$99 Corollas, Plinko and More, Car Insurance Through The Roof, Live From Amplify 24

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It’s a travel Tuesday as we head to Virginia for the Reynolds Retail Summit and then Florida for the NAMAD Conference. Today we’re talking about the buzz our friends at Rohrman Toyota are making with creative marketing campaigns, why car insurance premiums keep going up and check in at Amplify 2024 with Kyle Mountsier and Reynolds CMO Greg Uland.

Announcement

• New Auto Collabs episode - Changing the Culture Through An Employee Stock Ownership Plan with Bethany Sobczak, Corporate HR Director at Fitzgerald Auto Mall
• Automotive Amplifiers Aug- NAMAD Aug - VeeCon -  Vincue Unleashed Sept - ATAE Comms Nov

Show Notes with links:

• Bob Rohrman Toyota in Lafayette, Indiana, is shaking up car sales with creative and fun promotions that attract customers and boost employee morale.
  • Zac Kinch, Rohrman Toyota’s GM, has created marketing campaigns for customers to engage in fun activities like dunk tanks, mechanical bull rides, and Plinko games for discounts and prizes.
  • These events, like offering a $99 Corolla during Black Friday, lead to significant sales increases, with one event selling 34 vehicles in a day.
  • The engaging atmosphere has created higher employee retention, doubling the average tenure of sales staff from 3.1 years to 6.6 years.
  • Event videos are widely shared on social media, with some videos reaching over a million views
  • “Buying a car shouldn’t have to be miserable," says Kinch, emphasizing the positive impact on both staff and customers.

• Auto insurance rates have risen 15% in the first half of 2024 to average annual premium of $2,329, with predictions indicating a 22% total increase by year-end.
  • Maryland holds the highest average rate at $3,400 annually, while New Hampshire is the lowest at $1,000. States like California, Missouri, and Minnesota could see increases this year exceeding 50%.
  • Repair costs, particularly for ADAS-equipped vehicles, are a major driver, with repairs costing up to 38% more over the past five years.
  • The rising rates are due to a combination of significant underwriting losses, increasing vehicle repair costs, and the growing impact of severe weather events. Additional factors like aging vehicles, legislative changes, higher theft rates, and economic pressures are further driving up premiums.
  • "As we experience tornadoes, hail, and flooding in places where they weren't necessarily a major threat before, the increased frequency and severity of these events will need to be considered in pricing," said Betsy Stella, VP of Carrier Management at Insurify.

• Kyle is already at Reynolds and Reynolds Amplify 2024 and is live with Reynolds CMO Greg Uland.

Hosts: Paul J Daly and Kyle Mountsier

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