F&I Express to Power Dynamic F&I Experience Within DealerSocket’s Digital Retail Offering
DealerSocket Inc., a leading software provider to the automotive industry, is launching a new integration between the company’s Precise Price digital retailing solution and F&I Express’ network of approximately 160 F&I product providers at DealerSocket’s User Summit this week. This new impactful combination will enable an even more accurate and intuitive digital retailing process for dealers and customers alike.
Precise Price, initially developed to address the strong interest among consumers to transact online from any mobile device, marked DealerSocket’s entrance into the burgeoning digital retail category. It was the first digital retailing platform to come equipped with integrated desking software, allowing for the delivery of dynamic price quotes with rebates, incentives, and all applicable taxes and fees factored into deal calculations.
“DealerSocket’s Precise Price integration with F&I Express’ Digital Media solution helps dealers and their customers have a better experience during the digital retail process,” said Cavan Robinson, director of product marketing for DealerSocket’s DealerFire line. “Utilizing the integration within Precise Price leads to happy customers that convert and buy more backend protection packages. Our initial pilot found that dealers who used the integration saw a nearly 20% increase in backend gross.”
Now, through Precise Price’s integration with F&I Express’ Digital Media solution, the platform is able to display VIN-specific, state-specific, and dealer-specific F&I product rates and dynamic content. This powerful connection also allows digital retailers, dealer websites, menu systems and other platforms to dynamically access F&I product ratings and content.
“Trends reveal that car buyers are becoming more partial to an online retail experience. In fact, research shows 71 percent of consumers prefer to get online information about their entire deal, including aftermarket add-ons,” said Gary Peek, Vice President and General Manager, F&I Express. “By giving customers more transparency and authority over the course of their deal, Express Digital Media can help dealerships reach consumers earlier in their car buying journey. This can improve customer satisfaction and for revenue through more F&I sales.”
Annual ranking of top CEOs in SaaS places Pietrzak as the only automotive executive
The Software Report has released their annual listing of the Top 50 SaaS (Software as a Service) CEOs, and DealerSocket’s President and Chief Executive Officer has come in at number seven in the ranking. Pietrzak is the only CEO from an automotive company to make the list.
The exceptional CEOs on the Top 50 list were selected based on nomination submissions from colleagues, peers, and other software industry participants. Nominees were reviewed across a number of key attributes including integrity, intellect, drive, emotional intelligence, organizational culture, and operational skill. They were most closely evaluated based on qualitative and substantive commentary provided on the CEOs character.
“Ms. Pietrzak’s listing as one of the few women on the list, and the only CEO from an automotive company, speaks to her leadership and high performance as the CEO of the innovative SaaS company DealerSocket,” said J. Carlos, Editor of The Software Report. “Selection to this year’s awards list was highly competitive, and the nominations for Ms. Pietrzak set her apart from the thousands of others we received.”
The most highly regarded CEOs had a high volume of nominations showing consistency to primary characteristics comprising the individual’s effective leadership style. The Software Report was impressed with the outpouring of support, respect and admiration for these leaders. It became clear that to build a high performing organization supported by a constructive and enduring culture, the CEO needed to possess a unique set of rare skills.
“I’m honored to be listed among so many well-known and deserving CEOs of great software companies,” said Pietrzak. “At DealerSocket, we believe that technology has the power to transform the automotive experience, which is why we invest in innovation and unparalleled customer service. Our ranking on the Top 50 SaaS CEOs list is a reflection of the hard work and dedication shown by the entire DealerSocket team.”
To view a list of the Top 50 CEOs in SaaS, visit www.thesoftwarereport.com/the-top-50-saas-ceos-of-2019/
New enhancements simplify workflows by fully integrating the credit application process directly into DealerSocket’s CRM and iDMS software
DealerSocket Inc., a leading software provider for the automotive industry, rolled out several major enhancements designed to seamlessly integrate and simplify workflows related to the credit application process. The new capabilities are available today in DealerSocket’s award-winning Customer Relationship Management (CRM) software solution and in its independent-serving Dealership Management System (iDMS).
“Our latest enhancements take two historically separate workflows and seamlessly integrate them to provide visibility and a simpler user interface for our dealers, resulting in a better consumer experience,” said DealerSocket President and CEO Sejal Pietrzak. “DealerSocket’s new enhancements are designed to help dealers better manage and control credit applications, save time, and improve their customers’ experience, while fully complying with their regulatory obligations.”
Dubbed SocketCredit, DealerSocket’s new credit workflow enhancement for its CRM allows both franchised and independent dealers to manage the entire credit application process from within this key front-end operations tool. SocketCredit also offers the ability to text or email a secure credit application to a consumer directly from the CRM, as well as prequalify customers for vehicle financing via a soft credit pull. Creating a seamless transition between online and in-store processes with easy-to-use and integrated software is core to DealerSocket’s strategy to improve the customer experience.
Once completed, SocketCredit’s customizable online credit application seamlessly passes directly into the CRM as a sales opportunity, with line-by-line credit application details populating a customer profile within the CRM. A full credit pull can then be performed within the CRM – the new enhancement returning the customer’s credit report and score, as well as results from the compliance checks the tool now performs.
The compliance checks aid dealers in complying with the Federal Trade Commission’s Red Flag and Risk-Based Pricing rules, adverse action notice requirements under the Equal Credit Opportunity Act, and requirements set forth by the U.S. Treasury Department’s Office of Foreign Assets Control. Dealership managers can also access within the upgraded CRM digital audit logs containing timestamps and user names. They can also track online consent, identity verification, and whether required disclosures were made.
DealerSocket’s iDMS also received several upgrades, one of which is designed to streamline the finance process for independent dealers. Now, SocketCredit credit applications completed online get passed into the software tool’s deals module, setting the stage for a full credit pull and the required compliance checks.
DealerSocket’s iDMS also received two new loan-servicing features geared toward buy-here, pay-here dealers. They include enhanced credit reporting and interactive voice response technology. The prior provides BHPH operators greater control and visibility into credit reporting records on accounts sent to the three main credit bureaus, allowing them to review and approve the credit reporting file as well as make needed modifications to an account before submitting a borrower’s repayment history to the credit reporting agencies. The addition of IVR technology is designed to transform BHPH dealerships into true “buy-here, pay-anywhere” operations by allowing borrowers to make loan payments over the phone and without the assistance of dealership employees.
“SocketCredit enables our CRM users to more quickly and readily capture consumer credit information during the car research and shopping process, while iDMS now offers a more streamlined credit workflow and improved dealer-processing enhancements,” said DealerSocket Co-Founder and Chief Product Officer Brad Perry. “With these new enhancements, DealerSocket gives both franchise and independent dealers simple and valuable improvements in critical workflows for credit and finance that is centralized, transparent, easy to use, and compliant.”
Super group boasts members from Sugar Ray, Guns n’ Roses, Billy Idol, Weezer, and others
DealerSocket Inc., a leading software provider for the automotive industry, is announcing that Los Angeles-based supergroup Royal Machines will headline their DealerSocket After Dark party on the second day of the company’s user summit, which takes place August 21 – 23, 2019 in Anaheim, Calif. Royal Machines is headed by Mark McGrath of Sugar Ray, along with Gilby Clark of Guns n’ Roses, Billy Morrison of Billy Idol’s band, Jose Freese of Nine Inch Nails and Weezer, as well as surprise special guests.
“DealerSocket’s User Summit is all about learning and collaborating with automotive industry leaders discussing innovation, sharing ideas, and discussing the future of automotive. At DealerSocket, we believe that work and fun go together, and as such, I’m excited to welcome Royal Machines to the DealerSocket After Dark stage,” said DealerSocket Chief Administrative Officer Tom Wilson.
DealerSocket’s User Summit is being held at the Anaheim Marriott in California. The keynote speaker for the event is Jason Dorsey, Co-founder and President of The Center for Generational Kinetics, who is a best-selling author and the leading generations speaker, and whose family has worked in the automotive industry for more than 30 years. Dorsey will deliver his keynote address on day one of the conference on how generations buy and work in automotive, how to market and sell to each generation, and he will unveil his research center’s latest findings into the newest generation that is rapidly emerging as consumers, employees, and trendsetters: Gen Z.
“We have a packed agenda over the course of the three-day User Summit, with sessions on digital retailing and data mining, OEM-led breakouts, classes for our new DealerSocket Certified User Program, and peer-led discussions on best practices for the industry. We will also review the recent enhancements and upgrades to our software, as well as share our product roadmap that focuses on increasing sales and profitability for our dealers in this rapidly evolving environment,” continued Wilson.
To learn more, visit usersummit.dealersocket.com.
New enhancements offer dealers greater control and visibility achieving higher profit per vehicle
DealerSocket Inc., a leading software provider for the automotive industry, today announced an upgraded version of its Inventory+ software solution. The inventory management tool now touts a new, easy-to-use interface, intuitive navigation, and expanded reporting capabilities that provide value to both single-store operations and multi-rooftop dealer groups. The new features enable customers to sell their vehicles at a greater profit, which is in line with DealerSocket’s longstanding focus on profit over velocity.
“After listening to our customers, we invested significant capital and resources to make Inventory+ a best-in-class product focused on the primary needs of dealers,” said DealerSocket President and CEO Sejal Pietrzak. “Our upgraded version of Inventory+ is yet another step as we continue transforming our inventory management product suite to support the entire vehicle lifecycle. Our software gives our customers full control of their inventory strategy and ensures they are stocking the right vehicles to yield the highest profits.”
DealerSocket’s Inventory+ now has a user experience and design that matches the rest of the company’s suite of products, meaning that a user of DealerSocket’s suite will have familiarity and experience with the design, making the training of staff on DealerSocket’s software simpler and more effective for dealers.
The enhancements and innovations for Inventory+ include:
“DealerSocket’s fundamental objective with our Inventory+ software has always been about maximizing profit for our dealers. The major enhancements we have just released ensure that every vehicle has an opportunity to be sold at a timely profit,” said Steve Meeker, DealerSocket’s General Manager of Inventory+. “Whether a dealer has a single lot or multiple rooftops, the innovative functionality we released today will provide benefits to help our dealers grow their business successfully.”
To learn more, visit www.dealersocket.com/inventoryplus
DealerFire will offer three co-op-eligible advertising packages under the recently launched Volkswagen Service and Parts Advertising Program
DealerSocket Inc., a leading provider of automotive retail software, is announcing that Volkswagen has tapped DealerFire to drive a new digital advertising initiative aimed at helping Volkswagen dealers grab a bigger share of the $350 billion U.S. vehicle repair market.
DealerFire will offer three packages under the Volkswagen Service and Parts Advertising program that are eligible for a 50% retail co-op reimbursement. Each package will include content development and a mix of social, display, and search advertising, including the ability to promote service offers and specials directly on Facebook. Participating Volkswagen dealers will also utilize DealerFire to reach and target customers on the Google Display Network who are either searching for repairs, maintenance services, or are most likely in need of service work.
“Every month, consumers register over 200 million Google search queries for parts and service. However, franchise dealers capture just 30% of what consumers spend annually on vehicle repairs,” said Cavan Robinson, director of product marketing for DealerFire. “Volkswagen is putting its best digital-merchandising foot forward with a comprehensive program and has asked DealerFire’s award-winning software to drive it.”
The automaker’s comprehensive group-paid search marketing initiative will be administered through the Volkswagen Dealer Digital Program, which was created to connect the OEM’s roughly 650 U.S. dealers to best-in-class technology and digital marketing providers. DealerFire is one of the providers selected to assist dealers under Volkswagen’s recently launched initiative, which will feature three levels of paid advertising, service center profile pages, dealer-integrated coupons, call tracking and recording, and online visibility and reputation management.
Through DealerFire’s three digital advertising packages – the premium version featuring a customizable HTML5 ad showcasing service coupons and messaging – participating Volkswagen dealers will get access to a Google AdWords-Certified search engine marketing specialist within DealerSocket’s team, all Google ad extensions, customizable reporting and display network designs, conversion tracking, and Top 3 position targeting all of which are available in DealerFire’s tools.
“What many dealers may not know is that two out of three visits to their websites are for parts and service. And customers who service their vehicles at a dealership are three times more likely to purchase or lease again from that same dealership,” Robinson said. “DealerFire is offering three comprehensive packages under Volkswagen’s service and parts advertising program, which the automaker made even more compelling by offering 50% co-op on all pay-per-click advertising that is dedicated to fixed ops.”
DealerFire was acquired by DealerSocket in 2015 and specializes in dealer websites and digital retailing. DealerFire also houses a full-service digital marketing agency that provides custom-written ads and marketing content, inventory and data targeting, marketing design, and transparent ROI reporting. DealerFire currently partners with sixteen OEMs and supports more than 2,000 dealer websites. DealerFire is the winner of nine-straight AWA Pinnacle Platform awards.
Generational Expert to Share Valuable Insights and New Research about Success in Automotive Retail
DealerSocket Inc., a leading software company for the automotive industry, announced today that it has selected Jason Dorsey, Co-founder and President of The Center for Generational Kinetics, who is a best-selling author and the leading generations speaker, and whose family has worked in the automotive industry for more than 30 years, to deliver the Keynote Address at its user summit.
“We are thrilled to welcome Jason to the DealerSocket User Summit as a keynote speaker in what is an important event for the automotive industry,” said Sejal Pietrzak, President and CEO of DealerSocket. “It will be valuable for our customers to hear from Jason and leverage his unique research as he offers specific, practical solutions to drive measurable results for dealerships.”
Scheduled for August 21-23, 2019, at the Marriott in Anaheim, Calif., DealerSocket’s User Summit 2019 has the theme of “Drive” and will provide attendees with three days of innovation, education, and collaboration. Dorsey will deliver his keynote address on day one of the conference in what promises to be an entertaining and insightful presentation on how generations buy and work in automotive, how to market and sell to each generation, and he will unveil his research center’s latest findings into the newest generation that is rapidly emerging as consumers, employees, and trendsetters: Gen Z.
“There has never been a more urgent and important time to understand Gen Z and Millennials in the auto industry,” said Dorsey. “Millennials now outspend every other generation of consumers and are the largest group in the workforce. Gen Z, already age 23, are ushering in a new era of communication, engagement, and expectations that will drive new change on every side of the automotive industry.”
Dorsey wrote his first bestselling book at age 18, and he is considered the most sought-after millennial and Gen Z speaker and researcher. He has been featured on more than 200 TV shows, including 60 Minutes, 20/20, The Today Show, CNN, CNBC, and The Early Show. His family worked in the automotive industry for more than 30 years.
“I’m incredibly excited to share at DealerSocket’s User Summit our center’s latest research into these essential generations – in particular, the hidden drivers behind their mindset as customers and employees – as well as specific actions that dealers can implement immediately,” he continued.
“Each of the strategies and actions I share will work whether an attendee represents 50 dealerships or an individual location. My recommendation is to bring as many leaders as possible from your dealership to DealerSocket’s User Summit, because each will leave with specific actions they can use immediately to help your dealership, from marketing and customer engagement to fixed ops satisfaction scores and sales consultant retention. This is the exact right time for dealership leaders to separate myth from truth with these important generations and I’m incredibly excited that DealerSocket is leading such an important industry conversation,” said Dorsey.
Customers at the User Summit can begin the process to become DealerSocket Certified Experts in the company’s software
DealerSocket Inc., a leader in software for the automotive industry, is launching a new certification program that will begin at the company’s User Summit, scheduled from August 21 through 23 in Anaheim, California. At the User Summit, DealerSocket customers will have the opportunity to take classes and become certified on one or all of the company’s award-winning suite of products, including CRM, with its customer retention marketing tool RevenueRadar, DealerFire websites and digital marketing, DMS products, including iDMS and AutoStar, as well as the company’s inventory management solution called Inventory+.
“Becoming a DealerSocket Certified Expert will make each user of DealerSocket’s products a valuable member of any dealership’s team,” said Amber Skvarca, DealerSocket’s vice president of professional services and the leader of the certification program. “DealerSocket Certified Experts will learn all aspects of DealerSocket’s products which will help them effectively utilize our best-in-class functionality to grow their dealership’s business, as well as help users develop their careers within the automotive industry.”
DealerSocket’s Certified Program is a three-part series. First, users will attend three sessions for beginner level certification, and then six sessions for the intermediate level. Each product track will have multiple certification options. For CRM, DealerSocket will offer certification in all aspects of CRM marketing and achieving increased sales, and DealerSocket will also offer a certification program for sales managers. For its digital marketing track, DealerSocket will offer opportunities for certification in both DealerFire’s Ignite tool and digital marketing. For DMS certification, topics will encompass Buy Here Pay Here and retail functionality for both AutoStar and iDMS. For Inventory+, the areas of certification will focus on acquisitions, appraisals, and overall inventory management. The first two steps will be offered at the User Summit. After the User Summit, DealerSocket will offer the final stage in the program for users looking to become a DealerSocket Certified Expert at one of the company’s four U.S. offices.
DealerSocket’s certification classes have been designed with extensive input from top performing dealership owners/managers and will be presented by dealers as well as DealerSocket employees who are experts in each product. The program was designed to ensure attendees will go home confident the classes they attend and certifications they earn will serve them well in their stores and their careers.
Professionals interested in attending DealerSocket’s User Summit and achieving DealerSocket software certifications can register at usersummit.dealersocket.com
DealerFire website and digital advertising program is now certified for use by Toyota’s more than 1,200 U.S. dealers
DealerSocket Inc., a leading software provider for the automotive retail industry, today announced that its DealerFire website and digital marketing platform is now certified for Toyota’s newly revamped Toyota Dealer Digital Solutions program, which the automaker dubbed TDDS 2.0.
TDDS 2.0 provides Toyota’s more than 1,200 U.S. dealers with the opportunity to partner with the industry’s best website providers. Certified providers are put through a robust selection process to ensure best-in-class services with a national reach and extensive automotive industry expertise. Acceptance into the program brings DealerFire’s Original Equipment Manufacturer (OEM) certification count to 16.
“Cutting-edge design and performance are part of the Toyota philosophy, and that is what makes DealerFire the perfect partner for Toyota dealers,” said Cavan Robinson, director of product marketing for DealerSocket’s DealerFire line. “The DealerFire product line is poised for an impactful 2019, with our acceptance into TDDS 2.0 being one of the first of several major announcements we’ll be making in the coming months on the OEM certification front.”
Toyota dealers will now have access to DealerFire’s Engine 6, the first web platform built specifically for the automotive retail industry and future-proofed to the same speed standards held by other retail verticals. It was honored at NADA 2019 during the annual Automotive Website Awards in the best “U.S. Websites” category.
Engine 6 averages an industry-leading three-second load time, according to Google 3G testing, and features an industry first, in-line editing system that connects dealers to 75-plus inventory- and incentives-integrated modules so they can create stunning, multidevice-optimized websites and vehicle details pages (VDP) that perform.
Among its many innovations is DealerFire’s proprietary normalization algorithm, which standardizes vehicle colors and vehicle criteria into commonly used search terms. This data normalization powers Engine 6’s Shop-by-Feature module, a key consumer shopping tool given Google’s recent note that vehicle feature searches have grown 67% in recent years. Consumers can also shop by budget and payment, then save select vehicles.
DealerSocket’s DealerFire line was founded in 1999. It specializes in dealer websites and digital retailing and houses a full-service digital marketing agency that provides custom-written ads and marketing content, inventory and data targeting, marketing design, and transparent ROI reporting. New for DealerFire in 2019 is integration with Facebook Marketplace, with DealerSocket becoming one of a few select software firms to offer dealers the ability to expose their inventory to an online marketplace millions of Americans use every day to shop for vehicles.
“The car-buying journey has evolved. Every online interaction is magnified, and consumers are demanding a seamless path to purchase,” Robinson said. “Our years of experience, combined with the power of the DealerSocket platform, allows us to leverage data to provide the most seamless car-shopping experience out there, making DealerSocket’s DealerFire line the clear No. 1 choice.”
The company’s user summit will take place August 21 – 23 in Anaheim with the theme of Drive
DALLAS, TX, March 28, 2019 – DealerSocket, Inc., a leader in software for the automotive industry, announced today that registration for its annual User Summit is now open. The three-day event will be held at the Marriott in Anaheim, California from August 21 through August 23, 2019.
Each day of DealerSocket’s popular User Summit will have a unique focus area. The first day will be dedicated to reviewing industry-best practices and product-related training sessions. Attendees will have the opportunity to hear about best practices in peer-led sessions, as well as become certified on DealerSocket’s software and latest enhancements and releases. Day two will focus on innovation, providing attendees a deep dive on the latest technology including Artificial Intelligence and Machine Learning in the automotive industry and exciting new innovations recently released and in the roadmap for DealerSocket. DealerSocket will also share plans for continuing its award-winning customer service model and highlight the company’s commitment to customer success, with focus on deepening relationships with customers. The summit will also include DealerSocket After Dark, which will feature a themed party and headlining concert.
During DealerSocket’s first and second days of its User Summit, an Expo Hall will be open, giving attendees the opportunity to collaborate and network with vendors and partners. All three days will feature breakout sessions aimed at education and training, as well as collaborative sessions that will discuss business growth and utilizing important and innovative features of DealerSocket’s software platform.
“DealerSocket’s goals for our User Summit are to have every customer gain valuable information to help grow their business. Our valuable software training and education breakout sessions, the strategic panels and discussions about innovation and the future of our industry, as well as the opportunity to collaborate with the industry’s best and brightest minds make this a must-attend event,” said DealerSocket President and CEO Sejal Pietrzak. “We have designed the DealerSocket User Summit with the same customer-centric approach we use to build enhancements to our software and serve our customers, by listening to our dealers and creating content to support their needs.”
Those interested in attending DealerSocket’s User Summit should visit dealersocket.com/usersummit for more information and to register. The company plans on announcing the detailed list of sessions, speakers, breakout training modules, and keynotes later this spring.
DealerSocket’s unique solutions cover every aspect of business including marketing, sales, services & customer experience
SANTA CLARA, CA, February 19, 2019 – Based on its recent analysis of the North American automotive dealership software market, Frost & Sullivan recognizes DealerSocket with the 2018 North American Customer Service Leadership Award for addressing the end-to-end requirements of an auto retailing business. Its digitally integrated products – DealerFire websites, Inventory+, its digital retailing software Precise Price, independent-dealer focused dealership management systems (DMS), and customer relationship management (CRM) solutions – have found a prominent position in the market as they elevate consumers’ vehicle purchase, sale, and service experiences. The company’s expertise in working with dealerships of all sizes and its advanced software offerings positions it as the ideal solution for the demands of the automotive retail industry.
“DealerSocket’s consumer-centric automotive platform consists of customer relationship management, vehicle inventory management, state-of-the-art websites and marketing, and search engine optimization support to improve reach and visibility for dealers. Auto dealers can leverage its insightful analytics services to make decisions based on the data available within its group and across the nation,” said Shruti Pathak, Research Analyst at Frost & Sullivan. “Its software makes business operations seamless. The company tailors its suite of integrated applications to meet the needs of large franchises, single-store retailers, as well as independent and buy-here pay-here (BHPH) dealerships.”
DealerSocket is much more than its customer relationship management software. DealerSocket recently launched DealerFire Engine 6, the most advanced web site platform available in the market in terms of functionality. Engine 6 stands out for its ability to be fully integrated with DealerSocket’s CRM tools. Its user-friendly features include multi-device preview mode, form library with 40+ smart fields, as well as a single drag-and-drop functionality for website building and faster loading speed.
DealerSocket is equally focused on improving the way the company services its customers and leverages the feedback for its improvement. Owing to its commitment to customer satisfaction, DealerSocket now offers best-in-class customer service, including call wait times well below industry average.
The company’s Inventory+ management platform helps dealerships identify, source, and merchandise the right inventory to maximize their profits. The solution provides dealerships access to all tools to make the right decisions concerning the acquisition and pricing of inventory.
DealerSocket’s Precise Price tool caters to Internet-savvy buyers who prefer completing most procedures online. It facilitates a transparent buying process that allows consumers to build their own deal at home and save time during the in-person transaction at the dealership. Precise Price has been able to increase total gross by an additional average of more than $300 additional total gross and $200 of F&I gross per deal comparatively.
Finally, its iDMS, which is a best-of-breed DMS, has been designed to help manage all mission-critical aspects of an independent and BHPH automotive dealership. It boasts feature-rich inventory management, sales, customer, and account tracking tools, as well as unparalleled collection utilities, custom reporting, and data exporting capabilities.
“DealerSocket’s solutions have been integrated in more than 8,000 auto dealerships across the United States, Canada, and Australia. Since its inception, the company has helped dealers sell more than 100 million vehicles,” noted Shruti. “For enabling clients to boost their online presence and deliver enriched services to customers, Frost & Sullivan is proud to present the 2018 North American Customer Service Leadership Award to DealerSocket.”
Each year, Frost & Sullivan presents this award to the company that has maintained consistently high standards for customer service quality that resulted in trusted and strategic relationships. The company has leveraged customer feedback, demonstrated superior speed/timeliness, ensured frictionless interaction and outstanding price/performance value, offered a rich customer purchase/ownership experience, and raised its overall brand equity.
"Over the past year, we have invested millions into our customer service and support with one goal in mind: to become our customers’ trusted advisor focused on helping them succeed," said Sejal Pietrzak, President and CEO of DealerSocket. "DealerSocket remains committed to our focus of both customer service and product innovation. Our mission is to drive the future of automotive and help our customers sell more vehicles, build meaningful connections with their customers, and drive operational efficiency that saves them time and money."
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
About DealerSocket
DealerSocket is a leading provider of software for the automotive industry, offering a suite of seamlessly integrated products to help dealers sell and service vehicles more profitably, while improving their customers’ 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) for dealers of all sizes. DealerSocket employs nearly 1,000 team members serving more than 8,000 dealerships. For more information, visit DealerSocket.com or follow us on Twitter, LinkedIn, and Facebook.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion.
Automotive software leader’s latest innovations aimed at helping dealers sell more autos, improve operational efficiency, and increase repeat customers
DALLAS, TX, January 23, 2019 – DealerSocket, Inc. today unveiled more than 20 new innovations across its suite of products which they will highlight at their booth (1201S) at the National Automobile Dealers Association (NADA)’s 2019 conference in San Francisco. The new enhancements are the result of significant investments DealerSocket has made over the last year in its software, which includes Customer Relationship Management (CRM), Equity Mining (Revenue Radar), Digital Marketing (Precise Price), Websites and Digital Marketing (DealerFire), Inventory Management, and its Independent-geared Dealer Management System.
“DealerSocket has made significant investments in our software and service over the past year, some of which we are proud to announce and share at NADA this week. Our goals have been to focus first and foremost on our customers and their needs, and to create enhancements and innovations to our products that help our dealers generate more profit and grow their business,” said DealerSocket President and CEO Sejal Pietrzak. “‘We Are Automotive’ is more than a tagline for us; it represents the very ethos of how we live and do business, standing side-by-side with our dealers and partners to be their trusted advisors. The enhancements we are releasing this week at NADA are a testament to our focus on innovation and our partnership with our customers.”
Enhancements and innovations being released at NADA include:
Inventory Management
DealerSocket has completely transformed its inventory management solution into an enterprise platform, complete with a new responsive design and smarter navigation controls. The restructured solution also offers expanded reporting capabilities that allow dealer group operators to manage inventory by region, performance, OEM brand, highline stores, and much more. This new reporting structure will also facilitate additional innovations slated for release later this year.
Under the company’s enterprise management approach is bulk pricing, a new feature designed to allow dealers and dealer group customers to identify new and used vehicles across their operations by age, trim, make and other attributes and then adjust pricing by dollar amount or percentage. This enhancement is available at NADA, and it is especially useful for dealers hoping for one last shot at retailing aging inventory before sending them to auction. DealerSocket is also making it easier for dealers to appraise vehicles, allowing them to perform a value analysis and get purchase recommendations based on retail market and historical dealership data from a single, configurable screen.
DealerSocket has also reinvented its “Ideal Inventory Model” (IIM) to match today’s market conditions. The new model uses advanced data algorithms to recommend a vehicle stocking mix that will increase a dealer’s profit per vehicle profile. This builds on the philosophy of profit rather than turn on which DealerSocket’s inventory management tool was built many years ago. This year, two of the main drivers of DealerSocket’s profit model – TrueScore pricing and its associated pricing band – have been re-envisioned and upgraded to provide users with an even more accurate view of their core inventory, also being launched at NADA.
CRM
DealerSocket’s CRM has been retooled to give dealer groups the option to have an enterprise view of their customers. The solution’s new innovative and proprietary matching algorithm is one example of the changed approach. It is designed to address a major consumer pain point by allowing dealership groups to pull up all customer communications records, including trade information, credit applications, group loyalty, open sales opportunities, and linked accounts across multiple rooftops.
The CRM also gets a major workflow improvement with the addition of a new credit compliance portal, which offers dealers the ability to prequalify customers via a soft or hard credit pull, perform the required compliance checks, and tee up more profitable F&I “turns.”
In addition, DealerSocket is announcing major upgrades to its CRM’s add-on tools, including SocketTalk and Revenue Radar. SocketTalk, which is a text communication tool fully integrated with its CRM, now offers the ability for dealers to send their customers photos and video text messages that will be seamlessly integrated into the company’s CRM. DealerSocket’s equity mining tool, called Revenue Radar, is launching integrated marketing services, including professional print services for direct mail campaigns, supplemental email communications, landing page development, and appointment-booking services. Revenue Radar customers will also be assigned a strategic performance manager for process development, training, and to ensure users are getting the most out of the technology tool.
Digital
DealerSocket’s Digital and Websites (DealerFire) offering is also making a big splash at NADA 2019. The company is announcing at NADA its new integration with Facebook Marketplace – DealerSocket has been selected as one of only a few software companies to offer dealers the ability to market their inventory to a wider audience of potential buyers.
The company’s Engine 6 website platform is announcing that it boasts industry-leading load speeds and a revolutionary website editor that puts dealers in control of their virtual showroom. Also launching is inventory advertising for dealers on DealerSocket’s inventory management solution, as well as the ability to layer in incentive data. DealerSocket is also announcing that it has unhooked its digital retailing platform, called Precise Price, from its DealerSocket / DealerFire websites, which means dealers can have any website and still utilize the company’s digital retailing platform.
Independent-geared DMS
DealerSocket’s web-based dealer management system and loan serving platform for independent dealers is announcing several finance-related upgrades for 2019, including a seamless digital credit application workflow and more robust functionality around F&I products and accessories. Also new at NADA are key features for greater fraud prevention and compliance, including CBC’s enhanced Red Flag algorithm, an electronic closing process via SecureClose, and enhanced credit reporting.
In addition, DMS is debuting advancements in automated payment processing via OpenEdge’s full-featured payment solutions and the ability to accept payments via interactive voice response (IVR). Lastly, core reporting for both static pool and 20 Groups take a leap forward along with the launch of seamless integrations to DealerSocket products including CRM, inventory management, and websites, making DMS the most automated on the market today.
Artificial Intelligence/Machine Learning
DealerSocket has made advances in the area of Artificial Intelligence (AI) and Machine Learning (ML) and will be showing how ML is powering its Revenue Radar equity tool by using cross-platform data (CRM, Digital, DMS) to predict a customer’s propensity to buy, thus allowing dealers to focus their efforts on closing high-probability buyers. DealerSocket is also collaborating with companies like Carlabs.ai, the auto industry’s first enterprise-grade conversational AI platform, to help dealers deliver scalable one-to-one consumer interactions. By incorporating Carlabs.ai’s intuitive AI capabilities into DealerSocket’s suite of products, dealers will improve website conversion, lower customer service costs, and improve the overall customer experience while gathering unprecedented buyer analytics.
“The automotive market is changing rapidly, and new intelligent software will have a huge impact on a dealer’s ability to evolve and effectively compete now and into the future,” said Brad Perry, co-founder and chief product officer at DealerSocket.