<!-- wp:reyrey-js/section {"videoSrc":"","backgroundSrc":""} --><section class="wp-block-reyrey-js-section"><!-- wp:reyrey-js/row {"template":[["reyrey-js/column",{"layout":{"s":{"colSpan":4},"m":{"colSpan":6},"l":{"colSpan":12},"xl":{"colSpan":12}}}]],"gridLayoutValue":"100"} --><!-- wp:reyrey-js/column {"layout":{"s":{"colSpan":4},"m":{"colSpan":6},"l":{"colSpan":12},"xl":{"colSpan":12}}} --><div class="wp-block-reyrey-js-column"><!-- wp:reyrey-js/paragraph {"content":"Just like in any industry, the automotive world is full of acronyms. Whether in the dealership, or in our offices, we use many of these acronyms to converse about the auto industry every day. Read on to learn about some of the most common acronyms and what they mean."} --><div class="wp-block-reyrey-js-paragraph">Just like in any industry, the automotive world is full of acronyms. Whether in the dealership, or in our offices, we use many of these acronyms to converse about the auto industry every day. Read on to learn about some of the most common acronyms and what they mean.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eBDC\u003c/span\u003e: \u003cem\u003eBusiness Development Center\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">BDC</span>: <em>Business Development Center</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"A department in the dealership that brings in sales and service business by handling phone calls, scheduling appointments, and more. They also assist customers with any questions they might have such as what cars are in stock."} --><div class="wp-block-reyrey-js-paragraph">A department in the dealership that brings in sales and service business by handling phone calls, scheduling appointments, and more. They also assist customers with any questions they might have such as what cars are in stock.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eCIT\u003c/span\u003e: \u003cem\u003eContracts in Transit\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">CIT</span>: <em>Contracts in Transit</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"After the customer signs the financing paperwork for their new car, the dealership waits for those documents to be processed so they can be paid by the bank. The quicker a dealership’s CIT, the sooner the dealership gets paid."} --><div class="wp-block-reyrey-js-paragraph">After the customer signs the financing paperwork for their new car, the dealership waits for those documents to be processed so they can be paid by the bank. The quicker a dealership’s CIT, the sooner the dealership gets paid.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eCRM\u003c/span\u003e: \u003cem\u003eCustomer Relationship Management\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">CRM</span>: <em>Customer Relationship Management</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"CRM software helps dealerships manage customer information so they can provide the best customer service and bring in more business."} --><div class="wp-block-reyrey-js-paragraph">CRM software helps dealerships manage customer information so they can provide the best customer service and bring in more business.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eCSI\u003c/span\u003e: \u003cem\u003eCustomer Satisfaction Index\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">CSI</span>: <em>Customer Satisfaction Index</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"A metric that measures how satisfied customers are with a dealership’s service, prices, etc. It is usually based on information gathered from customer surveys."} --><div class="wp-block-reyrey-js-paragraph">A metric that measures how satisfied customers are with a dealership’s service, prices, etc. It is usually based on information gathered from customer surveys.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eDMS\u003c/span\u003e: \u003cem\u003eDealer Management System\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">DMS</span>: <em>Dealer Management System</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"A software platform used to help the dealership manage things like sales, inventory, parts, and finances. At Reynolds, we provide one of the industry’s leading \u003ca href=\u0022https://www.reyrey.com/solutions/retail-management-system\u0022\u003eDMS solutions\u003c/a\u003e."} --><div class="wp-block-reyrey-js-paragraph">A software platform used to help the dealership manage things like sales, inventory, parts, and finances. At Reynolds, we provide one of the industry’s leading <a href="https://www.reyrey.com/solutions/retail-management-system">DMS solutions</a>.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eF&I\u003c/span\u003e: \u003cem\u003eFinance and Insurance\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">F&I</span>: <em>Finance and Insurance</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"Refers to the department in the dealership that handles loans, insurance, and add-ons."} --><div class="wp-block-reyrey-js-paragraph">Refers to the department in the dealership that handles loans, insurance, and add-ons.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eGM\u003c/span\u003e: \u003cem\u003eGeneral Manager (also General Motors)\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">GM</span>: <em>General Manager (also General Motors)</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"The GM oversees the dealership’s sales and F&I staff. GM is also used to refer to General Motors, an automotive manufacturer."} --><div class="wp-block-reyrey-js-paragraph">The GM oversees the dealership’s sales and F&I staff. GM is also used to refer to General Motors, an automotive manufacturer.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eKPI\u003c/span\u003e: \u003cem\u003eKey Performance Indicator\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">KPI</span>: <em>Key Performance Indicator</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"Values used to measure the success of a dealership. Examples of KPIs include the number of sales per employee, revenue growth, inventory turnover rates, and gross profit per vehicle."} --><div class="wp-block-reyrey-js-paragraph">Values used to measure the success of a dealership. Examples of KPIs include the number of sales per employee, revenue growth, inventory turnover rates, and gross profit per vehicle.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eMSRP\u003c/span\u003e: \u003cem\u003eManufacturer’s Suggested Retail Price\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">MSRP</span>: <em>Manufacturer’s Suggested Retail Price</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"A manufacturer’s recommendation for the price of a car. This is also sometimes called the Sticker Price."} --><div class="wp-block-reyrey-js-paragraph">A manufacturer’s recommendation for the price of a car. This is also sometimes called the Sticker Price.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eNADA\u003c/span\u003e: \u003cem\u003eNational Automobile Dealers Association\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">NADA</span>: <em>National Automobile Dealers Association</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"An American trade organization that represents car and truck dealerships. You can read more about NADA’s yearly trade show, the biggest in our industry, in \u003ca href=\u0022https://life.reyrey.com/2022/03/28/a-recap-of-nada-2022-the-largest-tra…\u0022\u003ethis post\u003c/a\u003e."} --><div class="wp-block-reyrey-js-paragraph">An American trade organization that represents car and truck dealerships. You can read more about NADA’s yearly trade show, the biggest in our industry, in <a href="https://life.reyrey.com/2022/03/28/a-recap-of-nada-2022-the-largest-tra… post</a>.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eOEM\u003c/span\u003e: \u003cem\u003eOriginal Equipment Manufacturers\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">OEM</span>: <em>Original Equipment Manufacturers</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"Manufacturers who are the original producers of the parts of a vehicle. Think GM, Ford, BMW, Honda, etc."} --><div class="wp-block-reyrey-js-paragraph">Manufacturers who are the original producers of the parts of a vehicle. Think GM, Ford, BMW, Honda, etc.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eRO\u003c/span\u003e: \u003cem\u003eRepair Order\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">RO</span>: <em>Repair Order</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"When a car is brought into the dealership for service, an RO is written detailing the work done on the vehicle and the total cost."} --><div class="wp-block-reyrey-js-paragraph">When a car is brought into the dealership for service, an RO is written detailing the work done on the vehicle and the total cost.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eROI\u003c/span\u003e: \u003cem\u003eReturn on Investment\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">ROI</span>: <em>Return on Investment</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"The ratio between net profit and the total cost of the investment. Dealers calculate ROI to evaluate their dealership’s profitability."} --><div class="wp-block-reyrey-js-paragraph">The ratio between net profit and the total cost of the investment. Dealers calculate ROI to evaluate their dealership’s profitability.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"\u003cspan class=\u0022RR-Font-Weight Bold\u0022\u003eVIN\u003c/span\u003e: \u003cem\u003eVehicle Identification Number\u003c/em\u003e"} --><div class="wp-block-reyrey-js-paragraph"><span class="RR-Font-Weight Bold">VIN</span>: <em>Vehicle Identification Number</em></div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"A unique code used to identify every car. With a car’s VIN you can find information on when and where a car was manufactured, its make and model, history, and more."} --><div class="wp-block-reyrey-js-paragraph">A unique code used to identify every car. With a car’s VIN you can find information on when and where a car was manufactured, its make and model, history, and more.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"Read more about common automotive industry terms from these past posts: \u003ca href=\u0022https://life.reyrey.com/2022/09/12/learn-the-dealership-lingo-2-0-back-…\u0022\u003eLearn the Dealership Lingo 2.0: Back-End Personnel to Know\u003c/a\u003e, \u003ca href=\u0022https://life.reyrey.com/2022/08/16/learn-the-dealership-lingo-2-0-front…\u0022\u003eLearn the Dealership Lingo 2.0: Front-End Personnel to Know\u003c/a\u003e, \u003ca href=\u0022https://life.reyrey.com/2015/03/09/learn-the-lingo-23-dealership-terms-…\u0022\u003eLearn the Lingo: 20 Dealership Terms to Know\u003c/a\u003e."} --><div class="wp-block-reyrey-js-paragraph">Read more about common automotive industry terms from these past posts: <a href="https://life.reyrey.com/2022/09/12/learn-the-dealership-lingo-2-0-back-… the Dealership Lingo 2.0: Back-End Personnel to Know</a>, <a href="https://life.reyrey.com/2022/08/16/learn-the-dealership-lingo-2-0-front… the Dealership Lingo 2.0: Front-End Personnel to Know</a>, <a href="https://life.reyrey.com/2015/03/09/learn-the-lingo-23-dealership-terms-… the Lingo: 20 Dealership Terms to Know</a>.</div><!-- /wp:reyrey-js/paragraph --><!-- wp:reyrey-js/paragraph {"content":"To learn more about Reynolds, the automotive industry, and to view open positions, visit our \u003ca href=\u0022https://www.reyrey.com/company/careers\u0022\u003ecareers page\u003c/a\u003e."} --><div class="wp-block-reyrey-js-paragraph">To learn more about Reynolds, the automotive industry, and to view open positions, visit our <a href="https://www.reyrey.com/company/careers">careers page</a>.</div><!-- /wp:reyrey-js/paragraph --></div><!-- /wp:reyrey-js/column --><!-- /wp:reyrey-js/row --></section><!-- /wp:reyrey-js/section -->