Shepherd on path to GM, Egan on Closing Deals w/ AI, Carlstedt on Auto Techs | Daily Dealer Live
About this episode
The episode features discussions on the current state of the automotive industry, including the bankruptcy of PrimaLend Capital Partners and its implications for subprime lending. Jacob Shepherd, dealer principal of Chevrolet of Troy, shares his inspiring journey from grocery store employee to dealership owner, emphasizing the importance of hard work and passion. The episode also covers the impact of semiconductor shortages on production and the need for dealerships to adapt to changing consumer behavior and market conditions. Bill Egan from Automotive Mastermind discusses AI's role in sales efficiency, while Ryan Carlstedt highlights innovative technician recruitment strategies.
Porsche Cayenne
"...who also spent more than a decade at Porsche earlier in his career where he helped develop the first Cayenne hybrid..."
The Porsche Cayenne Hybrid is a type of SUV that uses both a gasoline engine and an electric motor. This helps it use less fuel and be better for the environment compared to regular SUVs.
The Porsche Cayenne Hybrid is a variant of the Cayenne SUV that combines a traditional gasoline engine with an electric motor to improve fuel efficiency and reduce emissions. It reflects Porsche's commitment to hybrid technology.
hybrid
"...as it pivots back towards hybrids and performance models looking ahead after a stretch of divided leadership and slowing momentum."
A hybrid car uses both a regular engine and an electric motor to run. This helps save fuel and is better for the environment than cars that only use gasoline.
A hybrid vehicle uses two or more types of power, typically combining an internal combustion engine with an electric motor. This setup aims to improve fuel efficiency and reduce emissions compared to conventional vehicles.
General Motors
"...you meet with several different factory reps from General Motors. And one of the things that inspired the reps that I met with about myself was I had about nine years of Chevrolet dedicated experience at that time."
General Motors is a big car company that makes many different types of vehicles. Some of the brands they own are Chevrolet and Cadillac.
General Motors, often abbreviated as GM, is one of the largest automobile manufacturers in the world, known for producing a wide range of vehicles under various brands including Chevrolet, GMC, Buick, and Cadillac.
Chevrolet
"...about myself was I had about nine years of Chevrolet dedicated experience at that time."
Chevrolet is a brand of cars that makes many different types of vehicles, including trucks and sports cars. Some well-known models are the Silverado truck and the Camaro sports car.
Chevrolet is a division of General Motors that produces a wide range of vehicles, from compact cars to trucks and SUVs. It is known for popular models like the Chevrolet Silverado and Chevrolet Camaro.
factory goals
"...hitting the factory goals that they set month in a month out..."
Factory goals are targets set by car manufacturers for how many cars a dealership should sell. Meeting these goals can help salespeople earn bonuses.
Factory goals refer to the sales targets and performance metrics set by the manufacturer for dealerships and their sales staff. Meeting these goals is crucial for dealership success and can impact bonuses and incentives for salespeople.
CSI
"...salesman as well as sales manager in terms of CSI, hitting the factory goals..."
CSI means Customer Satisfaction Index. It's a way for car dealerships to see how happy their customers are with the service they received when buying a car.
CSI stands for Customer Satisfaction Index, which measures how satisfied customers are with their car buying experience. It's an important metric for dealerships to assess their performance and improve customer service.
new car salesman
"...as a new car salesman, I was selling roughly 400 plus new Chevy's every single year..."
A new car salesman is someone who sells brand new cars at a dealership. They help customers choose the right car and explain its features.
A new car salesman is a salesperson who specializes in selling brand new vehicles at a dealership. They often have extensive knowledge about the latest models and features to help customers make informed decisions.
PVR
"...but also making PVR on the use car side."
PVR means how much money a car dealership makes on each car they sell. It's a way to measure how well the dealership is doing financially.
PVR stands for 'Per Vehicle Retail' and refers to the average profit a dealership makes on each vehicle sold. It's an important metric for assessing the financial performance of a dealership.
OEM
"...the relationship between the dealer or you and the OEM, you and General Motors. And then being super focused on outperforming each one of your departments."
OEM means Original Equipment Manufacturer, which is the company that makes the original parts for a car. For example, General Motors is an OEM for its cars.
OEM stands for Original Equipment Manufacturer, which refers to companies that produce parts and equipment that may be marketed by another manufacturer. In the automotive context, it usually refers to the car manufacturers themselves.
dealer group
"...you mentioned your involvement in 20 groups. Are you part of the CDG 20 groups or the CDG circles?"
A dealer group is a set of car dealerships that work together, often sharing resources and strategies to sell more cars.
A dealer group is a collection of automobile dealerships that may operate under a single ownership or management structure, allowing for shared resources and strategies.
EVs
"Oh, they're pushing these EVs on us."
EVs stand for electric vehicles, which are cars that run on electricity instead of gas. They are often seen as better for the environment because they produce no tailpipe emissions.
EVs, or electric vehicles, are cars that are powered entirely by electricity rather than gasoline or diesel. They are becoming increasingly popular due to their environmental benefits and advancements in battery technology.
Audi 100S
"...about to be in market to buy a car? And obviously 100s are there in market or they're really close to b..."
The Audi 100 is a comfortable and stylish car that was made by the German company Audi for many years. It's known for being a nice car to drive and has some cool features that were ahead of its time, which is why people might talk about it when looking for a used car.
The Audi 100 is a mid-size luxury sedan that was produced by the German automaker Audi from 1968 to 1994. It is significant for its role in establishing Audi as a premium brand, particularly with its innovative design and engineering features, including the introduction of aerodynamic styling in the 1970s. The Audi 100 is often discussed for its blend of comfort, performance, and technology, making it a popular choice in the used car market.
Toyota
"...I'm seeing a lot of Toyota customers right now that are probably not in market in our scoring model..."
Toyota is a car company that makes many popular models, known for being dependable and efficient.
Toyota is a well-known automotive manufacturer recognized for its reliable vehicles and innovative technologies.
deal score
"...their deal scores may be really, really good..."
A deal score helps buyers understand how good a car deal is compared to others, considering things like price and discounts.
A deal score is a metric used to evaluate the attractiveness of a vehicle purchase or lease based on factors like price, incentives, and market conditions.
incentives
"...the incentives are starting to come back with those vehicles as well..."
Incentives are deals or discounts that car companies offer to make buying or leasing a car more appealing.
Incentives are discounts or special offers provided by manufacturers or dealers to encourage customers to purchase or lease vehicles.
warranty
"...but how's their warranty look? What's going on with them?..."
A warranty is a guarantee that the car will be fixed for free if something goes wrong within a certain period.
A warranty is a promise from the manufacturer to repair or replace parts of the vehicle if they fail due to defects within a specified time frame.
lease
"...maybe they're in a lease and what's their mileage outcome going to be looking like?..."
Leasing a car means you pay to use it for a few years, but you don't own it like you would if you bought it.
A lease is a method of financing a vehicle where the customer pays to use the car for a set period without owning it, typically with mileage limits.
Honda
"...been with many different brands along the way, Honda, Hyundai, Chevrolet."
Honda is a car company from Japan that makes popular vehicles like the Civic and Accord.
Honda is a well-known automotive manufacturer based in Japan, famous for its reliable cars and motorcycles.
Hyundai
"...been with many different brands along the way, Honda, Hyundai, Chevrolet."
Hyundai is a car company from South Korea that makes cars like the Elantra and Sonata.
Hyundai is a South Korean automotive manufacturer known for producing affordable and reliable vehicles.
Expel
"...I actually came on to be the service manager for the mini service department. And for our accessory installation department, we put expel vinyl."
Expel is a company that makes special films to protect cars from scratches and damage.
Expel is a company that specializes in protective films for vehicles, including paint protection and window tinting.
Chevy
"...there's a giant Chevy store right down the street from them. Oh, well, listen, for dealers that are listening in..."
Chevy is a popular car brand in the United States that makes many types of vehicles, like trucks and cars.
Chevy, short for Chevrolet, is a well-known American automotive brand that produces a wide range of vehicles, including trucks, cars, and SUVs.
Cadillac
"...we got a Chevy store and a Cadillac store. So with that, you know, the ASAP programs already got the structure there..."
Cadillac is a luxury car brand that makes fancy cars and is part of General Motors, which also owns Chevy.
Cadillac is a luxury vehicle division of the American automobile manufacturer General Motors (GM), known for its high-end cars and innovative technology.
Lexus
"...I mean, yeah, their partnership with the dealer group that goes back to the Covenant, they want to be number one and they are..."
Lexus is a brand that makes luxury cars and is part of Toyota. They are known for their comfortable and high-quality vehicles.
Lexus is the luxury vehicle division of the Japanese automaker Toyota. It is known for its high-quality vehicles, advanced technology, and exceptional customer service.
Land Rover
"...Land Rover is the biggest struggle. Jag Land Rover. Why? Why is that?"
Land Rover is a brand that makes luxury SUVs, which are vehicles designed for both on-road and off-road driving. They are known for being tough and capable.
Land Rover is a British brand known for its luxury SUVs and off-road vehicles. It is part of Jaguar Land Rover and is recognized for its ruggedness and capability in various terrains.
Jaguar
"...Land Rover is the biggest struggle. Jag Land Rover. Why? Why is that?"
Jaguar is a brand that makes luxury cars, often known for their sleek designs and fast performance. They are part of the same company as Land Rover.
Jaguar is a British luxury vehicle brand known for its stylish cars and performance. It is also part of Jaguar Land Rover and has a reputation for producing high-end sports cars and sedans.
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