As more millennials become car buyers & demand a better online and in-store shopping experience, now is the time to dealers to streamline the F&I process.
Why Dealers Fear Changing DMS Providers
It’s easy to get stuck in a rut. You start doing something one way and before you know it you’re set in your ways and there’s no turning back. It’s a predictable pattern, and one that has more to do with a fear of change than anything else. Sure, it’s easy to shrug off this type of stubborn behavior in opinions and politics, but when it comes to your business, fear of change can have disastrous consequences.
Drive to Success: KPIs
Dealerships that analyze their metrics and key performance indicators increase their sales and productivity. Key performance indicators and metrics can help your dealership understand which department areas need improvement and which are performing well. Tracking and measuring metrics will make your dealership more efficient and boost profits.
How Each Employee Can Help Fight Margin Compression
Margin compression is on every car dealer’s mind. And, even though its causes can be difficult to pinpoint, one thing is certain: today’s car-buying customers have changed, and their behavior is directly impacting your profit margins. So, what can be done? How can your dealership adapt to this new type of consumer? One solution might be closer than you think.
Drive to Success: A Fresh Start in 2018
The new year is just around the corner and your dealership can start taking the right steps towards a fresh start today. Create New Year’s resolutions for your dealership’s departments. Learn about some of the predicted 2018 dealership trends and tips on how your dealership can get a step ahead of the competition this new year.
3 Ways Technology Helps with the Holiday Sales Rush
‘Tis the season of end-of-year car sales, and with all the hustle and bustle of clearing out inventory, it’s important to take advantage of technology to get you through this rewarding, yet stressful time of year. Here are 3 ways technology can help with the holiday sales rush.
Drive to Success: Holiday Sales Event
December can be one of the most profitable months for dealerships. To keep your dealership ahead of the holiday competition, make sure your dealership keeps customer service and employee spirits positive. Change up some of your marketing strategies, decorate your website, and get your showroom looking a lot like Christmas.
9 Ways You Might be Wasting Time in Your Dealership
The classic formula for success in the auto retail world is changing. Margin compression is forcing dealers to rethink their strategies, and selling more cars to make more money simply isn’t working anymore.
Drive to Success: Customer Advocacy
Customer advocates are a powerful profit-maximizing tool for your dealership. Loyal customers can be your strongest sales representatives through spreading the word about your dealership’s reputation. Potential customers tend to trust their family and friends the most when deciding where to buy a car. For this reason, your dealership should take any steps necessary to gain more customer advocates and retain loyal customers.
Drive to Success: Employee Training & Development
Developing skillful employees will only make your dealership stronger and more successful. Proper training will allow your teams to hire and retain top talent. Stay up to date on the different technologies and expectations of millennials entering the workforce to ensure your dealership provides the development talented team members are looking for.
What is Your Strategy to Combat Margin Compression?
Many changes within technology around us cause consumers to behave differently, which in return creates a difficult environment for the auto industry to prosper. In some ways, all of these changes are making our industry stronger, more disciplined, and helps us shift focus where it needs to be—the customer experience.
Drive to Success: Combat Margin Compression
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.
