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…
New cars have all the signature marks of a commodity product: a 2020 black Corolla LE is the same regardless of the dealership you buy it from. While your experience at each dealership and the subsequent service may be different, the actual product is always the same. On the other hand, a 2016 pre-owned black Corolla LE is unique, as the mileage, condition, and history of that … [Read more...] about Modernize Your Website: Treat New Cars Like The Commodity Product They Are
According to a recent Cox Automotive study, 83% of consumers want to start their car buying journey online. Given the growth of digital shopping experiences in categories outside of automotive, this desire shouldn’t surprise anyone. Over the last decade, we’ve seen other industries develop strong digital retailing options that supplement or even supplant the in-store … [Read more...] about Carvana Has Nothing on You
What will be the business model and value of dealers in the future? In order to get a perspective on the future of auto retailing, we must first be clear on the definition and elements of retailing today and going forward. “Retail” is not merely the in-store experience or the physical presence of a brick-and-mortar dealership. It is more than just the online shopping … [Read more...] about The Future of Auto Retail—A Future Perspective