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February 24, 2010Click Here to Subscribe to This Newsletter
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FIXED OPS SOLUTIONS Parts for Profit—Part One Larry Williams Fact: The typical parts department has more investment and returns less profit than any other department. Every other department can be financed, leased, depreciated, or leveraged. Automotive parts require cash—paid in full, every month. Many parts departments are sinkholes, sucking resources from the dealer, tying up capital in un-saleable inventory, maintenance, and personnel. This needs to change. Today’s parts department must be an asset to the dealership. Analyze your parts department’s profitability. Look at the ratio of net profit to inventory. A well run parts department can generate annual net profit ratios of 50% or more, based on your inventory investment. Then show the dealer principle your inventory is an investment, better than the bank when it comes to the rate of return. This should be your goal. Every inventory dollar working to produce more profit and every employee’s time managed to maximize their s.... |
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MARKETING SOLUTIONS Who Is the ‘Minority’ that Accounts for 85% of All Consumer Purchases? Women. Jody DeVere Women buy 60 percent of all new cars, 53 percent of all used cars, and spend $300 billion annually keeping their cars repaired, and yet, a recent study of 200 Chicago car dealerships by economists Ian Ayres and Peter Siegelman shows that women usually get higher price quotes than men do.
Overall most women liken buying a car to having a tooth pulled. It is not like most of her other retail shopping experiences at all and many women do love to shop. With all that buying power women resent not being taken seriously at the dealership. On AskPatty.com the number one complaint we hear is that women hate high pressure sales tactics and the feeling that we are being manipulated or lied to by the salesperson.
The advent of the internet has enabled women to find the resources and information they need to take charge of their own finances and buying decisions, and give voice to their needs and preferences.
In today's competitive auto industry, dealership owners... |
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INTERNET MARKETING SOLUTIONS Dealer-to-Dealer Social Networking Josh Vajda Dealerships are rapidly catching up with the rise in popularity of social networking, including automotive-specific online communities. They’re places where auto retailers can connect with other others dealers and vendors to discuss management issues, share best practices, interact with experts, and keep up on industry news.
It’s a quick and easy way to find information that will help you better manage your business and increase sales. You can even use these sites to build your own reputation by finding information and resources for customers.
These dealer-oriented networking communities include DrivingSales.com, Auto Dealer People, Dealer Refresh, Automotive Digital Marketing and Auttr.com. You can register for free and, after creating a profile, start interacting with other members one-on-one, and through discussion forums and groups. These are great sites to help you... |
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BIZ DEV SOLUTIONS Sell Me This Pen… Darin George Have you ever been on a sales job interview and the interviewer said, "Can you sell me this pen?"
While the task itself may seem very simple for most prospective salespeople, the question can be hard to answer with any type of success. And, sometimes your answer can determine if you are hired or not.
Have you ever been on a sales job interview and the interviewer said, "Can you sell me this pen?"
While the task itself may seem very simple for most prospective salespeople, the question can be hard to answer with any type of success. And, sometimes your answer can determine if you are hired or not.
The following dialogue can be applied to any product you may be selling -- shoes, advertising, insurance, computers, even car sales.
"So, can you sell me this pen?"S... |
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DIRECT MARKETING SOLUTIONS The 5 Keys To Better Direct Mail Michael Nealy It happened that a dog had got a piece of meat and was carrying it home in his mouth to eat it in peace. Now on his way home he had to cross a plank lying across a running brook. As he crossed, he looked down and saw his own shadow reflected in the water beneath. Thinking it was another dog with another piece of meat, he made up his mind to have that also. So he made a snap at the shadow in the water, but as he opened his mouth the piece of meat fell out, dropped into the water, and was never seen again. This fable from Aesop has a moral: Beware lest you lose the substance you already have by grasping at shadows. We have spent a lot of time in the automotive retail business grasping at shadows and not enough time on the substance, particularly when it comes to direct mail marketing. Today’s economy dictates a return to substance as the road to profitability and... READ MORE... |
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