GNYADA April 2016 Newsletter

Social Media Dos and Don'ts for Dealers

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where all this info should be con- tained as well.

channels, don’t let them become dor- mant. It may be easy to let weeks go by without checking your accounts, but this sacrifices valuable time in customers’ newsfeeds. It also makes your business look unorganized. Thankfully, some platforms allow you to strategically time posts and updates, so several can be “back- loaded” in.

If your dealership already has a presence on platforms like Facebook, Twitter or Instagram, you probably know what a great shot in the arm they can be for your business. Here are the top ways you can use social media to boost business, along with some tips for avoiding common misuses: 1 Post a steady flow of pictures and videos that showcase your vehicles. Not every business has the same opportunity to frequently feature bright, colorful visuals online. Take advantage of this. Even videos shot with smartphones go a long way. Think of them as virtual walk- throughs of your dealership, enticing social viewers to come for a visit. 2 Don’t leave basic information out of your dealership’s social profiles. (Address, phone number, hours of operation, customer service email address — even driving directions to your store.) Also, feature a prominent link to your dealership’s website,

3 If you run promotions or specials, announce those discounts regularly on social media. Consumers naturally react stronger when they have a chance to save money. Although, be wary not to inundate your social fol- lowers with constant advertisements, particularly when there’s no special offer. The last thing you want is for people to unfollow you because they feel bombarded. Posting photos, updates, and info about special events is a nonaggressive form of advertis- ing, and a good fit for social media. 4 Publically engage customers and address criticisms. Designate a knowledgeable employee with strong social media skills to be your admin- istrator here. Quick answers to ques- tions and a helpful approach to objec- tions can shine a positive public light on your dealership.

Auto Dealer Advertising Rules & Regs May 25, 2016 10am-12pm Center for Automotive Education & Training

Save the Date: New Seminar

15-30 Petracca Place, Whitestone NY 11357 To register, contact Phyllis: phyllisA@gnyada.com/718.746.5900

5 If you’re going to have social

Experian Reports Increase in Vehicle Financing Dollars

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The average amount financed for a new vehicle rose by $1,170 year over year, and average monthly payments increased from $482 to $493, accord- ing to the latest numbers published by Experian Automotive.

The average interest rate for a new vehicle loan was 4.63%, versus 8.78% for used. 29% of new vehicles and 16.4% of used vehicles had loan periods between 73 and 84 months. Experian speculates that the bump in loan amounts is occurring because consumers are relying on leases and used-vehicle purchases, in order to stay within their budgets. In line with this trend, consumer leasing also n n

accounted for 50.7 percent of all new vehicle financing in New York; also worth noting, used-vehicle loans accounted for nearly two-thirds of all vehicle financing. Q4 also saw extensions in loan terms. The average loan terms for both new and used vehicles stretched by one month each, versus Q4 2014.

Additional findings reflected in Experian’s data:

Reliance on financing continues growing – 85.9% of all new vehi- cles and 54.7% of all used vehicles were financed.

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Greater New York Automobile Dealers Association • www.gnyada.com

The Newsletter • April 2016 11