New Management Software will ensure a cohesive and consistent Customer Journey Online through In-Store while simultaneously improving Automotive Retailers’ Profitability
· mPortal allows dealers to control the entire online and in-store payment quoting process and eliminates disconnect between online customer quotes and what is quoted in dealership. Every payment quoted is Penny-Certain and consistent.
· mDrive instantly answers every consumer’s question: “What can I drive?” mDrive instantly provides the consumer and a dealership sales team a complete list of the dealership’s qualifying inventory. Every payment is Penny-Certain and considers the consumer’s individual buying criteria and credit profile, all rebates, all of each lender’s rules and policies, correct taxation – and all of the dealer’s margins, fees, and mark-ups. The result is a successful transaction and happy consumer.
· mProve analyzes every element of each of the dealer’s sales transactions and compares against best available practice or program. The analysis will show the dealer precisely where he has missed profit opportunities and is leaving “money on the table” – and how to improve performance and become more competitive.
CAMARILLO, Calif. (January 22, 2019) – Market Scan, the industry leader in automotive financing/leasing software and data services, today introduced three new products, mProve Diagnostics, mDrive and mPortal, which will debut at the National Automotive Dealers Association Show in San Francisco.
“We launched Market Scan 30 years ago with the ambition to offer software programs and services that are based on the premise that there is only one scientifically-perfect solution for any conceivable automotive transaction, and any solution that is less than perfect is simply unacceptable. We have not wavered from that position,” said Market Scan Co-Founder and President Rusty West. “It is with this backdrop that we are excited to introduce new, game-changing products for the industry. These products complement our existing portfolio of products as well as provide new and very powerful tools for dealers to improve their profitability and give dealers the ability to offer customers an improved and consistent online and in-showroom shopping experience.”
mProve Diagnostics maximizes dealer profits
Dealers have often been unable to substantiate if their sales transactions maximized the store’s profit potential. Statistically, in most dealerships, 80% of all transactions are spot on with only marginal room for improvement. However, 20% of the sales transactions are likely processed using the wrong lender program, the wrong rebate stack, the wrong structure, or a combination of these. In those 20% of transactions, the dealer may sustain tens of thousands of dollars of missed gross profit every month. In a recent study performed by Market Scan, these losses, when spread across the entire dealership sales volume, amounted to more than $500 per car retailed.
mProve was developed in partnership with StoneEagle, the Richardson, Texas-based supplier of F&I technology for the retail automotive industry. mProve performs a thorough review of every sales transaction and the analysis will show exactly how each deal should have been constructed to improve the gross profit. mProve is designed to maximize each sales transaction and potentially add hundreds of thousands of dollars in profit each year.
“StoneEagle is a leading supplier of F&I technology and automotive sales performance solutions. When you pair StoneEagle’s SEcureMetrics Advanced F&I Analytics with our database of lender programs and OEM incentives, the output is simply astonishing,” said West. “mProve can help add hundreds of thousands of dollars to a dealer’s bottom line – without selling more cars! (Plus, make the dealership more competitive.) The math is shocking; if a dealer sells 200 cars per month, he may be leaving $100,000 per month on the table – and more than $1,000,000 annually! The power of mProve is nothing short of mind-blowing, and we know we have a hit on our hands. We can’t wait to showcase this product at NADA.”
mDrive gives the customer the real and best choices when shopping for a new car – meeting both the Consumer’s and the Dealer’s terms.
mDrive is the only technology that takes everything into consideration to provide a consumer with a list of vehicles that meet his or her criteria and preferences, based upon Consumer’s Credit Score, Consumer’s Budget, Consumer’s Driving Habits, Dealership’s Terms and Conditions for Each Scenario, Dealership’s Lender Relationships and Manufacturer’s Rebates and Incentives.
mDrive enables a dealer’s sales professionals to instantly create a list of all the dealer’s vehicles in inventory that meet those criteria, ranked by each vehicle’s “PVI” - Payment Value Index (most “bang for the buck”). Providing this information early in the sales process will save dealers and consumers valuable time, a big factor in improving the customer experience.
“mDrive accurately answers the consumer’s age-old question - “What Can I Drive?”, West said. “What sets mDrive apart - from any other tool or method in the market - is that mDrive instantly provides the consumer and the dealer’s sales team an EXACT list of the dealer’s qualifying inventory – based on science. When a consumer’s credit score, budget, number of months and acceptable payment range are entered, mDrive will instantly show a list of every vehicle in the dealer’s inventory that fits the criteria! Better yet, each of these vehicles meet all of the dealer’s lender published terms for approval – and all of the dealer’s terms and conditions for transacting! mDrive helps save a lot of time in identifying which is the best car for the customer.”
mPortal presents exact payment quotes and ensures consistent pricing quotes across all customer touchpoints
Market Scan’s new mPortal gives dealers full control over all payment quotes provided to customers, eliminating the negative customer experience when online payment quotes are inaccurate or incomplete and not the same quotes they receive when they meet with a sales executive.
This problem exists because the online shopping sites that quote payments on the dealership’s behalf are not respecting the terms and conditions under which dealers are willing to do business.
With more and more consumer-facing companies coming online every month, it is critical that a dealer manages all outward payment quotes correctly to ensure consistency from platform to platform, as well as in the dealership.
Market Scan’s mPortal fixes this problem by providing the dealership with a single repository where all of the dealer’s selling rules can be housed and managed. The dealer’s list of lenders, quoting rules, fees, rate mark-ups, bank fee mark-ups, internal packs, and calculation settings all reside in a single location. All the dealer has to do is insist that the dealership’s rules are honored for any payment quoted on any car in inventory.
“Every day we hear horror stories about consumers who are frustrated by their shopping experiences, both online and at the dealership,” added West. “What starts out as a very pleasant, low stress process rapidly turns adversarial when the payments offered on-line are not remotely similar to what the dealer presents the customer in the dealership. Every dealership has its unique inventory, lender affiliations and quoting rules – fees, mark-ups, packs, lot-age rules and, of course, profit margins. To calculate an accurate payment, all of these factors must be factored in correctly – in the dealership or via an online technology partner. mPortal is very powerful and gives the dealer the ability to take full control and give the customer a consistent buying experience.”
About Market Scan
Nationally recognized as the company that wrote the book on automobile desking, Market Scan has been the industry leader in automotive financing/leasing software and data, since it was founded in 1988. Market Scan tracks every parameter, policy and factor that can influence an automotive transaction and has built the industry’s largest database of lender programs and OEM rebates & incentives. Each month, Market Scan quotes more than one billion Penny-Certain lease and finance payments through its software products and systems, marketed under the names of mDesking, mQuote, mGauge, mScanAPI, mPortal, mDrive and mProve. Market Scan’s technologies facilitate easier, more complete, competitive and transparent offerings that help consumers, dealers, lenders, and OEMs complete automobile transactions in an efficient, frictionless environment. For more information, call 800-658-7226 or go to www.marketscan.com.
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Carsten Preisz; cpreisz@marketscan.com; 805.218.7162