NEWS & BLOGS
Press Releases & News
Listen-in on Brian Pasch’s PASCHON PODCAST with Rusty West. Brian and Rusty discuss the challenges facing automotive retailers and the importance of accurate and reliable data to accommodate discerning consumers, who expect immediacy in their shopping experiences.read more
Podcast: Reviewing 25 years of auto-finance technology developmentread more
PHOTO BY MIKE BAKER Car Data Dealer: MarketScan's Rusty West with 2002 Ferrari 360GT in Camarillo Office AUTOMOTIVE: Software makers partner to reach wider market. MarketScan, a Camarillo producer of automotive financing software, has forged an alliance...read more
“There are billions of dollars of rebates out there,” says Rusty West whose company, Market Scan, tracks them all. Steven Finlay | Feb 22, 2019 It was an automaker’s customer incentive to die for. Fiat Chrysler until recently dangled out a live-bait lure to...read more
Learn about what Market Scan is all about, including the mass amount of data that is tracked, and the only way to get a truly accurate car payment.read more
Market Scan Launches New Products, mProve Diagnostics, mPortal, and mDrive at NADA New Management Software will ensure a cohesive and consistent Customer Journey Online through In-Store while simultaneously improving Automotive Retailers’ Profitability mPortal allows...read more
CAMARILLO, Calif. and RICHARDSON, Texas (Jan. 22, 2019) - Market Scan and StoneEagle, two industry-leading dealership performance providers, today announced a strategic partnership to develop tools to improve dealer profitability and competitiveness and drive best...read more
CAMARILLO, Calif. and TORONTO (January 23, 2019) – Market Scan and Motoinsight, leading providers of technology solutions for the automotive industry, today announced they are forming a strategic relationship to further expand their reach across the United States....read more
Camarillo, CA (October 08, 2018) - On the cusp of the Digital Dealer Conference in Las Vegas, Market Scan is announcing that they will be powering Roadster’s new Express Desking solution with their mScanAPI technology that provides timely and accurate rates,...read more
(June 11, 2018) - Market Scan had built a solid, under-the-radar business on providing dealerships with desking software that helped them close deals. It added tools to help auto lenders be more competitive in specific markets. All was good. Then came the fintechs....read more
Steve’s Retail Corner
The Auto Retail Environment Has Never Changed So Radically. How Well are You Positioned to Succeed?
Automotive retailing is undergoing the most profound change in more than 50 years. The traditional “brick & mortar” dealership business model is no longer sufficient, in and unto itself. Sales transaction models are changing as more and more digital retailing power-players enter the marketplace.
It is consumers, of course, who are driving this change. Motivated by the pandemic and the “Amazon phenomenon,” consumer buying behavior, including yours and mine, has rapidly transformed. Ease of shopping (online and in-store), transparency, immediacy, consistency, and, of course, accuracy are key components for retail success today. A Google study released earlier this month finds that, among automotive consumers, “65% expect more online purchase options in the future.” Having the right online presence is more critical to your success today than is the $5-50 million facility that the factory required you to build.
Dealers able to provide consumers with an engaging and consistent digital through in-store retailing experience will clearly be the winners in this new environment. Those who fail to adapt are destined to struggle.
I have been in and around the car business for more than 40 years, 20 years as a Dealer Principal / Owner, and 11 years at the helm of Market Scan. I have seen plenty of change in my time, but never so pervasive or dramatic. This has created some incredible opportunities – and some significant threats.
At Market Scan, we are involved with several OEMs and hundreds of lenders; we power more than 40 technologies serving automotive retailing, and nearly 8,500 dealerships. We have dealers in our system who have grown their already solid businesses by more than 220%, during/post-COVID! Many great stories to tell. In spite of the challenges, it is also an incredibly exciting period for our industry.
One of those great stories is Prestige Volvo in New Jersey. When COVID hit, New Jersey was shut down. Dealer Principal Matthew Haiken was forced to lay off his sales department. At that time, Haiken had an online presence mostly designed to create interest and inquiries. However, Haiken realized that he had an opportunity to continue to operate by transforming his business into “an internet dealership,” fully set up to accommodate sales transactions.
“COVID-19 presented a challenge for every dealer in automotive retailing,” said Haiken. “When your sales showroom and the manner in which you do almost all of your sales gets shut down, you can feel sorry for yourself – or realize this is a massive opportunity. Being a small but nimble business, driven by creativity and a willingness to reinvent our business model – and how we actually accommodate clients – were key drivers. Couple that with the cutting edge technology and solutions that FRIKINtech and Market Scan offer and you have a powerful recipe. Objectively, we’re simply providing the consumers with the experience they have been looking for all along. Through this experience, we became the No. 1 volume Volvo dealer in the country, with 100% of deliveries [300+ per month] taking place at the customers’ homes. This would have been an absurd notion a year ago – but that’s the new normal for us.”
In future columns, I will do my best to relate more great stories, plus some advice based upon what we are seeing and what our experience tells us.
With Respect and Best Regards,
Stephen Smythe, Chief Executive Officer
at Market Scan Information Systems
Steve joined Market Scan as its CEO in 2009 after 30 years in the retail automobile business, bringing extensive knowledge of the industry and what it takes to sell and lease automobiles. In his career, he spent 20 years as a Dealer Principal/Owner, operating multiple dealerships in major U.S. metro markets including Los Angeles and Washington, D.C. Among the brands his dealerships represented were Mercedes Benz, Toyota, Volvo, Bentley, Rolls-Royce and Acura. Today, the University of South Florida alumnus leads all non-technical aspects of Market Scan’s business.
Market Scan combines science, technology and data to provide industry leading solutions that enable OEMs and lenders to maximize their market penetration through analytics, and empower dealers to achieve digital retailing supremacy. Market Scan solutions help companies optimize their competitiveness and profitability, as well as deliver an enhanced consumer experience.
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