IRS Drop Like a T-Swift Album, Employees Breaking Rules, Apple…Save?

SPEAKERS

Kyle Mountsier, Paul Daly

Paul Daly  00:29

Hey, it's Tuesday already. It's already Tuesday. Today we're gonna talk about the IRS dropping rules like T swift drops her next album, employees breaking rules and Apple savings accounts. Now I gotta say that like going over the news this morning, it was like this element of I'm so sick of talking about

Kyle Mountsier  00:56

so sick of it. And then we comes out with some big gas guzzler. Actually, you know what, that would almost be crushed. If you if you missed our Saturday email, go go back to the website and go find the Saturday email. First of all, the interview with Kobe is great, but then there was this section about this, like, the best way I can describe it is a priest of a truck, which probably literally negates everything that EVs are trying to do on the planet and single handedly run.

Paul Daly  01:32

It was literally a semi truck that looked like it had like 50 like front scooped air intake engines all like it looked like an AI generated image, right? Yes, that's exactly what it was like build a semi with 100 engines powering it. And that's exactly what it looks like in your mind. That's so true. So true. So not to talk about EVs. Yeah, we've got to just got to balance it out. We got to balance it out. Yeah, I don't even know what we're talking about. We just were before we got on the show. We were just saying if Kyle's internet drops out, I'm just going to finish whatever sentence he starts. And then that got us on this kick of like, Hey, we should have a new segment on The Tonight Show. That is called finish each other sentences where one person has to tee them up and the other person has to finish. I'm sure we'll get in trouble with that. But I think that might actually have to happen. It's just too good. To go. I love it. What else are we talking about today? We're gonna

Kyle Mountsier  02:28

We're two weeks away from Tampa, two weeks away from Tampa. That means if you're going to deal or if you're not wanting to do digital dealer and you just want us to the premiere of the lot of the show that we recorded in Arlington, Texas a couple of weeks ago, super dynamic, tell some stories behind the scenes of real dealerships. We're gonna be doing that happy hour food concessions. We're all into the theater, full theater, like you get to popcorn, and you peanut m&ms and all the goods.

Paul Daly  02:58

The last two years at Digital dealer. We've done the asoto family reunion, which has been a blast, and they were always packed full of dealers and like both of those parties were off the hook. So we're off the chain. So we're trying to do it again. But in a theater, you know, we're trying to do it. You do things two years in a row and then you're like, Okay, we did the thing. Now we're going to do in different in Tampa. Tickets are super cheap, way cheaper than the family reunion was last year, less than half of that actually. And if you're dealing with a movie, I know and if you're a dealer and you're going to digital dealer, we're gonna let you in for free, free movies for free for you lots of fun so check it out. So two x.com Get you tickets have all that fun. Alright, let's talk about some new so again today because there's so much Evie news. We actually usually do two auto stories and one non auto story today we're doing two non auto stories because super applicable let's go with number one automakers dealers, and Evie in market Evie consumers were waiting for the IRS to release their new Evie tax credit rules like a teenager waiting for the next Taylor Swift drop. After the new sourcing rules went into effect. There were only six battery electric vehicle models that were left standing still qualifying for the $7,500 credit, Cadillac lyric Chevy Bolt, certain versions of the Tesla Model three and model why the Ford E Transit I can't remember that looks like and the F 150. Lightning, that's it only six. You know, there were a bunch of vehicles that lost half of the credit that instead of 7500, they get 3750 Because a lot of this is because the battery sourcing materials have to come from certain places and that affects the credit. Here's a quote from Albert Gore, Executive Director of zero emissions Transportation Association. This man is an optimist. He says the great news here is great news, everybody that based on q1 sales volumes, more than 90% of vehicles that were eligible for the credit before April 5 18 are still eligible with the vast majority still eligible for the full credit. So he's saying like most of the vehicles that we're already saying is

Kyle Mountsier  04:54

nobody wants a Cadillac lyric or Chevy Bolt

Paul Daly  04:59

to show bolt price just

Kyle Mountsier  05:00

said it real nice.

Paul Daly  05:02

I had to look it up. The Chevy Bolt price starting 26 Nine. You subtract 7500 from that, and you're under 20 grand for an Eevee is that am I? Am I missing something?

Kyle Mountsier  05:16

You're nailing it? Yeah. And still nobody wants them is this where we get a letter from Adobe?

Paul Daly  05:25

No Domino's

Kyle Mountsier  05:26

wanted Domino's wants some. They don't want to put Apple Apple CarPlay and I'm right after that, here we go. Here we go.

Paul Daly  05:37

Online I haven't seen more heat for the not having CarPlay in the future. I mean, like every new source I can find is crushing him. So we'll see I don't know faster call that

Kyle Mountsier  05:50

are way faster way fast doubling down on that prediction,

Paul Daly  05:53

doubling down on that prediction. But here's the deal. You know, we have dealers, automakers everyone just I mean, they can only react can only react and so you know, Evie education still,

Kyle Mountsier  06:05

I would do I would print off those documents of what does and doesn't get stuff and put them on in your sales people's hands so they know they'll be having the conversation. do that this morning, right now. Laminate those jokers put them in, put them in a binder laminate it the customers that's that's the like right now actionable piece, go find it, print it, put it in a place,

Paul Daly  06:29

put find it print it, put it in place. I like I like it. I like okay. All right. All right. Moving on. Speaking of putting things in their place, segue. I love this one. So much. New research indicates that a retail culture and just as a reminder, dealers are retailers. A retail culture that allows employees to bend the rules for customers can overall enhance customer loyalty, as well as it make the employees be more engaged. Overall, that sounds like two wins to me and the Harvard Business Review The study's authors, Irene Kim of the University of British Columbia and Eugene xon of Wilfred university or Wilfrid Laurier. University stated regarding customers that customers clearly recognize when employees take risks to be helpful. And research shows that pro customer pro customer rule breaking has desirable customer outcomes. Regarding the employee side, they said that employees that did bend the rules were less emotionally exhausted, more satisfied with their job overall. And were more likely to share their organization with their organization's concerns, ideas, and suggestions to improve existing rules and practices for customer service. And it also went on to notice that like, hey, when the rules are bent, and they call them all of their violations of the rules, they were relatively minor. And that high manager engagement, a high manager engagement is really key for those situations, you know, that require, you know, big exceptions and things like that. So it sounds like to me Nordstroms got something right. Disney has got something right. Like, I don't

Kyle Mountsier  08:06

control real life stories of how I know that people have literally shifted a culture within a store. One is someone that I used to work with her name, her name is Patty, she before she worked with the Nelson group, I believe it was World Market that she had worked with, which is kind of like a retail kind of like, taste of everything, not Hobby Lobby, but like kind of establishment if you don't know what that is. But she was a manager there. And she put in this employee Empower empowerment piece, which was like, hey, look, go above and beyond serve the customer, even if it's not like in the handbook or anything like that. And the only thing that that I'm going to do is post mortem, whatever happened afterwards, we're just going to assess how accurate your decision was based on what I would do. That's great, but you can't come to me first. You have to solve it, solve it first. Do you love that totally changed customer employee experience, they felt empowered. Also, our good friend Patrick a bad at Beaver Toyota, and I can't remember the dollar amount. But basically, there's $1 amount that he's said that he's just empowered to his people with that, if it's under that there is they sign it like a receptionist doesn't have to ask a manager, it's like, oh, that's an issue, you have a problem. There's an upset person, boom, fixed, I'm gonna take ownership of it and go, and he has attributed massive retention numbers to that. And so, you know, from like, again, customer employee satisfaction, empowering the employee to make quality decisions that that like lean into career pathing and less job and give them customers, the ability to like, have earned trust within the organization boom to real practical things. And this speaks exactly to it. So I don't know what that looks like for you know, it's different for every store different for every retailer. But I think that It's less about like, hey, go bend the rules more about saying you're empowered to make customer first Oh, for sure.

Paul Daly  10:08

I mean, you see this, you just use the word ownership. And that makes me think of like the Ritz Carlton. And they do have this this policy that when a customer has request or concern, whoever it is, if you're the guy sweeping the floor, if you're the guy, the desk, if you're the gal at the front off, whatever it is, you have to own the solution from beginning to end, like you are responsible to make sure that that gets satisfied. And that level of ownership combined with some empowerment, like it's, if you can't see that and can't deploy into that, then there really is an element where like, you're probably holding things too tightly, and you're not doing yourself any favors.

Kyle Mountsier  10:46

Yeah. And from a management side of things. It just takes tons of time to always be figuring out whether or not you're gonna say yes or no, and people coming to you and asking questions and all that type of stuff. Just it just clears the air and clear space for people to run a move fast. For sure.

Paul Daly  11:03

For sure. Hey, let's get back to one question that came up. Rob Angus, weighed in on the last story in the live stream says Am I correct? You would have to have tax owing $7,500 to net the full benefit. non refundable? No carry on? No, I don't believe that's the case. I believe this is a tax credit not a tax refund. So you don't have to owe any income taxes or anything that credit is immediately actually does it get claimed at the dealer level

Kyle Mountsier  11:27

like it will in 2024 is in the future, it's going to happen. This part is the transaction on new and used cars. So in the in the future, it'll be at a transaction level right now. It's still a credit level.

Paul Daly  11:38

So if you're buying a Chevy Volt, and when that happens, it's literally you have 30% equity in the vehicle when you drive it off the lot. That's gonna lease really, really well. Yeah,

Kyle Mountsier  11:48

we're not gonna raise the prices? I don't

Paul Daly  11:51

think so. Yeah, probably a little both. Probably a little both. I don't know how to say,

Kyle Mountsier  11:57

speaking of a lot, a little bit of everything, oh, segue. In another shot to traditional banking, and literally owning everything in the world, Apple is dividing into the saving diving into the savings game with its new Apple card savings account that has an impressive, impressive Paul 4.15 AP why it's managed right in the wallet app integrates seamlessly with Apple cards, daily cash rewards, so they go right into your savings account. Right now it is managed by Goldman Sachs, and debuted a number 11 on bank rates, best savings account list. So like, straight to the top, setting up the savings account. Just like many things Apple takes less than 60 seconds you can do it before we've done this. I

Paul Daly  12:47

do I actually did it this morning. The second. The second I saw the second look, let me see what this is all about. Literally clicked on the three dots. It was like savings count. I clicked on that. It was like what's your social security number had no problem putting that in? And it terms condition except, and literally, it was like opening an account? Totally, totally, totally, totally dead? Would you like to move your apple cash balance into the account? Yeah, I would move my 65 bucks over there. So I have $65 at the moment earning 4.1% In my new Apple savings account. And if you want to add money, it's like oh, Apple Apple Pay wallet bank account, move it there. I'll tell you why. Traditional bank, you have to be like oblique because the next thing I'm doing I'm going to email my bank or whatever and be like, Hey, I got a 4.1% in my savings account over here. And it's only gonna be one tap to move it over. Like all that money. I can't believe I opened a savings account that fast. Have you opened a savings account? It's so annoying. Right? It is even your bank? It's like gotta enter your address. And you're this and you're gonna do

Kyle Mountsier  13:48

all they were just like, No, we have all your information already. We're just gonna slide about the baobab. And here we go. I'll come to read how easy it was. I guarantee you. I'm surprised they didn't just like release full on checking accounts, right?

Paul Daly  14:01

I know. I was like, oh, direct deposit information. You're like direct just think of Goldman Sachs move into the retail banking industry. Oh, can

Kyle Mountsier  14:11

you imagine that? Because all all of the people that have Apple card rewards already sitting there. Just the funds that Goldman Sachs this morning already acquired at least $65 from me. I mean, probably billions, billions of dollars worth just in like a flash art. Yeah. And I'm literally

Paul Daly  14:33

probably within 12 hours of moving a lot more money over there. That's just sitting you know what, I'm sure they are. Why not? Like what why do I want to earn 1.75? Right? I don't really I honestly don't really feel even like calling my bank. You know, it'd be like, hey, what what can

Kyle Mountsier  14:47

you do they because they can't Paul because they can't.

Paul Daly  14:51

They could even if they could it's so easy to try to think you have to move the money out of the account back into your checking account that might be a little bit of a pain.

Kyle Mountsier  15:01

Yeah, and like, I mean, you know, a lot of checking accounts and checking cards are linked to rewards with the savings account. So there could be like some additional bad,

Paul Daly  15:11

maybe, but I also stuff but I also have no idea how like to access the savings account if I don't have my phone. Right. Like, I don't know, the account number.

Kyle Mountsier  15:22

I don't have no like login to

Paul Daly  15:26

show you the level of trust that Apple has built. That is just like, Yeah, I mean, granted, it was six that

Kyle Mountsier  15:31

okay, okay, there's the tie down right there, right? It's like, when something new comes into your retail business entity, you decide to do with it, watch it right, as a service or product offering. Have you built enough trust with your consumer base that the only logical application is to go? Yep, I'll do that with you, too. Yeah, that if you can't answer that question, then start working on trustworthy loyalty base. I can point you out to stories and you might get a little bit of that.

Paul Daly  16:01

I don't can't think of a better way to end the show today than that. Thank you for being with us today. Again, it's Tuesday. You have trust to build you have employees to empower you have customers to make happy and you have a template event to register for

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