inventory
Ping Scoring: Prioritize leads quickly with data-backed scoring system
Revenue Radar by DealerSocket now offers Ping Scoring capabilities, allowing dealers to prioritize equity mining activities based on a data-focused ranking system. As dealership time and resources are limited, Ping Scoring lists potential customers with a number from one to 10, where 10 represents the highest propensity of customer likelihood for buying or servicing a vehicle.
In fact, if dealerships act on the top 25% of DealerSocket CRM website pings (or notifications), they are 70% more likely to close on a sale. With Ping Scoring, the highest scored pings are placed into automated follow up campaigns, so opportunities are less likely to be missed. Ping Scoring ratings are determined using:
- Analyses of actions taken for past deals
- Key data points, such as distance from the dealer, service history, open sales opportunities and contact methods
- Financing factors, such as payment savings, equity, months remaining and incentives
CBC: Complete integration with DealerSocket improves credit and compliance processes
Fully integrated with CBC, DealerSocket streamlines credit check and compliance needs across multiple platforms, covering credit pre-qualifications, fraud prevention and automated data reporting, to reduce redundancies for faster, more reliable processes. New features include the following:
- Web credit app collects credit information from any website, sends details to the lender portal and posts results in the CRM
- Instant credit pull auto-populates qualified leads and sends credit details into DealerSocket CRM when an online credit application is submitted
- Automated compliance check captures key data, including Office of Foreign Assets Control checks, Red Flags Rules, ID theft verifications, risk-based pricing credit score disclosures and adverse action fulfillments
Precise Price™ digital retailing capabilities now available for leasing options
Precise Price, a transparent and accurate digital retailing tool from DealerSocket that allows customers to initiate the pricing structure of a deal on a dealer's website, is available for purchase and leasing options. Designed to promote customer confidence, Precise Price covers potential cost influencers, such as:
- Dealer incentives and fees
- F&I and vehicle protections
- Local taxes
- Down payment
- Trade-in evaluations
Precise Price integrates with dealership CRM platforms, creating more efficient sales processes by shortening the in-store desking time. The software is set up to work in real time and enables dealers to improve gross profit, buyer confidence and customer satisfaction.
DealerSocket expands customer search integration with new features for GM dealers
Already equipped with the dealer customer data exchange, which allows GM dealers to view customer information updates directly from the manufacturer, DealerSocket CRM is expanding its features to cover the following:
- Access GM Rewards/GM Card discounts for vehicle, parts, accessories and service instantly
- Generate a full report with an invoice number or VIN using the GM Vehicle Inquiry System
- Search GM incentives in real time, including compatibility and bundles for specific buyers
- Find vehicle service locations for timely, accurate information for potential customers
Blackbird™ reaches 100,000 users and the praise continues after 18 months
Blackbird, the latest software and interface of DealerSocket's integrated CRM platform, offers a more intuitive workflow with improved features, such as customizable homepage options, updated search functionality, usability and more complete customer record keeping.
With nearly 2,500 customers and 100,000 users now using Blackbird, DealerSocket is releasing its performance statistics, showcasing improvements in response times for various sales and service workflow actions on the latest version of the platform. On average, page response time has been reduced by 80 percent for workflows, including for the following CRM actions:
- Completing tasks
- Logging call disposition data
- Creating new customer records
- Creating new sales and service opportunities
"The best thing about Blackbird is the search functionality," said Frank Fardette, General Sales Manager, Atlantic Honda of Atlantic Auto Group. "I can look up anything, whether it's customer information or inventory – in one global search area – and the information I need is there."
To learn more about DealerSocket's new technologies or to schedule a product demo at NADA, stop by Booth #2759C or visit us online.
DealerSocket is a leading provider of innovative and mission-critical software for the automotive industry, offering a suite of seamlessly integrated products to help dealers sell and service vehicles more profitably, while improving the customer experience. DealerSocket's suite of products includes advanced Customer Relationship Management (CRM), innovative Digital Marketing and Websites, robust Vehicle Inventory Management, insightful Analytics Reporting, and solutions to streamline dealer operations such as Desking, Credit Reporting, Compliance, and a Dealer Management System (DMS). Our customer-centric approach offers best-in-class service for dealers of all sizes. DealerSocket was founded in 2001 and employs more than 1,000 team members who serve over 300,000 active users at nearly 10,000 dealerships. Visit DealerSocket.com for more information.