Many automotive dealers are aware that technology-driven investments are necessary in order to ensure the long-term success of their dealerships. Failure to keep up with technology could be the final nail in the coffin (so-to-speak), and no one wants to get left behind. However, without a profit-driven strategy, simply throwing money into technology tools and innovation can feel like a struggle. Adding purpose to your plan, finding the right-sized technology solutions, and measuring your investments strategically are some of the steps that must be taken to ensure your dealership is future-proofed against the competition.
1 – Almost a Third of Retailers Believe Falling Profits Will Prevent Them From Investing in Technology
Internet Retailing: While many businesses are investing in technology to increase profits, others are struggling to pay for the investment in technology. This chicken/egg scenario is just one of the barriers to adopting new technology.
2 – Put Purpose at the Core of Your Strategy
Harvard Business Review: Can including “purpose” in your business goals help your dealership stay relevant in a rapidly changing world?
3 – Risk Management vs. Innovation in Your Technology Strategy
Maxsum: Technology innovation often intimidates business as it unsettles and disrupts the industry. However, a failure to embrace technology innovation puts you at even more risk.
Strategy&: Smaller crews, reduced global auto workforces, and big changes to OEMs are just some of the predicted impacts of the new role of automation, innovation, and robotics. How will you strategize and prepare to keep your business running efficiently?
5 – Auto execs not so sure that change is necessary
Auto News: About half of auto executives polled are ready to embrace technology change and reinvent themselves. But, that leaves the other half which is holding fast to the idea of sitting on the fence and waiting it out to see if an investment in profit-driven technology is worth the hype.
