Tracks NRC Spring Summit

2023 Trade-In Market Trends & Opportunities

The trade-in market is constantly evolving, and 2023 brings with it both new and continued challenges. Vehicle prices are at all-time highs, interest rates are higher than we’ve seen in 20 years, and while we’ve seen some improvement, supply chain issues persist. Add to this increased competition for consumer trade-ins and a shift in consumer expectations and behaviors. With these changes (and more to come), dealers need to do more than ever before to stay competitive.

In this session, you will learn the importance of:

-A more focused approach to acquisition efforts

-Cross-department mindset and process adjustments

-Dedicated follow-up communications

-Simplifying your trade-in process

-Putting your best offer first

Key Takeaways: 

Understand how the trade-in market will continue to evolve throughout 2023

Level-set with consumer expectations regarding the trade-in process

Learn how to win more trade-ins despite continued pressure and challenges

Dealers Go Digital & Compete With Big Box Stores

Consumer shopping habits when it comes to purchasing new and used vehicles has evolved incredibly over the last several years. In order to meet consumers where they are in regards to convenience and control, digital auction solutions are helping dealers compete with big box stores. This panel will offer insights from one of ACV’s top field leaders along with 4 dealers from across the country on how digital platforms and solutions are helping give dealers back their time when it comes to sourcing the right inventory for their customers. These technology solutions help dealers stay relevant and empower them to be able to offer the exact car consumers want, whether it’s locally in their own backyard, or six states away. Sourcing inventory digitally is breaking down barriers!

Key Takeaways: 

  • Digital solutions help dealers source vehicle their consumers want no matter where that car is located, keeping them from going to a big box store or ecommerce retailer. Attendees will learn how to apply these solutions to their dealership operations to save time and money.
  • Attendees will explore today’s top dealer pain points when it comes to sourcing inventory and how to use technology to drive efficiency at their dealerships.
  • We will break down traditional dealership operations barriers with the introduction of new-age technology solutions, enabling dealers to source cars from whenever, wherever.

The Commercial Vehicle Ecosystem Opportunity

So much is written about the automotive business, but most is focused on the retail side…but neglecting the commercial side is a costly mistake given that it is over a $1.5 trillion industry. We’ll discuss the challenges of B2B sales/service and also present solutions to help capitalize on the significant revenue opportunities. Building on the foundation of ten years of data, attendees will also come away with a historical perspective along with future forecasts.

Key Takeaways: 

  • Defining the commercial buyer – how they are different in their searching, buying and vehicle servicing needs
  • Understanding how the right tools and partners will positively impact your bottom line
  • Tips for getting started in the B2B space

The State of Automotive Management Talent

The automotive talent market has the highest demand for candidates that any of us has ever seen – internal and external compensation demands are soaring!  Opportunities and job offers for talent are skyrocketing.  It’s a highly stressful time for employers – with their current employees resigning and open positions piling up, they face a candidate pool that’s becoming shallower and more demanding by the day.

The session will be a discussion about the current automotive job market as well as the habits employers must implement to recruit and retain successfully. 

Key Takeaways: 

  • Current Talent Market (Data around: Compensation Plans/Hiring Times/WFH/Candidate Motivations).
  • Recruiting Awareness: You’re not the only game in town. The wolves are everywhere.
  • Job 1: Employee / Candidate Experience.

Solutions To Severe Titling Problems

Your dealership will always have an extreme vehicle titling problem come up from time to time, or simply have chronic difficulties with managing the title and tag department. This presentation will describe several methods of solving the most complex title issues, and also provide some best practices for structuring a title desk for ongoing efficiency and avoiding customer dissatisfaction and regulatory enforcement actions.

Key Takeaways: 

  • Checklist for sales, F&I, and admin to cut hourly cost of title processing
  • Dig out of the hole of backlogged titles
  • Turn average admin staff into title experts

The Rise of Customer Data Platforms (CDP): How Can Dealers Pick a Winner?

As cloud computing and storage have become more affordable, dealer groups are starting projects to unify their customer data using a CDP to create bespoke customer experiences, deliver one-to-one messaging, and improve marketing effectiveness. With dozens of companies involved in identity resolution, data hygiene, data management, and those offering marketing automation platforms (MAP) it is not easy for dealer groups to pick the best partners. This session will create a framework for mangers which will simply the shopping process and create a clear path forward.

Key Takeaways:

  • Understand the complexities of identity and entity management
  • Differentiate automotive CDP and MAP vendors to better match the needs of dealers
  • Visualize a new world where marketing campaign can be more personalized and effective. 

Actions Required for Auctions to Stay Alive

Advancing technology, social trends, and customer expectations are rapidly changing the auto auction industry. Failure to adapt to these changes is choosing to fail. Growing satisfaction in customers requires land acquisition to be paired with constant innovation and good stewardship. The rapid pace of technology will change job roles and customer expectations. In addition, buyers and sellers are changing, and what they expect and demand is changing, too. This seminar will discuss responsible land use, the changing role of technology and logistics, and new services customers will demand more often like vehicle delivery to the end user. 

Key Takeaways: 

  • Define good land stewardship and what it entails. 
  • Learn how the customer base at auctions is changing and what new services they demand and expect now. 
  • Discover how emerging technologies will affect the use of manpower, the services provided, and the user experience customers will expect and demand in the near future. 

EVs, Digital Transactions and the Future of the Automotive Industry: WHAT’S NEXT?

The Age of AI in Remarketing: What Lies Ahead

AI has been a part of remarketing for years, delivering millions of 3D images, smooth 360s and more. And now, machine learning models are starting to power the next generation of vehicle information—automated damage detection—which will bring a new level of consistency to remarketing. But that’s just what’s on the immediate horizon.

What follows for the industry in the age of AI is even more exciting, and it will begin at the intersection of immersive 3D imaging and deep data about each vehicle. In this session, Manheim’s Zach Hallowell and Fyusion’s Stephen Miller will share how machine learning models fueled by these two powerful sources will ultimately deliver the best possible representation of a vehicle and move the industry from vehicle information to true vehicle intelligence.

Key Takeaways:

  • AI is already playing a significant role in the remarketing industry through fixed and mobile 3D imaging—and its importance for clients will only grow in the coming years.
  • Automated damage detection can bring much-needed consistency in vehicle information—a crucial element in enabling digital vehicle sales.
  • The future of AI in remarketing is bright, as machine learning models bring together numerous inputs to deliver even deeper vehicle insights, drive data-based decision making and move the industry from more static vehicle information to immersive vehicle intelligence. 

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