Today there was an onslaught of more news from NADA in Las Vegas with new announcements that car dealers need to know. This is the second round of announcements. The first round of NADA news included information from LoJack, Cars.com, AutoHook, Naked Lime, AutoSoft, AGWS and Dealer.com. There were announcements from Sirius XM and Automatic, CDK Global, XTime, AutoAlert, DriveItNow, Spireon Kahu, 700 Credit, Ally Financial, MAXDigital, DataOne, Kelley Blue Book, Dominon Dealer Solutions, J.D. Power and Equifax.
SirisuXM Automatic Connected Car Communications for Dealers
SiriusXM, a leading provider of connected vehicle services, offers an innovative and low-cost aftermarket connected car solution that automotive dealers across the country can now offer to consumers to enhance the vehicle ownership experience. This offering was developed by Automatic Labs, a SiriusXM company, and delivers an unprecedented combination of connected vehicle services for a net cost as low as $40/vehicle (including device and introductory 6-month subscription).
Additionally, Automatic technology gives automotive dealers the ability to maintain a connection with their customers long after the initial vehicle sale and encourages them to return to the dealership for all their service needs. Through the Connected Maintenance feature, dealers will be able to send service reminders and maintenance information, vehicle-specific recall notifications and more, directly to a customer’s smartphone. Using the Automatic mobile app, customers will be able to book service appointments and receive estimates from the dealership where their car was purchased.
SiriusXM also announced that Automatic will be launching a brand new hardware device available for distribution this summer. In addition to a sleek, low profile design, the new 4G device will have best-in-class functionality, enabling a host of new features only available through Automatic.
Among the important safety and convenience services that Automatic delivers to consumers are:
- Crash Alert: Detects when a serious collision occurs and enables trained responders to contact you, send emergency services, and contact a driver’s emergency contact.
- Real-time vehicle location monitoring and sharing: Shows where your car is parked in a crowded lot, and can keep you connected with family out on the road.
- Vehicle health and performance monitoring.
- Direct recall notifications and service reminders: Gives you the ability to book service appointments with your dealer with a few simple clicks.
- Integration with smart home devices: Open your garage door, adjust your thermostat, and turn on house lights on your way to or from home.
- Roadside assistance: Sends towing and repair services to your exact location when help is needed. (available summer, 2018)
Automatic invites dealers to come by the SiriusXM booth (5130C) at the 2018 NADA Show in Las Vegas to see a demonstration of the new Automatic platform and to sign up to secure units in advance of our formal launch.
SiriusXM & CDK Global
SiriusXM and CDK Global, Inc. a leading enabler of end-to-end automotive commerce, are expanding their relationship to make new and innovative connected vehicle solutions available to thousands of auto dealers and their retail customers. These services, which were developed by Automatic Labs, a SiriusXM company, will use the Fortellis Automotive Commerce Exchange platform to seamlessly connect dealers and consumers in ways not previously possible.
Automatic’s app and plug-in car adapter offers consumers safety and convenience features including crash alerts, roadside assistance, engine light guidance, real-time vehicle location monitoring and sharing. Together with CDK, SiriusXM’s connected car solutions will deliver capabilities that add real value to more consumers while encouraging them to remain engaged with their dealer. Car buyers will get a number of convenient and time-saving features through the Automatic app, including the ability to schedule service appointments, get estimates for repairs and parts, and pay for the work all through their smartphone.
The innovative solution aligns with the customer’s ownership journey – beginning on the dealer’s lot, transitioning to the hands of the consumer after the sale, and then returning to the dealer for service. Behind the scenes, the technology that powers the new functionality and connections with the dealer’s systems and other suppliers are made possible through Fortellis, which was just unveiled by CDK at the 2018 NADA Show in Las Vegas.
Automatic’s enhancement to CDK Connected Lot will allow a dealer salesperson to pinpoint the precise location of inventory, see other cars that need to be moved, and know a car’s operability status (battery, fuel levels), all from his or her smartphone. The salesperson can then take a customer directly to a vehicle of interest, knowing it is ready for a test drive, thereby creating a better customer experience and improving dealer efficiency.
Once the customer drives off the lot, dealers have a dedicated channel via the Automatic app to proactively communicate with the buyer to set a first service appointment. Dealers will be able to see the actual miles driven, and offer personalized discounts and promotions to entice the customer to return to the service department, ensuring their vehicles are maintained in accordance with manufacturers’ recommended service schedules.
The car buyer will receive an ongoing stream of enhancements including recall notifications and service reminders as well as a variety of “Internet of Things” integrations with products like Nest and Amazon Alexa devices. These are all in addition to the standard crash alert, roadside assistance and other features that will be offered. In short, the connectivity, convenience, and speed of the Connected Car solutions will delight customers, keep them connected to their dealer, and help dealers better service customers.
The SiriusXM/CDK solution is in select dealerships now and will be available to all CDK dealers across the United States during the third quarter of 2018.u
Connected Store 2.0 breaks the barrier between online and in-store with CDK Quote Cloud, an API now available on the automotive industry’s new Fortellis Automotive Commerce Exchange™ platform. Quote Cloud allows vendor partners to access live shopper quote leads with rich data right from the source. The solution will offer clearer online retailing data in any CRM, and better downstream integrations into other tools like Desking and F&I for dealers.
80% Online Almost as Much Values Dealers
New research from CDK Global leading enabler of end-to-end automotive commerce, found that 80 percent of buyers are likely to begin the car buying process online; still, 78 percent said they value the in-store dealership experience. While the automotive retail industry is racing to provide the next online tool, the complete CDK study reveals that while shoppers expect the dealership to enable them to do more from home, the majority don’t want to purchase their vehicle completely online.
CDK Global introducee Connected Store 2.0. Building on the success of its predecessor and driving toward a quote-anywhere transact-anywhere model, Connected Store 2.0 offers an enhanced customer interface, transparent payment breakdown, as well as F&I products to add to the payment builder. Additionally, Connected Store 2.0 is now completely portable. It can be placed on dealer and OEM websites, endemic sites, in-store apps, CRMs and more.
The recent CDK study found that 70 percent of millennials use dealership websites when narrowing down which dealer to visit, while the average car shopper spends nearly nine hours researching online. Even with the investment in research and planning, 43 percent of shoppers are still spending three or more hours at the dealership when buying a car.
Connected Store brings the complete end-to-end deal-making power of the showroom to the shopper in a clean and unintimidating online interface. The updated 2.0 application streamlines this process, improving upon existing functionality for a better experience. New features include:
- Enhanced, Faster and Portable User Interface: Connected Store 2.0 has a simplified and modern new user interface that overlays an end user’s browser or application. It can be installed on a vehicle search results page, within a CRM system, on a tablet application and more. The updated tool features a more polished and guided experience, yet doesn’t require a shopper to finish any steps before submitting their quote to the dealership. This new interface also features faster load times and includes crisp, clean animations.
- Improved Payment Breakdown: The new payment breakdown window in Connected Store 2.0 provides a clear and detailed breakdown of the shopper’s quote including price, incentives, lender info, taxes and fees.
- F&I and Accessories Module: Dealers can add F&I products and accessories to the Payment Builder section of Connected Store 2.0. This can include product names, descriptions, photos, and links to catalogs and videos.
CDK Connected Store 2.0 is now available for all brands.
AutoAlert, automotive’s leading data and predictive-analytics platform, has quickly delivered on its promise of open API integration with today’s announcement to partner with Dealer Teamwork, the creator of automotive’s first Merchandising, Personalization, and Optimization Platform (MPOP™).
The combination of AutoAlert’s proprietary big data intelligence, with Dealer Teamwork’s patented MPOP™ digital-marketing platform, creates a full-service digital-marketing solution that not only pushes the right message to the right customer at exactly the right time, but also lands the customer on a landing page with dynamically created content, ensuring a seamless experience.
This partnership unites two industry veterans, Mike Dullea, AutoAlert’s Chief Executive Officer, and Sean Stapleton, Dealer Teamwork’s Chief Executive Officer and Co-Founder. The two were, respectively, the Chief Executive Officer and Chief Strategy Officer, of VinSolutions. Though the two companies are different, their missions are the same — a Best-In-Class Consumer Experience for the Automotive Shopper.
Dealerships are already on board with the partnership.
AutoAlert, automotive’s leading data and predictive-analytics platform, unveils the industry’s first Consumer Experience Management (CXM) Platform.
Combining its suite of Data Mining, Social Media, Messaging, CRM, and Reputation Management software solutions, AutoAlert has created a proprietary, big data platform, to draw insights about customers’ purchasing habits, and predict their next vehicle purchase. AutoAlert now provides something that was missing — action.
To find out more information about this ground-breaking partnership at the NADA Show, visit AutoAlert at Booth 3792C in the Las Vegas Convention Center.
XTime’s Jim Roche Book “Fast Lane”
Record-breaking U.S. car sales may have stalled out, but does that mean the brakes are on for a dealership’s profitable growth? Not a chance, shares Jim Roche, Xtime’s senior vice president of marketing and managed services, in his new book, “Fast Lane: How to Accelerate Service Loyalty and Unlock its Profit-Making Potential.” “Fast Lane” will make its debut at the NADA 2018.
In “Fast Lane,” Roche dives into the perceptions and attitudes of U.S. car owners toward service departments. He explains how dealerships can address their shortcomings in delivering the ultimate customer experience through analytically-driven insights, dealership case studies, and comprehensive best practices to unlock service’s profit-making potential.
Dealers, according to Roche, will need to wring additional operational efficiencies using modern technologies from each profit center going forward to have a healthy overall operation.
“Fast Lane” will be available at Xtime’s NADA 2018 booth 2923C, as well as during Roche’s NADA 2018 Presentation, “Turn One-Time Visitors into Lifetime Customers,” on Friday, March 23 10:30-11:30 a.m. PT in Room N220 of the Las Vegas Convention Center.
DriveItNow Joins Clarivoy MN
DriveItNow, a leader in automotive marketing and digital retailing technology, is pleased to announce it has joined Clarivoy’s Measurement Network to provide DriveItNow’s clients with the most unbiased and accurate measurement of its marketing products and services.
Designed specifically to help marketing agencies and vendors “prove their results”, companies who join Clarivoy’s Measurement Network can demonstrate to their clients a commitment to supplying accurate, unbiased attribution results, independently verified by the auto industry’s leading marketing attribution provider.
DriveItNow will provide its customers with certified results using Clarivoy’s recently launched Attribution API. The new software uses “Any-Touch” attribution to ensure the correct marketing source(s) receive credit during the customer’s purchase journey. Whether first, last, or somewhere in the middle, Any-Touch attribution makes sure proper credit is attributed to those marketing sources which influenced the customer’s vehicle purchase.
Using Clarivoy, DriveItNow clients can verify the number of vehicle sales DriveItNow is responsible for influencing. Clarivoy’s Identity Graph fuels the new API technology that matches even anonymous shoppers to multiple devices across multiple channels.
For more information on Clarivoy’s Measurement Network visit Clarivoy’s booth (#763N) at the 2018 NADA Show in Las Vegas, NV, March 23-25. Or pre-schedule a meeting by clicking here.
Spireon Enhances Kahu
Spireon, the vehicle intelligence company, will showcase new enhancements to its Kahu connected dealer solution at the National Automobile Dealers Association (NADA) Convention and Expo in Las Vegas. Kahu redefines vehicle telematics by focusing on the needs of the dealership, adding new features to optimize performance, such as advanced inventory and test-drive analytics, enterprise management for dealer groups, and an enhanced consumer mobile app for increasing customer loyalty and add-on revenue.
Kahu connects any vehicle to Spireon’s cloud-based management platform, arming dealers with nationwide vehicle visibility and actionable data to improve inventory management, enhance customer service and drive sales. The Kahu dealer app locates vehicles on any lot — or out for test drive — and makes it easy to put buyers into the right vehicle at the right time. Standard features like geofencing, speed alerts, battery management and stolen vehicle recovery mitigate risk for dealers, and make Kahu a profitable add-on when sold through to consumers. Dealers can also utilize actual mileage data from customer vehicles post-sale to target them for service, lease renewals, trade-ins, etc.
In the new release of Kahu, Spireon adds the following features to the solution:
- Dealer Analytics — Dealers have access to unprecedented insight into test-drive activity, inventory mix and aging inventory compared to industry benchmarks. Analytics data enables dealers to align vehicle inventory and test drives with customer demand and promotions to optimize lot placement and sales.
- Enterprise Management — Large dealer groups can access multi-dealer views to see inventory and performance metrics across multiple locations, both individually and in aggregate. This feature provides vehicle search across dealerships to optimize sales opportunities and view comparative performance analytics against industry benchmarks.
- Enhanced Consumer App — Kahu now includes trip history along with detailed records of geofence, speed and battery alerts.
- Streamlined Stolen Vehicle Recovery — New Public Safety Answering Point (PSAP) integration simplifies and accelerates filing a police report for stolen vehicles, increasing priority in law enforcement queues, and connecting the dealer or consumer to law enforcement nearest the vehicle for rapid recovery.
- Kahu K10000 Theft Warranty — Standard coverage of $10,000 per vehicle is offered if a car is stolen and not recovered within 30 days, reducing risk for both dealers and consumers.
As a risk mitigation solution, Kahu protects dealer inventory with geofencing, alerts for after-hours movement and the ability to pinpoint car location within 4 feet. Since launch at NADA 2017, Kahu has already helped dealers nationwide recover more than $1.2 million in stolen vehicles, with an average recovery time of 26 minutes.
Kahu is also proven to help dealers increase sales by immediately locating the right vehicle for customers, using a variety of factors including trim, aging, affordability and availability. Kahu dealers report finding cars within five minutes using the Kahu app, when previously it took 30 minutes or more to find a car, often driving buyers away. As a result, Kahu reduces wait time for customers by 40 minutes on average, streamlining the buying experience and improving CSI scores.
To see a demonstration of Kahu at NADA, visit Spireon’s booth, #5402C, near the Northeast Concourse entrance of the exhibit hall.
700 Credit for Edmunds
700 Credit, LLC, the auto industry’s leader in providing credit reports, compliance solutions, prescreen and consumer pre-qualification products and services, today announced an exciting new relationship with Edmunds, the leading car information and shopping platform that helps millions of visitors each month find their perfect car. With this new alliance, Edmunds.com will incorporate the 700Credit’s pre-qualification platform into the consumer car shopping experience on Edmunds.com.
The integration of the 700Credit pre-qualification technology will enable Edmunds to send just a name and address to 700Credit to run a soft-pull on the online shopper. Edmunds in return will receive the consumer’s live FICO® score and information on all open auto tradelines including monthly payment, interest rate and remaining balance. This will also enable Edmunds to provide consumers with accurate car payment quotes instantly based on the vehicle they are interested in.
ACI Reports Laws Costly
A new ACI report explores the consequences of various state laws written to advantage automobile dealer franchises. Because many of these laws work to increase vehicle costs and set geographic restrictions that limit price competition, they serve to transfer income from the buying public to dealerships. Specifically, this report finds that American consumers collectively pay $47.5 billion more per year on the purchase of new automobiles due to regulations that limit dealership competition. Because there is a host of other dealer-friendly laws being enacted and proposed, the total harm to consumers is likely to be much higher than measured here. This raises a question — why do state legislatures act to advantage already profitable businesses at the expense of consumers?
Ally Financial Finances for Drive Motors
Ally Financial Inc. and Drive Motors today announced that they have entered into a strategic relationship naming Ally the preferred finance company for Drive Motors. The agreement provides Ally with the opportunity to receive consumer financing applications submitted digitally by dealerships using Drive Motors’ software, which is an e-commerce solution for dealership websites.
Drive Motors’ software seamlessly integrates as a native part of the dealer’s website so it becomes part of the overall online experience. The Drive Motors technology can incorporate the valuation of a trade-in and aftermarket products sales, as well as Ally financing. Customers need to go to dealerships to finalize paperwork and pick up vehicles; some dealerships offer vehicle delivery as well, adding even more convenience for consumers. Drive Motors facilitates over 1,000 vehicle sales a month, nationwide.
Dealers who are interested in a demo of the Drive Motors software, can visit the Ally booth (3248C) at the NADA Show in Las Vegas on March 22 through March 25, 2018.
MAXDigital, released new dealer research on the subject of turnover and sales processes. In conjunction with Erickson Research, MAXDigital surveyed nearly 400 dealers across the United States in January 2018.
MAXDigital, announced t a first-of-its-kind sales solution, MAX Path to Purchase. This innovative software removes hassle for customers and provides a streamlined car shopping process, resulting in more sales and higher profits. The new platform will help managers reduce sales staff turnover, keep sales teams within a customer-focused framework, and reduce haggling.
Key findings from the research include:
Turnover remains a problem for dealers. Nearly 80 percent of dealers in the study said turnover is an issue affecting their business, with 23 percent saying it’s a major issue.
Poor training and hiring processes contribute to turnover. According to dealers in the survey, inadequate or lack of training, and ineffective hiring processes were the biggest factors leading to turnover. Seven in 10 dealers said their salespeople have told them they don’t have enough training or information.
Hiring (good) salespeople is hard. Nine out of 10 in the survey said hiring good salespeople is difficult.
Dealers hire people with no experience. Seventy-six percent of dealers said they’ve hired people without automotive experience. And, 62 percent said they’ve hired people without sales experience of any kind.
High commission compensation still widespread. Ninety percent of dealers surveyed use high commission compensation, with 42 percent offering no fixed salary at all.
Dealers are looking to change their sales process. Four in 10 dealers said they’re considering changes to their sales process in the next 12 months.
- Moving to a more consultative sales process was the top change considered, followed by adding technology.
- Seventy percent of dealers in the study believe technology makes salespeople more successful and builds trust and confidence with customers.
- The top drivers for a new sales process are higher close rates and increased customer satisfaction index (CSI) scores. Employee turnover is also a driving factor with more than 50 percent saying a change in sales process would help retain staff.
- Many dealers are looking to adopt a low/no haggle pricing strategy. Four out of 10 in the survey said they are looking to adopt a low/no haggle pricing strategy.
“This study shows how dealers are re-examining their sales processes in order to align with the way customers want to buy,” said MAXDigital CEO Steve Fitzgerald. “Adopting a process that provides a streamlined car shopping experience will help dealers increase sales and profits and improve employee satisfaction and retention.”
Fitzgerald continued, “When salespeople are trained and equipped with product information, they’re more confident and able to do their job well. They’ll feel good and be more likely to stay long term.”
Nearly 400 U.S. dealers completed the survey in January 2018. Six 30-minute phone interviews were also conducted in February 2018. Respondents included General Managers, Dealer Principals, Used Car Managers, Owners, and Internet Managers.
DataOne & Kelley Blue Book
DataOne Software, a division of Dominion Enterprises and a leading provider of automotive data and software solutions, today launched its Kelley Blue Book® Values mapping product. With this launch, businesses utilizing both DataOne and Kelley Blue Book can seamlessly access the most up-to-date new and used-car value data by VIN.
Customers no longer need to link Kelley Blue Book vehicle valuations with the appropriate VIN-referenced vehicle. Our mapping product will streamline the process, creating a bridge between the vehicle data decoded with DataOne and the corresponding Kelley Blue Book IDs needed to determine vehicle valuation. This mapping works with all DataOne products and can be distributed with all delivery methods.
Dominion Dealer Solutions Dynamic Reports Portal
Dominion Dealer Solutions announced today the launch of its new Dynamic Reports Portal for direct marketing. The Dynamic Reports Portal presents a new window into the data that dealers care most about. Available across devices in the world’s most popular web browsers, the Dynamic Reports Portal provides fast, visual access to the four cornerstones of DMS-based marketing data: Service Revenue, Sales Revenue, Emails Sent – including engagement and performance, and Email Collection.
Dominion designed this new portal to provide every client with a dashboard view of their data plus the ability to drill down when needed. Each of the main data segments are reflected in its own widget along with top-level details for specific campaigns. The main dashboard also allows dealers to drill down to detailed reports, view granular statistics, and export data directly to their inbox.
Get a firsthand look at NADA Booth #3716C.
KEYPer GO Mobile Key Control with VIN Explosion
Last year, KEYper Systems formally announced the release of their mobile key management app, KEYper GO. The innovative new app brings the simplicity and convenience of KEYper’s industry-leading electronic key management systems right into your hands. Once the app is downloaded to your mobile device and paired with your KEYper key control system, you can view the status of all keys and assets in your business in real-time. With the touch of a button, keys can be selected for immediate checkout, or reserved to be picked up at a later time. If the key you need is currently checked out, KEYper GO will notify the current keyholder with an SMS message, letting them know you are looking for that key.
Now, KEYper® is revolutionizing mobile key and asset management once again with the introduction of KEYper GO’s newest feature – VIN Explosion. With VIN Explosion, managing your vehicle sales data has never been easier. Simply scan the VIN using your mobile device. Vehicle attributes (make, model, year, etc.) are then extracted and uploaded into the KEYper GO app, without the need for additional integration. Data can then be synced directly from your KEYper GO app back to your Electronic Key Management System. Eliminate the time spent inputting vehicle information manually, as well as the potential for data entry errors. In addition, vehicles can easily be added and deleted from your key system using the VIN Explosion feature.
Along with standard specs, KEYper GO with VIN Explosion also provides supplemental sales data for the specific make and model of vehicle (available interior/exterior colors, drive type, engine information, etc.). With that knowledge at your fingertips, you can quickly provide customers the information needed to make a decision.
“The ability to scan and pull VIN data for vehicles is a feature our customers have been requesting for some time, and we’re excited to be able to bring it to them.” – Ric Stone, President and CEO of KEYper® Systems.
J.D. Power Awards
J.D. Power will present seven awards to five automotive manufacturers at a luncheon for their cumulative outstanding performances in 2017 J.D. Power automotive studies. This marks the first time that J.D. Power will honor the overall consistency demonstrated by these pace-setting car companies.
The categories and honorees are:
Most Awards in Vehicle Dependability: Toyota/Toyota won seven awards for the following models: Avalon, Camry, FJ Cruiser, Prius, Prius v, Sienna and Venza.
Most Awards in Initial Quality: Kia The award measures vehicle quality by analyzing problems reported by owners in the first 90 days of ownership. Kia won five awards for the following models: Cadenza, Forte, Niro, Sorento and Soul.
Most Awards in APEAL: Audi, Kia, Porsche.The J.D. Power U.S. Automotive Performance, Execution and Layout (APEAL) StudySM is based on responses from new-vehicle buyers or lessees about how gratifying their vehicles are to own after the first 90 days. Audi, Kia and Porsche tie in the segment with three awards each: Audi for the A3, A4 and A7; Kia for the Cadenza, Niro and Soul; and Porsche for the Cayenne, Macan and 911.
Most Awarded Brand: Chevrolet. This honor recognizes the brand with the most cumulative model awards across the 2017 VDS, IQS and APEAL. Chevrolet won nine awards: four in VDS for Camaro, Silverado HD, Sonic and Tahoe; three in IQS for Silverado, Silverado HD and Sonic; and two in APEAL for Bolt and Tahoe.
Most Awarded Manufacturer: Toyota: This honor recognizes the brand with the most cumulative awards across the 2017 VDS, IQS, APEAL, Customer Service Index (CSI) StudySM and Sales Satisfaction StudySM. Toyota won 18 awards: 10 in VDS for Toyota Avalon, Toyota Camry, Toyota FJ Cruiser, Toyota Prius, Toyota Prius v, Toyota Sienna, Toyota Venza, Lexus ES, Lexus GS and Lexus RX; seven in IQS for Toyota Avalon, Toyota Camry, Toyota Corolla, Toyota Highlander, Toyota Sequoia, Toyota Tundra and Toyota Yaris; and one for Lexus being the highest-ranking luxury brand in CSI.
When consumers need loans for auto purchases, understanding their own credit risk situation matters. In its latest consumer automotive survey, Equifax Inc. a global information solutions company, analyzed automotive shopping and buying behaviors across prime and subprime credit buyers, as well as Millennial and Baby Boomer age groups. Among the key takeaways from the survey, prime and subprime Millennials expect to spend the same amount on their vehicles; and subprime Millennials say they are more aware of their credit situation compared with subprime Baby Boomers.
The online survey was conducted by Equifax during February 2018 and included more than 1,000 participants. Other findings:
- Prime Millennials (70%) and subprime Millennials (64%) are similarly likely to understand their credit situation;
- However, 78 percent of prime Baby Boomers are aware versus just 53 percent of subprime Boomers.
Equifax suggests this as an opportunity for auto dealers and lenders to empower subprime consumers earlier in the loan process through online shopping in regards to their credit risk situation. This educational opportunity may help avoid surprises at the dealership, which can lead to lost sales and lower customer satisfaction.
The survey also illustrated that subprime Millennials expect to spend the same amount on a vehicle, roughly $20,000, as their prime Millennial counterparts. However, subprime borrowers are less likely to negotiate (25% less likely) than prime counterparts.
Additionally, subprime and prime Millennials place a higher value on input from their family and friends when seeking advice on affordability before obtaining a loan versus Boomers. However, subprime Millennials (11%) are much less likely to rely on banks and credit unions versus prime Millennials (25%) when seeking input on vehicle affordability. Considering the number of “underbanked” individuals that fall into this subprime category, dealers should again look at this trend as an opportunity to help advise on the realistic price point for purchase given their overall financial picture and look at educating influencers as well.