Fixed Ops Friday with David Rogers, and Kevin Stuckey | Daily Dealer Live
About this episode
David Rogers and Kevin Stuckey join host Sam Dark to discuss the evolving landscape of fixed operations in the automotive industry. They delve into the impact of social media on dealership performance, the challenges posed by rising loan rates, and the importance of customer retention. The conversation highlights innovative strategies, such as the use of AI and new DMS systems, to enhance service efficiency and customer experience. They also explore the shift towards mobile service and the need for dealerships to adapt to changing consumer expectations and OEM pressures.
APR
"...Kelly Bluebook says the average new car APR hit 9.41% in September, and then climbed another 19 basis points in October."
APR means how much extra you pay on a loan each year, including interest and fees. It's important to know because it helps you understand how much your car loan will really cost you over time.
APR stands for Annual Percentage Rate, which represents the annual cost of borrowing money, including interest and fees. It is a critical factor for consumers when evaluating auto loans, as it affects the total cost of financing a vehicle.
sub-vented programs
"...Lenders also pulled back on sub-vented programs, so the, quote, rate relief buyers keep hearing about in the headlines just isn't showing up yet in the dealership."
Sub-vented programs are special offers from car makers or dealers that help lower the interest rates on car loans. They make it cheaper for you to borrow money to buy a car.
Sub-vented programs refer to financing offers where manufacturers or dealers provide incentives to lower the interest rates on auto loans. These programs are designed to make vehicles more affordable for consumers, especially during times of high interest rates.
financially vulnerable category
"...JD Power's latest financing study shows nearly 29% of borrowers now fall into the, quote, financially vulnerable category, scary, as JD Power's Patrick Rosenberg puts it..."
The financially vulnerable category includes people who might have a hard time paying back loans because they don't make enough money or have too much debt. Lenders use this to decide how to help or offer loans.
The financially vulnerable category refers to a group of borrowers who may struggle to meet their financial obligations, often due to high debt levels or low income. This classification is important for lenders as it helps them assess risk and tailor financing options accordingly.
Carvana
"Next up today, and this is interesting, continues our interesting news for today, Carvana just quietly bought San Diego Chrysler Dodge Jeep Ram store in Mission Valley, California."
Carvana is a company that sells used cars online. You can browse their inventory, buy a car, and have it delivered to your home, or pick it up from a special vending machine.
Carvana is an online used car retailer that allows customers to buy, sell, and trade cars through its website. They have gained attention for their unique car vending machine concept and home delivery services.
Chrysler Dodge Jeep Ram
"Carvana just quietly bought San Diego Chrysler Dodge Jeep Ram store in Mission Valley, California."
Chrysler Dodge Jeep Ram is a group of car brands that make different types of vehicles, like trucks and SUVs. They are well-known in the United States.
Chrysler Dodge Jeep Ram is a brand that encompasses several American automotive manufacturers known for producing a range of vehicles, including trucks, SUVs, and sedans. They are part of Stellantis, a multinational automotive manufacturer.
franchise acquisition
"It's Carvana's first new dealership in the city and its third franchise acquisition since February, all Stellana stores, by the way."
Franchise acquisition means buying a store that is part of a larger brand. This lets the new owner sell the brand's cars or products while following the brand's rules.
Franchise acquisition refers to the process of purchasing a franchise location of a particular brand or company. This allows the acquiring company to operate under the brand's name and sell its products or services.
Stellantis
"...all Stellana stores, by the way. They picked up a CDJR store in Casa Grande, Arizona in June..."
Stellantis is a big car company that owns many brands, like Chrysler and Jeep. They make a lot of different types of cars and trucks.
Stellantis is a multinational automotive manufacturer formed from the merger of Fiat Chrysler Automobiles and PSA Group. It encompasses a wide range of automotive brands, including Chrysler, Dodge, Jeep, and Ram.
American Motors Corporation (Amc) Matador
"... on the SMS side of things and that was utilizing Matador. And their platform has been fantastic"
The AMC Matador is a car that was made in the 1970s and is known for its unique look and different styles, like being a two-door or four-door. It was made for families and competed with other cars of its time. People talk about it because it's a bit different and has an interesting history.
The AMC Matador was a midsize car produced by American Motors Corporation in the 1970s, known for its distinctive styling and versatility. It was available in various body styles, including coupe and sedan, and was aimed at the family market during a time of increasing competition among American automakers. The Matador is often discussed for its unique design and place in automotive history.
Chevrolet
"...in the fixed ops world. So you've got Chevy. You've got Kia..."
Chevrolet is a popular car brand in the United States that makes many types of vehicles, like the Camaro and Silverado.
Chevrolet, commonly referred to as Chevy, is an American automobile brand known for its wide range of vehicles, including cars, trucks, and SUVs.
Kia
"...You've got Kia. You've got Stilanus..."
Kia is a car company from South Korea that makes a variety of vehicles, like the Sportage and Forte.
Kia is a South Korean automobile manufacturer known for producing affordable and reliable vehicles, including sedans, SUVs, and hybrids.
Ford Got Ford
"You've got Stilanus. You've got Ford. What are you doing out?"
The Ford GT is a super-fast sports car that looks really cool and is built for speed. It's inspired by a famous race car from the 1960s and is known for being very powerful and unique. People often talk about it because it's a special car that showcases Ford's best engineering.
The Ford GT is a high-performance sports car that pays homage to the legendary Ford GT40, which dominated the 24 Hours of Le Mans in the 1960s. Known for its striking design and powerful engine, the Ford GT represents Ford's engineering prowess and commitment to performance. Discussions about the GT often center around its exclusivity and technological advancements.
Mazda
"...And what? And Mazda?"
Mazda is a car company from Japan known for making fun-to-drive cars, like the Mazda3 and MX-5 Miata.
Mazda is a Japanese automaker recognized for its sporty vehicles and innovative technologies, including the use of rotary engines in models like the RX-7.
JLR
"Well, we're fortunate. We have three JLR stores and one standalone Land Rover store."
JLR is a company that makes luxury cars, including the brands Jaguar and Land Rover. They are known for high-quality vehicles.
JLR stands for Jaguar Land Rover, a British multinational automotive company that specializes in luxury vehicles. It encompasses the Jaguar and Land Rover brands, known for their premium cars and SUVs.
BMW
"...it was either at one of the European manufacturers, BMW, Mercedes, Porsche,..."
BMW is a car company from Germany that makes high-end cars, known for their sporty performance and luxury features.
BMW is a German automotive manufacturer known for its luxury vehicles and performance-oriented cars.
Porsche
"...it was either at one of the European manufacturers, BMW, Mercedes, Porsche,..."
Porsche is a car company from Germany that makes fast and luxurious sports cars, like the famous 911 model.
Porsche is a German automobile manufacturer specializing in high-performance sports cars, SUVs, and sedans, known for models like the 911.
power steering rack
"...take apart this power steering rack. The guy in your ear is going to tell you what to do and they put it back together."
The power steering rack is a part of the car that helps you turn the steering wheel more easily. It makes driving smoother and less tiring, especially when parking or going slow.
A power steering rack is a component of a vehicle's steering system that helps reduce the effort needed to steer the vehicle. It uses hydraulic or electric assistance to make steering easier, especially at low speeds.
loaners
"...are you offering any kind of you know you putting people in loners or are you driving them home we use loners we use lift we use..."
Loaners are cars that you can borrow from a dealership while your own car is being fixed. It makes it easier for you to get around while you wait for your car to be ready.
Loaners are vehicles provided by a dealership or service center to customers while their own vehicle is being serviced. This helps minimize inconvenience for the customer during the repair or maintenance period.
lift
"...we use loners we use lift we use..."
A lift is a machine that raises cars up so mechanics can work on them more easily. It helps them see and reach the parts underneath the car.
In automotive contexts, a lift refers to a hydraulic or mechanical device used to raise vehicles off the ground for maintenance or repair work. This allows technicians to easily access the undercarriage of the vehicle.
Mercedes-Benz Eclass
"that fine line but if we know that every e-class that comes in the door needs an update"
The Mercedes-Benz E-Class is a fancy car that many people think of when they want something nice and comfortable. It's known for being high-quality and has lots of cool features that make driving enjoyable. People often talk about it because it gets updated regularly to keep it modern and appealing.
The Mercedes-Benz E-Class is a line of executive cars known for their luxury, performance, and advanced technology. It has been a significant model in the Mercedes lineup, often representing the brand's commitment to quality and innovation. Discussions around the E-Class often focus on its updates and improvements, reflecting its importance in the competitive luxury sedan market.
Mercedes Sprinter
"...I'm going to use one of my Mercedes Sprinters and they're like oh you know they give you a hard time I'm like no no no I'm going to use a Sprinter"
The Mercedes Sprinter is a large van that many businesses use for transporting goods or people. It's popular because it has a lot of space and can be customized for different needs.
The Mercedes Sprinter is a versatile van known for its spacious interior and strong performance, often used for commercial purposes or as a base for camper conversions.
Land Rover Defender
"...we could use a Defender you know we could use..."
The Defender is a tough SUV made by Land Rover, designed for off-road driving and adventure.
The Land Rover Defender is a rugged SUV known for its off-road capabilities and distinctive design, often used in challenging terrains.
alternator
"...$450 for an alternator on a Honda right 250..."
An alternator helps keep your car's battery charged and powers things like the lights and radio while you're driving. If it fails, your car might not start or could lose power.
An alternator is a crucial component in a vehicle's electrical system, responsible for converting mechanical energy into electrical energy to charge the battery and power the electrical systems when the engine is running.
aftermarket
"...for an aftermarket I mean we got to give customers an option..."
Aftermarket parts are made by other companies, not the car maker. They can be cheaper or different from the original parts that came with the car.
Aftermarket refers to parts and accessories that are made by companies other than the original manufacturer. These parts can vary in quality and price, often providing more options for customization.
OEM
"...explain that price difference between the aftermarket and the OEM is that just profit to the OEM or is it just different quality..."
OEM means parts that come directly from the car's manufacturer. They are made to fit and work just like the original parts in your car.
OEM stands for Original Equipment Manufacturer, which refers to parts made by the vehicle's manufacturer. These parts are typically designed to meet the original specifications and quality standards of the vehicle.
Honda Accord
"store and you got a 7 year old Honda Accord and I tell you it's going to be $900 for an alter..."
The Honda Accord is a popular car that many people choose because it's dependable and gets good gas mileage. It's known for having a lot of space inside, making it comfortable for families. Sometimes, older models can have higher repair costs, so it's good to know what to expect if you buy one.
The Honda Accord is a midsize sedan that has gained a reputation for reliability, practicality, and fuel efficiency over the years. It is one of Honda's best-selling models and is often praised for its spacious interior and strong resale value. Discussions about the Accord often highlight its affordability and the cost of maintenance, which can be a concern for older models.
tariffs
"...hikes in parts is also getting out of control tariffs are killing it..."
Tariffs are extra charges that the government puts on products coming from other countries. This can make car parts more expensive, which might raise the price of cars.
Tariffs are taxes imposed on imported goods, which can increase the cost of parts and materials for car manufacturers. This can lead to higher prices for consumers as manufacturers pass on these costs.
margins
"OEMs have better margins on parts but total gross on the vehicles I would say"
Margins are how much money a company makes after paying for the cost of making something. In cars, it shows how much profit they make on parts compared to the whole vehicle.
Margins refer to the difference between the cost to produce a product and the price at which it is sold. In automotive, this can indicate how profitable a company is on parts versus complete vehicles.
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