Margin compression is an ongoing problem in the auto retail industry. But at least it’s somewhat predictable. Margin compression almost always accompanies economic slowdown—when economic times get tough, profit margins usually start to slim.…
Industry News Roundup: 9/22/2020
In this news roundup from Dealertrack, we examine how dealerships are adapting their fraud detection practices for digital sales, explore the risks to dealerships and customers from DMV backlogs caused by COVID-19 shutdowns, and…
How 2020 Taught Dealers to Optimize
2020 may be the year that no one saw coming. But, as our industry forges ahead through the gauntlet of challenges thrown at us moment by moment, rest assured we’re getting better at what…
Master Margin Compression: Seven Solutions
The lasting impact of global events on the economy is yet to be determined, but dealerships are already feeling the pinch of margin compression. Even as customers continue to buy cars, margin compression and…
FUTURE PROOF YOUR DEALERSHIP WITH A STRATEGIC STAFFING PLAN
This article originally appeared on Hireology’s blog here. BY MIKE MCSHERRY This summer, American auto dealers made two key realizations. First, they can, in fact, sell and service an impressive number of vehicles in…
7 Ways to Fight Back Against Margin Compression
When the going gets tough, the tough get going! That’s always been the mentality of auto dealers during difficult times. When a new challenge comes along (a pandemic, for instance), tough-minded dealers buckle down,…
So, You Want to Learn Reg & Title for Every State…
Let’s say you’ve decided to become your dealership’s expert on every possible registration and titling scenario for all 50 states (and don’t forget the District of Columbia). You were a quick study in school,…
Dealership Staffing Strategy: Put the Best Team in Place
The automotive industry has itself to thank for making it this far this year. With the ability to think fast on your feet and bring a full, digital retail experience to your customers—in record…
The Good News & Bad News About Out-of-State Deals
Let’s start with the good news! Out-of-state deals are increasing as dealers promote their inventory online and cast a wider net for potential customers. Out-of-state sales grew by 16% over the past year, according…
Integrated Solutions: A DMS That Does More
As more and more of the car-buying process moves online, dealerships across the country are demanding more from the technology solutions that drive their business. According to a 2020 Cox Automotive COVID-19 Dealer Impact…
Avoiding Title and Payoff Surprises With Trade-Ins
Under the current market conditions, with new car inventory and consumer confidence both low, dealerships’ used car programs are more important than ever as a revenue and cash flow source. That puts increased focus…
Latest Dealertrack DMS Integrations Help Dealers Re-Organize and Readjust Workflows Amid Reopening Phase
New process enhancements help enable dealership staff to spend more time optimizing the customer experience. Draper, UT – August 13, 2020 – As dealerships across the country look to regain momentum, many are also…
