DealerSocket
Company: DealerSocket, San Clemente, CA
Entry Submitted By: Laura Truex
Company Description: More than 30,000 users at over 500 auto dealerships throughout the U.S., Canada, U.K. and Australia now leverage DealerSocket's CRM solution to optimize and manage marketing activities, sales processes, customer satisfaction and retention, and service department operations. DealerSocket has won numerous industry awards since being founded in 2001 and is based in San Clemente, California.
Nomination Category: Sales Department Categories
Nomination Sub Category: Sales Department of the Year - Computer Software
Nomination Title: Novel Sales Approach Enables DealerSocket to Thrive in Struggling Vertical Market
1. Tell the story about what this nominated department achieved since the beginning of July last year (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:
Obstacles Overcome: Maintaining Growth and Increasing Revenue in Struggling
Vertical Market
Accomplishments: Bold Sales Initiatives Enable Auto Dealers to Survive and
Thrive; Lead to DealerSocket's Continued Award-Winning Growth in Down Market
This year, a perfect storm swept through the American automotive industry.
Low consumer confidence, a tough credit market and the struggles of the Big 3
Detroit automakers severely impacted nearly all auto-related businesses, with
auto dealerships being particularly hard hit. According to The National
Automobile Dealers Association (NADA), an estimated 700 dealerships are
expected to close before the end of 2008.
Long before the critical state of the industry and subsequent impact on the
dealer market became common knowledge, leading automotive CRM provider
DealerSocket had already developed and introduced numerous solutions to assist
its dealer client base. Since its founding in 2001, the company's steady
growth and success (illustrated by 6 years of consecutive profitable quarters,
recent expansion into non-U.S. territories and countless industry awards) has
been based on its commitment and ability to adapt to address the evolving
needs of its dealership client base.
Since July 1, 2007, DealerSocket has introduced a series of cost-saving
measures enabling dealers to not only survive, but also continue to thrive and
grow during these rough economic times. These measures not only enabled
dealers to increase both sales and service revenue, but also led to
DealerSocket's continued award-winning growth and success when nearly all
competitors in the automotive CRM market were experiencing a decrease in both
revenue and employee headcount. With Vice President of Sales Matt Redden at
the helm, DealerSocket's Sales Department led the charge on these bold
initiatives.
DealerSocket Sales Department Achievements since July 1, 2007:
• 41% revenue growth in severely down market
• 400% increase in Sales Department employee head count
• Averaged 1 new dealer customer per day over a one year period
• Introduced industry first a-la-carte sales approach to its DealerSocket CRM,
enabling dealers to choose from Sales, CSI, Marketing or Service components to
achieve immediate ROI and increased profits
• Refocused sales department: increasing role of inside sales team for
majority of needs analysis and lead qualification, enabling top performers to
go from closing average 2 sales to 5-7 deals per month
• Introduced MoneyMaker, enabling struggling dealers to decrease cost and
increase revenue by mining their own data for leads
• Surpassed 30,000 DealerSocket CRM system users
• Expands into Canada, U.K. and Australia
• Records five-year revenue growth of 4,529 %
• Continuous revenue growth leads to DealerSocket being named one of the
fastest growing Companies in North America by Deloitte & Touche for 3rd
consecutive year
• Named Best Overall Company in 2008 Stevie International Business Awards
• Records 6 years of consecutive profitable quarters
• Over 500 dealerships and 20+% of top dealership franchise customers,
including Van Tuyl, Larry H. Miller, Ken Garff, Findlay, Penske, Mossy and
Hendrick Automotive
2. List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: Begin each link with http://, and enclose each link in square brackets; for example, [http://www.youraddress.com]:
As was the case in each previous year since its founding in 2001, this year,
DealerSocket received extensive press coverage, and numerous awards and
accolades for its exceptional growth and ongoing commitment to the retail
automotive industry. Comprehensive coverage can be found at
http://www.dealersocket.com/about/news.html.
Highlights include:
DealerSocket Continues Growth; Recognized Once Again As Fastest Growing Company
http://www.dealersocket.com/about/deloitte_touche_fast50.html
90 Auto Dealerships in 90 Days Choose DealerSocket CRM
Dealers cite high level of accountability, increased ROI and ease of use as
deciding factors
http://www.marketwatch.com/news/story/90-auto-dealerships-90-days/story.aspx?guid=%7BF5C86D8A-638A-4952-B78B-D8D4E5ECD2E8%7D&dist=hppr
DealerSocket Ranks #37 on Deloitte & Touche 2007 Technology Fast 500 Annual
List of Fastest Growing Companies in North America
http://www.deloitte.com/dtt/cda/doc/content/us_tmt_Technology%20Fast%20500%20Article_102307.pdf
DealerSocket Ranks #2 on Deloitte & Touche Annual List of Fastest Growing
Companies in Orange County - 4529.4% Growth
http://www.deloitte.com/dtt/article/0,1002,sid%253D56072%2526cid%253D177037,00.html
DealerSocket Receives Multiple Awards for Growth
http://www.dealersocket.com/news/PressReleaseDealerSocketGrowthFINAL091307.pdf
DealerSocket Wins Best Overall Company in 5th Annual International Business
Awards(SM)
http://www.istockanalyst.com/article/viewiStockNews/articleid/2379368
DealerSocket Continues to Experience Steady Growth as Auto Dealerships
Leverage Company's CRM to Recession-Proof Businesses
http://www.prnewswire.com/cgi-bin/stories.pl?ACCT=109&STORY=/www/story/06-17-2008/0004833604&EDATE=
Video: High CSI Scores Enabled by DealerSocket CRM Key to Revenue and Profit
in Current Auto Dealership Marketplace
http://www.reuters.com/article/pressRelease/idUS115419+15-Jul-2008+PRN20080715
Top Dealer Improves Sales and CSI with CRM
http://www.dealersocket.com/about/topdealerimprovessales.html
3. Provide a brief (up to 100 words) biography about the leader(s) of the nominated sales organization:
Matthew Redden
Vice President of Sales
As Vice President of Sales for DealerSocket, Matt drives sales through a
unified approach that incorporates marketing, sales and customer support.
Matt began his career in the pharmaceutical industry where he worked for Parke-
Davis (Pfizer), Merck and Sanofi-Aventis. Positions included Sales
Representative, Executive Trainer, Business Manager, Business Director and
Marketing & Strategy Manager. In the latter role, he developed a business and
marketing plan to launch a product that reached over 3 billion dollars in
sales in 2 years which earned him the "Marketer of the Year" award.
Matt is a graduate of Brigham Young University, where he earned a Bachelor's
Degree in Physiology.