Calculating Penny Perfect Payments

Calculating penny perfect payments is essential to providing automotive buyers with a seamless customer experience. So why is it the exception and not the norm?

Listen as EVP of OfferLogix, Aaron Bickart, discusses how the customer experience is evolving in the automotive industry and the importance of providing accurate and compliant penny perfect payments to each customer along their buyer journey.

Enhancing the Customer Buying Experience

As the automotive industry continues to evolve, so does the customer buying experience. Buyers now want a seamless, Amazon-prime like experience when shopping for vehicles.

In this interview with Jim Fitzpatrick of CBT Automotive News, Aaron Bickart, Executive Vice President and General Manager of OfferLogix, discusses the importance of vendors providing a seamless customer buying experience and how OfferLogix solutions enhance the customer experience and drive ROI.

Disrupting the Digital Retailing Status Quo

Digital retailing, powered by automotive fintech, is here to stay. But not all fintech solutions are built equally. Watch as Aaron Bickart, EVP/General Manager of OfferLogix discusses key differentiators between automotive fintech solutions with Jim Fitzpatrick of CBT News and how OfferLogix is a proven automotive fintech disruptor.

The Future of Digital Retailing

Last year saw an accelerated shift to digital retailing in the automotive industry. Listen in as Aaron Bickart, EVP/GM of OfferLogix discusses the current state of the automotive market, the future of digital retailing and how OfferLogix is rising to meet the demands of the current market.

OfferLogix featured by Automotive Ventures as a Must See Company at the 2021 NADA show

OfferLogix featured as Must See Company at the NADA 2021 show

Another feather in our cap! We are excited to be featured by Automotive Ventures as a Must See Company at the 2021 NADA show. “We are honored and humbled by the feature. OfferLogix is the leader in lease and finance payment calculations for AdTech vendors, OEMs and online portals. Features like these are a testament to our innovative technology and ability to rise to meet the demands of today’s automotive market,” says Aaron Bickart, EVP and General Manager of OfferLogix.

“COVID-19 accelerated consumer appetite for shopping online, and the demand for online shopping and buying experiences in automotive have leapt forward. One of the hidden secrets of the industry is OfferLogix, a company powering many of the online Digital Retail experiences, and they’re gaining more and more traction with ever passing month. This is definitely a company that the industry should be watching.”

Steve Greenfield, CEO/Founder
Automotive Ventures, LLC

OfferLogix featured as a Top 10 Company To Watch in 2021

OfferLogix Featured as a Top 10 Company To Watch in 2021

As the pioneer in lease and loan payment advertising for dealers, OEMs and online portals, we are excited and honored to be featured as a Top 10 Company To Watch in 2021 by AutoSuccess Magazine.

Our FinTech Powers Your AdTech

Think it’s impossible to advertise to-the-penny payments on every vehicle you sell? Think again. Listen as OfferLogix Executive Vice President Aaron Bickart discusses how to leverage FinTech and seamlessly power your advertising technology.

Dynamic Payments Made Simple

Calculating automotive payments does not have to be a challenge. Listen as OfferLogix Executive Vice President talks dynamic payments with CBT News.

OfferLogix featured on CBT News

Automotive digital retailing is here to stay. Innovation in the automotive digital retailing space is at an all time high and today’s consumer expects digital retailing to be the norm and not the exception. Our EVP/General Manager discusses how OEMs and dealers can leverage technology to deliver a seamless customer experience.

Think Outside the Lot

Think Outside the Lot

Automotive retailers with brick-and-mortar stores as well as online portals can no longer dismiss digital retailing. Small auto dealers are increasingly having to compete against much larger dealers/groups and innovation can level the playing field. In the past, word-of-mouth and exceptional customer service have helped many small auto dealers as well as large dealers. Today, auto dealers need to showcase their products on multiple mediums to reach customers as opposed to consumers coming directly to the actual dealerships, which was how things used to work.

What is digital retailing?

Digital retailing involves the sale of products or services through the internet. What makes this type of retail important is that it does not rely on a physical location to help create the sale. Instead it relies heavily on digital distribution channels and e-commerce related software to filter the consumer through the buying process. These types of channels include consistent social media, e-newsletters, pay-per-click ads, display ads, etc.

Digital retailing advantages

So, you may be wondering why digital retailing is so important. One of the biggest reasons digital retailing has become so popular is because it allows for easy and clear incentives. Here are some of the more popular types of incentives auto dealers can offer:

Cash Incentives (depending on OEM (Original Equipment Manufacturer) – cash allowance can be used towards a purchase or a lease or both.

  • Lease Incentives-
    • Lease Cash – used to reduce the lease payment similar to a down payment
    • Lease Rate (APR or Money Factor) – rate support from the OEM or bank
    • Lease Residual Support – residual is the value of the car at lease end. It is typically a percentage of the MSRP.
  • Finance Rate Incentives –
    • Manufacturer or Bank supported APR (0.9% APR for 72 months)
    • Down Payment Assistance – Cash that accompanies the supported APR % (Example; 0.9% APR for 72 months plus $1,500 DPA).
    • Payment deferral or waiver – Offered by the financial institution or OEM.
  • Customer Cash Incentives-The different types of customer cash incentives have different compatibility/stackability rules. The cash allowances can be offered on an OEM’s entire model line, a specific Year/Model/Trim/Body Style/Engine/Drive Type/Option Package or even specific paint code.
  • Dealer Cash Incentives- This type of cash offer is given to the dealer by the manufacturer to use at their discretion.

Digital Retailing and the Auto Industry

One of the biggest leaders in the digital retail space is the automotive segment. That’s because digital retail provides an easier way for consumers to begin the auto buying process. They won’t encounter a hovering salesperson watching their every move and putting pressure on them to make a decision. Digital retail offers the most effective way to convert people searching your website to bona fide leads and transactions. It’s safe to say that digital retailing for auto sales is exploding.

With these leads come a wealth of information. For the auto sales industry that means gathering information about monthly payments, down payments, trade-in choices, and finance and insurance options. No worry if the consumer backs away from deals. The insight gathered from this data can influence the types of campaigns targeted to those consumers to re-engage them in the buying funnel. The once tried and true “call us” CTA has easily evolved to “buy online.”

Defined and non-defined Models

Until now, the customer moved through a traditionally defined system or model when purchasing a vehicle online. Often, the consumer would start with a third-party auto-buying website such as Autotrader for research on make, models, trims etc. However, the majority of the buying process would be completed with a salesperson during an in-store experience. While this was a type of digital retailing, it didn’t have the success of the current digital retailing model.

In today’s digital world, the consumer takes charge during the non-defined model. They don’t even speak with a salesperson in the early stages of this process. The consumer follows the prompts and is led through a process that offers them ideal pricing down to a VIN with the appropriate rebate or incentive, trade-in options, monthly payment schedules with various down payment scenarios, auto accessory variables and protection programs applying for credit, which ultimately give the consumer the perfect penny payment. This is all accomplished online and without actually speaking to anyone at the dealership.

Innovation in the automotive digital retailing space is at an all time high. Not only are customers able to research car models and options but they are also able to begin, and sometimes complete the buying process online. This innovation is driven in part by newer technology but also by changing consumer behavior. Yet innovation has outpaced adoption. Studies show consumers prefer a digital retailing experience that seamlessly moves them through the buying process especially as it relates to nailing down financing and exact monthly payment. Technology is the ultimate equalizer. OEMs and dealers that can adequately provide a seamless digital retailing experience will be the better for it.