These times, they are a-changin’. And today’s automotive buyer—the mystery that they are—is as enigmatic as ever. Millennials are all grown up (and spending more than any other generation in U.S. history). The way the world shops is moving from in-store, to online, and back again! And, you’re probably pulling the wrong reports. Sorry. But, automotive dealers remain the most flexible, most willing to pivot, scrappy group of professionals in the world. And here’s how they’re going to master the market.
Millennial Market Game-changers
Millennials are changing everything from the way the world spends money to the way it makes money. Yes, yes, it’s true. The group with the largest spending power of any generation in U.S. history (600 billion annually) is coming to a car dealership near you. You might even say that the millennials are to thank for our booming economy. Master it. Own it. Find out what makes it tick(tock).
Are You Up for these New Digital Retailing Trends?
Just in time for most car dealers to catch up to the shifting trends of online consumerism, the tables have turned again! Shoppers are still searching online for their next car and looking for improvements in the overall buying process. But, there’s a twist. It all boils down to customer experience and creating that ‘wow’ factor. Don’t panic. When it comes to amazing service, thinking outside the box and building relationships, you were born for this.
Is your dealership selling a car, or the idea that this car represents, to your buyers? Chances are, it’s a little bit of both. The power behind each brand you’re selling can help drive your business. So, what does your dealership’s brand stand for? Do you have a mission statement that sums up your company’s goals? What would people say about your business if they had to describe it? Think back to some of the most iconic, purpose-driven brands in your lifetime—what did they mean to your generation—and what did they stand for. Start there, align your purpose to your business strategy, and watch what happens next.
Where the Money and the Magic Happen
Your F&I department is the money-maker of your dealership; this is a poorly kept secret. Yet, dealerships are still struggling to set realistic and achievable goals for their team year after year. Managers find themselves pulling meaningless reports, measuring metrics for the sake of measuring, and tossing out the concept of work/life balance before the day begins. Don’t lose hope. There’s still a way to achieve profitability without losing your mind in the process.
Ready to master the market and achieve success? Download the guide, “Drive to Success: A Dealer’s Guide to Achieve the Path to Profitability.”