The Lot Blog

COVID-19 has caused a massive shock to the U.S. and global economy, affecting the automotive industry. Initially, supply shortages posed a major threat to the automotive market since overseas factories producing parts and equipment were shutting down. Then when the virus hit...
The unprecedented events that have occurred in the year 2020 – namely the coronavirus pandemic – were a shock to the entire world. Schools and businesses shut down, causing the economy to take a hit. However, this period of uncertainty gave way to a surge in the buying and selling of new and used cars.
Behind every successful car dealership is a solid team of individuals working together for the greater good. To build and nurture a quality team, your dealership should foster an environment where your staff feels empowered, valued...
Income status is one factor that is considered when approving a potential car buyer for auto financing. Since income plays a key role in a car buyer’s ability to get approved for financing, those with unemployment or fixed income often get...
As you know, there are many different types of people who come into your car dealership looking to buy a reliable car. Some have a good credit history while others have difficulty getting credit approval from auto lenders and finance companies due to bad credit. ...
While meeting sales cycles and quotas may be the keys to running a successful car dealership, having a well-trained staff is a critical component to accomplishing those key metrics. Taking the steps to ensure your dealership staff is trained during...
The way people respond to advertisements has changed significantly over the years. Gone are the days when consumers were easily wowed and won over by flashy signs and aggressive sales pitches. Nowadays, having quality content that informs, engages and resonates with...
Back in the day, a car dealer’s reputation was built through word of mouth and street presence. However, in today’s modern, digital era, more factors play a role in building and maintaining a solid reputation, including online and community...
If you are an independent, franchise or Buy Here Pay Here car dealer, you most likely work with different lenders and finance companies to help car buyers with a range of credit scores get approved for financing. When working with a variety of customers,...
Although the coronavirus pandemic has disrupted the automotive industry, J.D. Power states that...
With the economy significantly impacted by COVID-19, online and mobile shopping has dramatically increased, with the result that dealerships are becoming more innovative with regard to their online and mobile car shopping experience. A...
Understanding how much your customers want to spend is important when helping them purchase a car that meets their budget. If you’re a car dealer that offers subprime auto financing to car buyers with bad credit or no credit, listening to your customers’ needs and showing...
Whether you’re a franchise, independent or buy here pay here car dealership, you’re in the business to sell cars and make a profit. But in order to do this, it’s important to have the right systems and strategies in place for your sales team to achieve and...
The COVID-19 pandemic has impacted numerous companies around the world, causing them to reevaluate their business models to stay afloat in this unstable economy while striving to keep their employees and customers safe. With shelter-in-place and...
Oftentimes, credit-challenged car buyers have a hard time getting approved for financing because of their poor credit history. Given the fact that many car dealers offer vehicle financing that primarily caters to prime and super prime car buyers, there...
When it comes to auto financing and/or purchasing a vehicle, many first-time car buyers—a majority of whom include Generation Z and younger millennials—don’t...
When it comes to running a used-car business, independent car dealers usually have two things in mind: 1) having sufficient capital and access to quality inventory, and 2) selling more cars to grow their business. Having a strong web...
With the rise of online shopping and the influence of web and social media on the car-buying process, it’s easy to think that younger, tech-savvy generations are more inclined to shop for and even purchase their vehicles online. While that assumption...
While offering subprime auto financing may not seem necessary for your franchise car dealership, it can mean more for your car sales than you may give it credit for—pun fully intended. If your dealership currently does not offer...
Between April 24 and May 1, 2019, Cars.com surveyed more than a thousand current and expecting mothers about their top needs and concerns when shopping for the