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Interview with Mike McFall, President, Veretech LLC |
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AWARE™ Leadership Series: "Advance and Manage Your Career" |
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Wayne Huizenga - Builder of Multi-Billion Dollar Enterprises |
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GM Names Nick Cyprus as Chief Accounting Officer |
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Cox Auto Trader Chooses Joe George as VP of Strategy, BizDev |
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Alice Miles Appointed VP, Global Data Acquisition at Polk |
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John Thompson Named South Central Region Sales VP at LeasePlan |
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Jill Wagner Promoted to VP and GM at Mosler Automotive |
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Joel Ayres Receives SEMA's 2006 Person of the Year Award |
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MADD Turns to Technology in Campaign Against Drunk Driving |
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Roger L. Butterwick, CEO, ATC-Onlane, Inc. |
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Click here to view all executive interviews
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Automotive Diagnostics Product Manager |
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on automotivedigest.com |
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Interview with Mike McFall, President, Veretech LLC |
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President |
Veretech LLC |
Contact Info:
mike@intelliprice.com
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After launching his career in advertising and media sales, Mike McFall earned an MBA at George Washington University. This prepared him for progressively more responsible positions in marketing at General Motors in Detroit. During his ten-year career there, he is credited with developing new leasing products, a repositioning of the GMAC brand, and the industry’s first fully functional online credit application process.
He later employed his online experience to create a winning e-commerce strategy for AutoNation. As VP of e-business development, he guided a strategy that generated more than $1.5 billion in measured new car sales. He also proposed and negotiated the acquisition of AutoVantage which operates as a profitable subsidiary and complements AutoNation distribution and market reach.
Having established an entrepreneurial track record, McFall went on to form Veretech, LLC with Michael Sheinson, President and CEO of Fleet Lease Disposal, and Art DeLaurier, his AutoNation partner who now serves as company CFO. This new profitable venture offers a winning solution for both consumers and the retail auto industry by providing realistic trade appraisal information through major auto retailer, Internet portal and manufacturer Web sites.
McFall lives in Florida with his wife Denise and two sons.
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Ted: Mike, you have been involved in using the Internet for auto retail for more than 10 years...in that time, what have you learned that will help our readers today?
McFall: I would like to thank you again for the opportunity to participate in this forum. After many years in this industry, I believe that success hinges on whether the store process works effectively. This may sound simple but too many dealers get caught up in the latest trend and forget the fundamentals. Fight the temptation to focus energy on fads. What works is really simple … what I call the three "M" main ideas of Internet success.
- Management - either you are in or out. Management commitment starts with a vision for success and clear goals for ROI which are expressed to everyone in the store. It’s that simple.
- Measurement - if everyone knows the goal then you can share the success or fix the failures. Your MOR meeting should devote at least 10 minutes to Internet metrics, which ultimately are cost per sale and ROI.
- Money - pay plan dictates behavior and success. Link every dollar of compensation to a successful action.
Ted: What Internet practices today impress you, and why?
McFall: Auto retailing is more challenging today than ever before because margins are low, inventory turnover is excessive and there is no organic growth. In my opinion, the best retailers are intent on taking share away from other dealers. We know customers will always shop around, and the Internet makes this easier than ever before. I believe smart dealers look for ways to steal share, not by purchasing all of the leads in the market, but by working those leads aggressively. Even if your close rates are less than 5%, every incremental sale counts.
Ted: So, how are dealers taking away share from others?
McFall: There is no single solution, but I see at least three ideas working to increase share.
- Every prospect is treated as a revenue opportunity and a potential customer. Skimming through leads, failing to contact customers and dropping unresponsive prospects is a waste of resources. Cut back on lead purchases by optimizing the lead mix for greatest quality first, and then insist that the Internet department deliver. If they can't, make a change in staffing or move the leads to the floor.
- Think about the total gross opportunity in every deal, which includes the new car margin, F&I and the trade. Leaving the trade as the last item of negotiation is a sure recipe for losing too many deals because it is tied to all other aspects of the purchase. Customers need that trade equity or they need your help to overcome a growing negative equity problem that prevents a sale.
- Clever sales managers use the Internet to extend the reach of their dealership beyond the typical trading area. They offer special rewards to sales people who close customers from out-of-market and they include coupons and incentives to draw customers in. They also work former customers with loyalty programs. Again, these are fundamentals but these ideas can work.
Ted: Switching gears for a moment, one of the topics at the recent J.D. Power roundtable was the eminent demise of newspapers. Do you agree with this assumption?
McFall: Absolutely not. I remember a few years ago when Internet pundits predicted the demise of the dealer, and while our industry may be under some stress today, we are not on the brink. Neither are the newspapers. We know smart dealers are migrating their investments from traditional media to Internet, but many have found ways to blend traditional marketing media with new media. One example is promoting your Web site in newspaper advertising. It's surprising how many dealers miss this simple ploy.
Ted: Please tell our readers about Black Book Online and what it does for dealers.
McFall: Black Book Online is an Internet-based trade-in appraisal service that is posted at a dealership's Web site. Consumers visiting the site can click on the Black Book Online icon to request an appraisal of the vehicle they plan on trading when they make a new or used vehicle purchase. To receive the appraisal, consumers are asked several questions about the car and its condition. They are also asked to provide some contact information. In less than a minute, the consumer receives an estimated value for the vehicle. At the same time, the dealership receives the contact information and can initiate communication with the consumer.
Our method of presenting the estimated trade value as a price range gives the dealer some room to adjust the actual offer provided at the time the trade is evaluated in person. The pricing information is provided by Black Book, one of the oldest and most respected sources of used vehicle information in the industry. Because the valuation so accurately reflects a vehicle’s trade-in value, including local market conditions, the consumer’s expectations are set at a reasonable and realistic level.
If the consumer is proceeding with an incorrect trade-in estimate and the vehicle is appraised for less at the dealership, it can create a negative experience. Black Book Online's accurate pricing information prevents this from occurring and sets the stage for a more satisfactory customer experience.
Black Book Online also enables dealers to generate more leads from their individual Web sites. Leads generated by Black Book Online have proven to be valuable, with excellent closing ratios.
In addition, consumers requesting an appraisal from Black Book Online are not directed to a third-party site, as they are by competitive services. This increases the length of their visit to the Web site.
Ted: What does Black Book Online do for automotive consumers?
McFall: Establishing an estimated value for the trade-in vehicle is an essential part of the online car shopping process. It provides consumers with a more complete financial picture before visiting the dealership. By offering pricing information that is among the most accurate available, the consumer gets a very clear picture of the trade-in value that will match up with the evaluation eventually provided by the dealership.
A dealership evaluation of a trade-in that is lower than what the consumer was provided in their research can lead to misunderstanding and mistrust. Black Book Online helps consumers to avoid this problem – and it's a problem that occurs quite often.
Ted: How does Black Book Online differ from the competition?
McFall: On the whole, we believe that Black Book Online offers much more accurate trade-in evaluations than our competition. Our model, which is really unlike that of any of our competitors, creates a high value sales lead for the dealership with each appraisal provided. This allows dealers to initiate contact with prospects who have given their permission to do so.
We also provide some additional services to our dealership customers that enable them to more effectively and consistently follow-up on the leads they receive. These extra services also help the dealer initially respond to the incoming lead promptly, which is vital in converting prospects to buyers.
Because of the way Black Book Online is priced, we also offer a superior return on investment to our dealership customers. We already have 2,000 dealerships using our service, and we continue to grow rapidly. Our customers constantly tell us that our service is working very well for them. This is borne out by our excellent customer retention rates.
Ted: What are some of the other products and services that Veretech offers?
McFall: We also provide Intelliprice, an online trade-in appraisal service, to automakers for use at their Web sites. Consumers visiting the site can click on the icon to request an estimated value for the vehicle they plan on trading-in. To complete the request, the consumer provides some information about the vehicle and its condition. Consumers are also asked to provide some contact information.
In less than a minute, the consumer receives an estimated evaluation for the vehicle presented as a range. Simultaneously, the contact information is sent to a dealer in the consumer’s local market. As with Black Book Online, this enables the dealership to initiate communication with the prospect. Intelliprice also utilizes pricing information from Black Book.
Ted: Tell us a bit about your background – what did you do before Veretech?
McFall: I spent over 10 years with General Motors earlier in my career, mostly with GMAC, the company’s financial arm. While I was at GMAC, I headed-up several efforts to develop new products, reposition the GMAC brand and the industry's first fully functional online credit application process.
In another position, I was VP of e-business development for AutoNation. During my tenure at AutoNation, I was charged with developing and executing their online marketing and sales efforts. We were pretty successful with this strategy, as it generated more than $1.5 billion in measured new vehicle sales.
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Tim Weaver, VP Marketing and New Product Development, Dealix Corporation |
56% of Leads Convert to Sales. Did they buy from your dealership?
A new study by R.L. Polk and The Cobalt Group found that 56% of 1.1 million Internet leads studied resulted in a sale. Dealix aggregates high quality leads from the top sites on the Web, including: Edmunds, AOL Autos, Motor Trend, Kelley Blue Book, Yahoo Autos, IntelliChoice, AutoTrader.com, MSN Autos, and hundreds more, to connect you with serious car buyers. Don’t lose these sales to a competitor! Find out how many buyers are in your target market instantly with the Dealix On-Demand Lead EstimatorSM. Select your franchises, set the size of your territory, and...
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AWARE™ Leadership Series: "Advance and Manage Your Career" |
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When: December 5, 2006, 10:00 am – 12:00 pm
Where: NORTHWOOD UNIVERSITY
1114 West FM 1382
Cedar Hill, TX 75104
Phone: 972-291-1541
Website: http://www.northwood.edu/tx
Registration:
Online: http://www.awareforwomen.org/register.htm
Email: CarylH@awareforwomen.org
Phone: 813-657-4906
Why this seminar is particularly significant and important for automotive executives: AWARE (Advancing Women in Automotive Retail Enterprises) is an organization that is making a substantial impact and contribution to the development, education and advocacy of female executives in the automotive industry. This seminar is one of many sponsored by AWARE where attendees share stories, experiences and insight about their careers. This seminar is another opportunity to learn what has inspired these remarkable women to achieve their current positions and to gain their wisdom to help you advance and manage your career. This is and will be a place of power and influence. Great place for women in automotive retail to network, too.
AWARE is the industry’s first independent not-for-profit organization dedicated to the promotion and advancement of women in the retail automotive industry. AWARE helps women advance in their careers, develops the next generation of leaders, and serves as a resource for women and the retail automotive industry. For further information, please visit http://www.awareforwomen.org.
Who will be talking?
A career panel of successful women, who are AWARE members from the automotive industry in Texas, will be featured speakers at this event. Ava Skipworth, General Manager, Saturn of Mesquite from Mesquite, Texas ; Rebecca Barksdale, Director of Advertising and Marketing, Allen Samuels Auto Group from Fort Worth, Texas and Paula Swann, Managing Partner, Swann and Partners from McKinney, Texas. Career panel topics under the theme “Move Your Automotive Career Forward” will include Skipworth’s “Capture Endless Opportunities,” Barksdale’s “Build Your Network,” and Swann’s “Plan Your Career by Finding Your Passion.” Steve Brazill, Chairman, Automotive Marketing, Northwood University will open the session.
Who will be in the room?
Put simply, probably the next generation of leaders in the retail automotive industry -- women, and some men, from dealerships, remarketing, aftermarket, parts and service, customer service, F&I, and general management. These are people out to establish the new car culture of the future. AWARE (Advancing Women in Automotive Retail Enterprises) recognizes the need to open new doors to exciting careers in the automotive industry, hire more women, and build the next generation of leaders.
The Northwood Campus is the place:
The Texas campus, first opened in 1966, is in the heart of the Dallas/Fort Worth Metroplex. The 350-acre campus is situated atop the highest point in the Dallas/Fort Worth area on some of the most rugged terrain in north-central Texas. Its cedar-covered hills and valleys were once the site of overnight campgrounds for cattle drives headed to market.
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Wayne Huizenga - Builder of Multi-Billion Dollar Enterprises |
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Born in 1937, and the son of a Dutch immigrant, Wayne has referred to his childhood in the Chicago suburb of Evergreen Park, IL, as "austere and disciplined." The family's fortune rose and fell and, after a stint in college and the U.S. Army Reserves, Huizenga migrated to Fort Lauderdale, FL, (1960) where he started the first of several successful businesses. He began with a one-truck garbage pickup, which grew into a company well-known as Waste Management. As revenues swelled, Huizenga took the company public (1971). Huizenga left Waste Management (1984) and became an investor and senior officer of Blockbuster Video, building it to some 10,000 locations across the US.
With proceeds from his nationwide movie rental chain, Huizenga was to initiate four new publicly-held companies including the No. 1 megadealer, AutoNation, Inc. (1995) in Fort Lauderdale, by purchasing two Ford stores with his friend Jim Moran (JM Family Enterprise). Buying up dealerships and opening used-car mega-stores, Huizenga is heralded in Detroit circles as the visionary who created the concept of integrated, nationwide auto dealerships. Relentless, and often hard-hitting, Huizenga purchased the Florida Marlins (won 1997 World Series) and the Miami Dolphins football team along the way. Once regarded as an icon in South Florida, Huizenga turned over the everyday reigns of AutoNation to current CEO Mike Jackson (2002). He is a 2006 inductee into the Automotive Hall of Fame.
Wayne Huizenga says: "People are what determine your success in the future. Surround yourself with good people and you won't fail."
Management sound byte: Being in the right place at the right time, and hiring the right people to execute, and that's the same in sports as it is in business.
Contact: You may contact Wayne Huizenga through AutoNation, Inc., 110 S.E. Sixth Street, Fort Lauderdale, FL 33301 (954) 769-7000 or www.autonation.com.
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GM Names Nick Cyprus as Chief Accounting Officer |
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General Motors recently named Nick Cyprus as its new Chief Accounting Officer. He had previously held the same position at AT&T. GM has restructured its accounting operations following a probe by financial regulators, and still faces investigations from the Securities and Exchange Commission on issues ranging from how it recorded payments from suppliers to the accounting of sales of precious metals and raw materials.
www.gm.com
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Cox Auto Trader Chooses Joe George as VP of Strategy, BizDev |
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Atlanta-based Cox Auto Trader recently announced that Joe George has been appointed VP of Strategy and Business Development. He had most recently been an SVP at the company. George will be responsible for maximizing value and implementing synergies across Cox Auto Trader companies as well as identifying potential partnerships and business alliances across all of Cox Enterprises' subsidiaries.
www.coxenterprises.com
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Alice Miles Appointed VP, Global Data Acquisition at Polk |
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RL Polk & Co recently announced the appointment of Alice Miles as Vice President, Global Data Acquisition. She previously served as Director, Corporate Business Strategy for Ford Motor Company. In her new role, Miles will be responsible for managing and facilitating ongoing data acquisition efforts worldwide.
www.polk.com
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John Thompson Named South Central Region Sales VP at LeasePlan |
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LeasePlan USA recently named John Thompson as Regional VP, Sales for the South Central region for the mid-market group. Previously, he was with the acquisition group, which focuses sales efforts on fleets of 1,500 or more. In his new role, Thompson will be responsible for developing new business in northern Texas, Oklahoma, Missouri, Kansas, Colorado and Nebraska. Thompson has 30 years of industry experience, including over 10 years with LeasePlan.'
www.us.leaseplan.com
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Jill Wagner Promoted to VP and GM at Mosler Automotive |
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Mosler Automotive recently announced the promotion of Jill Wagner to Vice President and General Manager of Operations. She had previously served as the company's Purchasing Manager. Wagner's new duties include production management, as well as coordinating vehicle manufacturing with worldwide sales, distribution and marketing.
www.moslerauto.com
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Joel Ayres Receives SEMA's 2006 Person of the Year Award |
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Joel Ayres, National Marketing Director of the Leer Division, Truck Accessories Group (TAG), Inc. was recently honored by the Specialty Equipment Market Association (SEMA) with the 2006 Person of the Year Award at the SEMA Show's Industry Awards Banquet in Las Vegas. This award honors individuals recognized for their distinguished service to the trade association and the specialty equipment industry. Ayres has been in the truck accessory business since 1972.
www.sema.org
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MADD Turns to Technology in Campaign Against Drunk Driving: |
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'One for the Road' seeks each week to find, feature and share a quote from a leading automotive executive that is timely, insightful and substantive.
"If we can't stop drunks from driving, we'll stop vehicles from driving drunks."
- Glynn Birch, President, MADD
Sourced From: The New York Times; Detroit News, November 20-21, 2006
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