#24 - 2019 Niada Convention - Vendors

Hello and welcome to this episode of the Independent Dealer Podcast. Today, Luke and I walk the hall of the Expo center Here at the 2019 NIA Danabd Convention in Las Vegas. There's a ton of great vendors that were there today presenting. We got 60 seconds with just a handful of them. We picked a few random vendors, ones that we didn't know, ones that we thought you might be interested in, just to give you a small idea of who's here, maybe what's going on in the industry, some of the new technologies and players that are out there. So I hope you enjoy this little mini episode.

Welcome to the Independent Dealer Podcast, the podcast for auto dealers to learn and grow together. Here are your hosts, Luke Godwin and Jeff Watson.

So here we are with Chris of QuotePro Kiosk. Chris, real quick, 60 seconds. Tell us what you guys do, what it is, why we need you, you as a dealer.

Awesome. We have the best payment kiosk on the planet. It's the last cashier you'll ever hire. It accepts cash, makes change, accepts credit and debit, and even ach. And we have provisional cash services that make sure the cash we receive today gets to your bank tomorrow digitally. Furthermore, we even fund the change. So there's zero reconciliation now associated with your cash payments.

It's a great looking device and Chris and I have talked a good bit about this. So we're getting rid of a cashier, but what else?

Why is it?

Well, the biggest advantage is the price of the kiosk is going to be awash with the cashier. You'll even benefit a little. But the guy who's going to kiss you on both cheeks is your CFO or your accountant. Because like I said, those cash payments at the first of the month, you have a grumpy accountant doing cash reconciliation, right? That goes away because those payments now flow in like credit card payments, like debit card payments, and they're posting in real time. You don't have a single penny missing and shows up to work on time and know no salesman hit on it.

What IDMs or which DMS does it integrate with IDMs?

Finance Express Effects, Autostar, Auto Masters, Auto Matrix, Auto Action, ASN, AFS, Dealers, pretty.

Much anything with an auto in the.

Name, you got it? We're integrators by nature.

So when you say integration, so I understand the second someone throws cash in here and gets a receipt within a reasonable time, it's gonna in real time.

Oh, my goodness.

So no more cash headache, no more nonsense of worrying about reconciliation at the end of the day.

And no more sending your manager to the bank with a handgun and a duffel bag of cash.

Yeah.

Which is mind blowing. Some people still do that.

So from a dealer standpoint, is there a dollar amount of cash or transactions or dollars that come over the desk that this makes sense?

Well, it really makes sense if you want to homogenize your billing. If you have multiple dealerships, multiple roo, you're gonna have all your money sent to a central location digitally and you'll be able to reconcile and do your books a lot easier that way. But we've got guys who take in as little as 5,000 a week and we have guys that'll take in 100 grand a week in cash. But you're eliminating that part of the business. So now you can. Eddie Hale of Neighborhood Auto says he can run a dealership with a porter, a salesman and a kiosk.

And a kiosk.

Thanks, Chris. We appreciate your time, man.

Okay, here we are with Randy of Micro Built.

Randy, tell us a little about your.

Predictive underwriting, your scoring models. I think that's what we want to maybe get. 60 second elevator pitch. What can you tell us? Why do we need to use your service? Why is predictive underwriting important?

Well, the biggest thing is a record credit report as of two years ago, stopped putting liens and judgments on credit reports. They never had evictions on credit reports. So a typical credit report's not going to tell you anything on the people with subprime credit. It's hard to tell the people that just have bad credit, but good people versus the ones that you wish you never saw. So what we suggest is look, looking at the eviction liens and judgment reports, you're going to see the people that you don't want to see. If you ever evicted somebody out of a house before, you don't want to rent to them again. It's the same people who buy here, pay your cars. It's the ones that could do damage to it, know the systems, know how to pull out GPSs. The people that you want to stay away. The group of people just like a credit report is with 700 credit score, 800 credit score, they're the same type people. People will have 500 credit scores or a lot of times, same type of people. People who are evicted over and over again are the same type people. That's going to be bad buy here, pay here. We have of course actually showed the eviction liens and judgments, but we also have an I predict it's like a subprime credit report. We have payday lenders report back to it. It has public record data built into it along with other factors that's going to give you a score that's just for subprimes.

Is that the word that everybody's throwing around out there? Alternative data? Is that what this is?

Right, Alternative. And it's basically not the data that the three credit bureau is getting. If you pull an Equifax credit report, an experian credit report, TransUnion credit report, 90%, probably 95% of the people who report back to one, reporting back to all three. So there's not one better than the other. When they pulled off the liens and judgments, it's not just one of them that pulled them off, it's all three pulled them off. So there's not a lot of difference. That's why when you pull a trial merge report, you're going to see the scores are pretty well close to each other. This has none of the same data on it that a credit bureau is going to have have, but it's going to have all the data on it that you need for something like a buy here.

Does it give us a number, a score?

Yes, it's going to score. And on this particular report we can do it either way. It can be a base score like we have now, or we can customize it. So we could take a large dealership or a group of dealerships and we can actually do a data study for them to come out with a scoring system. Just like you're familiar with the credit bureaus, you have a auto enhanced beacon score, you have a different type, type of FICA score for what group it is. So we can actually do a custom score for their group so they'll know that everybody with those same type attributes will be the same. It's going to give you a lower score or a higher score. So you try to get the same type people that you want to do business with and stay away from the.

Ones, oh, I got you. So it's going to pull your data and start matching your future customers the ones you want to the data you.

Already have so you'll get more of the people that you had good luck with. Even though if you pulled a standard credit report, they all had say a 550 credit score, you'll take those and you'll have good ones and bad ones. In ours you'll have a 700 credit score for a good one and a 500 credit score. But it's using the hyperdecks credit score.

Not.

Not your typical credit score.

Well, thanks a lot, Randy.

Single interest insurance.

Okay.

Okay. So you're real. Let me ask you this, you are a dealer, right?

Yeah.

Okay. And you do hold your own loans?

We do.

Okay.

And you sign full recourse. So you're ultimately responsible for the loan.

Of course we ultimately. Okay.

So when the customer. You deliver the card to the customer. This VSI is the same coverage that the bank, every bank in the United States has to protect their assets. So when the customer drops their physical damage insurance, they're driving around with your car with no physical damage coverage. So basically when they get in a wreck, it comes in on the tow truck and it goes to your boneyard, right? Yeah, exactly. So what happens is the minute that they drop their physical damage insurance, we take over and we cover you against all physical damage to that vehicle whatsoever. Okay. We'll write you a check. If they total the car, we'll write you a check for nada book value, plus or minus deducts. Okay. And we pay within 10 days.

What does this cost? Is it by car or what?

It's vsa, Insured vendor, single interest. Which means we're only interested in insuring you, the dealer.

Right.

Okay. The check goes to you. Okay. You never have to piss off a good paying customer as long as they're paying their car note. They drop their insurance because they couldn't afford it. Okay. Now they're down to pip or no insurance at all. Okay. You don't have to worry about it because we're going to cover you. So you don't have to repo the car. You don't have to piss off the customer by repoing it, ruining that relationship. Every time they come in to make their note, you look around the car, check out for damage. If there's any damages, take a picture. If it's a damage hood or a fender, you know the cost of a hood. So do we. We cut your check. We made you whole. Okay. If they total the car, we give you a full nada wholesale book value, plus or minus adds and deducts. You keep the car, we don't need it. You do whatever you want with it.

Oh, okay.

So what, what do you pay per.

Loan you have out?

Or is it.

It's 229. It's a one time fee. It's on your VSI, on your retail service sellers agreement. Okay. It's a line item. Okay. And is paying for the insurance to protect you from the damage they do. To their own vehicle. To your vehicle.

They drop their full coverage if they drop.

Okay.

Okay.

So here we are with Weave voice over IP phone system. Plus we're speaking with Sky. Sky. Sky's gonna give us. Sky, give us the 60 second elevator pitch. Why do dealers need your service?

Yeah, so Weave is a smartphone system for a business, right. What we're trying to help out with is we do a lot of things that maybe businesses are familiar with, such as Gener online reviews, two way texting, things like that. But where we really tie it all together is unless you actually own the phone system part as well, then your communication platforms are kind of separated, right? Your phones aren't speaking to the review platform or the texting isn't linked into the phones. One of our biggest features that's had a lot of traction in the last couple years is that last year a study was shown that only 7% of people looking for a new business will actually leave a voicemail. So if I'm looking for any new service and I hit voicemail, I won't. If I'm a new customer, I'm not leaving a voicemail right now the minute that they hit voicemail with a WEAVE system, they get a text from the business number. So this feature alone is what we're seeing. Businesses capture three to five new customers just simply off someone saying, yeah, I've been shopping, you know, I'm interested to learn more as opposed to, as you can imagine, if I called you and you're not open, I'm gonna go to Google and I'm gonna call the guy down. There you go, right? So what, what we've done, and the other thing that's just awesome about our platform is every business has the overhead of a phone bill, right? So anyone I talk to, I know that there's at least one bill that I'm gonna offset anyways, which is their phone system. And it's like if you were to ask someone what's your fav. Your phone system? They typically don't have an answer.

It rings, right?

It rings with ours. There's a lot of cool things, right? It does. Call, recording, on hold, waiting, music and messaging. You have a mobile app where if you want, you can make a phone call from the mobile app. It comes from the business number, right? You don't ever have to do anything from your actual personal number. If someone texts the business the phone, the text will come through to the mobile app, right? So it's just a, it's again, it's bringing the phone system and A lot of these businesses have technology surrounding their business and they have an outdated phone system.

And this is, it's an actual phone. It's not integrated into the phone system that we currently have. We buy new phones. Is that the case?

Yeah. So that's a cool part about ours is we actually give you the phones for free. So it is a phone system, though, like we have AT&T, Verizon, we replace that. Right. So we give you Yay Links or Polycoms. And what we can do on that is we can, we can give you the phones all for free for the business. Because the phones then if you have a, if you have a CRRM or a DMS that can export. The other thing that's cool about it is if you export that, you can then upload it into our system and if somebody calls you that's called you before, it'll pop up their name. You can put in notes on that. So you could be like, oh, this person typically likes this. Or they work with that.

Right.

So it becomes a very, A lot better interaction when customers call.

Wow, I really like this.

Yeah.

Luke's on board, just for the record.

Sold.

Sold.

Sign him up.

Okay. And pricing structure is probably pretty too complicated to explain here.

No, it's actually pretty straightforward. So we're. What we do on it is it's just 549amonth, and that's month to month. We have no contract.

$549 month to month, unlimited Bones user or maxed out.

Yeah.

So that's up to 10 phones. If you have more than 10 phones at $15 a month per phone after that. So it could get a little bit more.

So does that do away with me paying? ATT does away with that. Oh, okay.

Yep. And that's where, again, like a lot of. A lot of dealerships are spending 300 bucks a month for phones anyways.

Yeah, we are.

Right. So, yeah, so the phones are. All the hardware itself is all free. And then it's just the servicing that you'd pay for the extra phones.

Very good.

Thank you, man.

I appreciate your time.

All right, here we are with Dominion Dealer Solutions. We've Lance here, he's going to tell us a little bit about what they do. Lance, 60 second elevator pitch. Who are you guys? What do you do?

Sure.

Hi.

Dominion Dealer Solutions. We provide DMS solutions, CRM and equity marketing and inventory solutions to independent dealerships and franchise dealers all across the country. We have over 6,000 dealerships that we work with. And basically it's a full suite solution for the dealership with regards again to a platform with inventory DMS and CRM that's really our three main platforms if you will. We also do digital marketing for social advertising, reputation management, equity mining tool called Deal Activator that you know integrates equity mining for dealerships. So a little bit of everything. I personally do CRM for independent dealerships which is called web Control CRM and it really helps dealerships follow up with their customers and helps them sell more cars.

The platform looks great Jeff. It looks really good.

It's very sexy. Web based.

Yeah it's all web based platform. That's correct.

Forms and everything built in. I mean it's going to handle the whole dealership start to finish it looks like.

Right. Forms are built in. Our new DMS platform called Dominion View is a web based platform and it integrates all your forms as well. That's correct.

Awesome. Okay Lance, thanks for your time.

Okay you're welcome. Appreciate it.

Sam.