Dealerships face shrinking margins today more than they have in the past. There are many new ways to sale cars, but in order to avoid margin compression, dealerships should invest time and money into selling cars more efficiently. Try changing your sales processes, scrutinizing the revenues and costs from each of your departments, and increasing the speed of used car sales.
Dealership Margins: Finding Solutions to a Compressing Problem
Margin compression, the gradual decrease in the difference between cost and profit of new and used cars, is becoming a serious problem for many dealerships.
Drive to Success: Technology to Drive Profits
Technology can improve customer service, marketing strategies, dealership operations, and drive up profits. In an increasingly digital world your dealership should get the most out of its technology and put it to proper use. After all, innovative technologies make auto dealers’ jobs easier.
Infographic: 7 Solutions to Margin Compression
Margin compression is an on-going issue for today’s dealerships. Learn 7 Solutions to Margin Compression with our Infographic.
Drive to Success: Women in Auto
In today’s world dealerships tend to be male dominated. However, there are considerable returns dealerships can receive by investing in a woman’s experience working in the auto industry. Women make up nearly 80% of car-buying decisions, and most women prefer to speak with a car saleswoman.
F&I – Don’t Keep It a Secret
According to the inaugural Car Buyer Journey study commissioned by Autotrader and conducted by HIS Automotive, as of 2016, more than 60% of the car buying process happens online today. For many people, the entire car shopping process, minus the test drive, happens online as the millennial generation is placing more emphasis on digital communication.
Drive to Success: Selling to Women
Women are becoming a more powerful demographic in dealerships. Providing women with a helpful experience both online and in store will help your dealership sell more cars to women. After all, women control nearly 85% of car buying decisions.
A DMS Switch Isn’t as Scary as You Think
When we’re presented an opportunity to make a big change in our business, we often shy away because of the fear of change. Truth is, successful dealership embrace change. And, it’s not as scary as you think it is.
Drive to Success: Fixed Ops
If you haven’t already, it’s time increase revenue with your Fixed Ops department. Read why experts suggest you drive customers to the service lane and how to do it.
Why Car Dealerships Need to Embrace Digital Disruption before It’s too Late
The automobile industry is at critical crossroads with regards to adjusting to the new consumer buying habits. We are living in the age of Amazon and Uber and expect convenience and transparency—especially when shopping for a car.
Drive to Success: Retain Customers
Developing customer retention strategies can maximize your dealership’s profits. Dealerships should focus on retaining loyal customers just as much as they focus on acquiring new customers. Loyal customers will communicate the benefits of buying from your dealership within their circle, return when they are ready to purchase a new car, and will bring service to your fixed ops department.
Celebrate Get to Know Your Customers Day at Your Dealership
For your dealership to succeed, it’s crucial to set time aside for customer discovery and communication. With Get to Know Your Customers Day right around the corner, take a holiday from your ordinary tasks and ask yourself these questions to reconnect with the most important part of your business—your customers.
