As little as six months ago, the automotive industry was still facing its dominant foe: margin compression. Yet, challenges such as a looming economic downturn, new industry players, and a lack of digital integration were lurking just beneath the surface. With the unprecedented challenges brought on by the impact of COVID-19, social isolation, and government restrictions, dealerships have had to fast-forward into a digital transformation that—for better or worse—has caused a few growing pains. We asked our experts at Dealertrack, Susan Moll, Sr. Director of Implementations, and Matthew Hurst, Sr. Director of Client Services, to share their opinions on the actionable steps dealers can take to retain business continuity today.
To learn these steps, or Five Must-Do’s for Dealerships, download a free copy of the guide today. Below is a short summary of each chapter.
1 – Model Year Turnover Must-Dos
Some years are easier to manage than others, but this task is generally time-consuming and massively impactful to your budget. With the current climate, it’s more important than ever to leverage your DMS partner to ensure your accounting practices are utilizing the best possible processes.
While the current situation we are in may feel temporary it’s important to remember that social distancing restrictions can (and are likely to) return again. What’s more likely, too, is the need to offer such services to your customer in the future now that a growing demand for remote work options, remote access to service, and remote buying options are growing in popularity.
2 – Month-End Must-Dos
Physical inventory asset counts will ensure that you’re not leaving money on the table (or on the sales floor) this year. Dealerships simply cannot afford to miss anything from managerial commissions to sales completion to payroll. Sincere self-evaluation can ensure that you’re setting your dealership up for success.
3 – Attract a Tech-Centric Workforce Must-Dos
Having an intuitive DMS and technology system throughout your dealership is extremely important in order to leverage a remote workforce and to ensure that you can deliver a safe, virtual sales environment for your customer. While the current situation we are in may feel temporary it’s important to remember that social distancing restrictions can (and are likely to) return again. What’s more likely, too, is the need to offer such services to your customer in the future now that a growing demand for remote work options, remote access to service, and remote buying options are growing in popularity.
4 – Find Efficiencies in Routine Task Must-Dos
While foot-traffic is low and sales are trending down for many dealerships, it may feel impossible to reach your sales quotas or service goals. That being said, you do have an obligation to run your business by finding ways to optimize every dollar spent and earned in this difficult time. Tough times don’t last forever, but the changes you implement to adapt usually lead to better ways to do business now and in the future.
5 – Year End Excellence and a Fresh Start Must-Dos
With the massive amount of upheaval taking place right now, it will go a long way for your business to stay on top of your year end accounting monthly, rather than saving it all for the end of the year. Do what you can do and learn to delegate this process across your team members.
6 – BONUS! Best Practices for Driving a Digital Transformation
As the retail industry faces new challenges, automotive businesses are facing unprecedented circumstances that require innovative strategy and technology to adapt. We’ve compiled best practices that help you utilize your Dealer Management System to preserve operational efficiencies and overcome challenges.