Recently, major shifts in the automotive industry have all been traced back to the COVID pandemic. While we could talk all day about the numbers and what it means for dealerships now, what we should be talking about is what dealers can learn from this entire dilemma. While we’ve experienced multiple recessions, we have never experienced a pandemic in the automotive … [Read more...] about The Importance of Diversifying Your Revenue Streams at Your Dealership
Transformation isn't about improving, it's about re-thinking.- Malcolm Gladwell In the earliest of days, weeks, and even months for auto dealerships returning to business (open doors at the facility), we are getting some encouraging early indications of leads being a decent volume, retail sales bouncing back a bit, and revenue and profit returning to levels of operational … [Read more...] about This Is How Automotive Retail is Transforming
I’ve heard third-party listing sites described as a necessary evil in automotive. They provide valuable information to consumers and valuable leads to dealerships but many argue that these connections should happen without the third-party and their additional cost to dealers. Everyone is right here: some organic customer/dealer connections do happen, but I believe the … [Read more...] about The Real Value of Third Parties in Automotive
Growing up in Wyoming, I learned many lessons about the value of being in a secluded place and not being surrounded by a crowd. One memory that standouts in my mind, was when I was in Yellowstone National Park. There is a really terrific tourist bridge on the north end of Yellowstone Lake that funnels countless cutthroat trout into the Yellowstone River. From … [Read more...] about Are You Fishing in a Crowd?
Have we forgotten, or worse, have we failed to teach new sales managers some of the methods in selling aged inventory outside of having to discount the price? The perspective in our industry over the past ten years is that the only way to sell an aged used car is to drop the price until it sells. While it can be an effective strategy; it costs the store gross profit, and is not … [Read more...] about 8 Tips to Consider Before You Drop the Price…