Don’t settle for good enough. Become a Forward-thinking Dealership.
Automotive dealers are doing everything they can to avoid becoming static and outdated. The rapid onset of digitization and technology has greatly improved the customer experience, but even modern dealers rely on manual processes to some degree. Those who’ve ditched the old ways are now selling more, reaching higher net profits, and seeing major gains—and there’s research to back it up. The good news for everyone is that these forward-thinking dealers aren’t just opting in for the latest and greatest technologies to achieve these goals. You can adopt the same future-forward operational strategies to overcome whatever challenges arise tomorrow. Don’t settle for ‘good enough.’ Discover what it means to be a forward-thinking dealership.
Future-forward Operational Leaders
Every dealership has strengths. And every dealership has opportunities. In a study of more than 500 dealers, Cox Automotive was able to categorize dealerships into three groups based on their resilience toward overcoming operational challenges, as well as the mindset and strategies that result in growth. They are defined as follows:
- Static Dealers—Stuck with limited digital technology and manual approach to operations.
- Modern Dealers—Updated digital technology, yet still sidelined with old processes and mindsets.
- Forward-Thinking Dealers—Advanced digital technology with integrated software, automation, and data throughout the dealership.
87% INCREASE IN SALES PROFIT FOR FORWARD-THINKING DEALERSHIPS IN THE PAST 12 MONTHS
Performance vs. Technology
A technology investment alone won’t take your business from one category into the next. Adoption, mastery, and performance of any new skill will help you move the needle. So, what sets a forward-thinking dealership apart from the rest? It comes down to mindset. The top-performing dealerships in this study were shown to be more open to new ways of working, while simultaneously embracing data to create one connected workflow across their automotive dealership. Just as the healthcare, education, and online retailing industries have adapted over the course of time, so too, have forward-thinking dealers.
The Tactics of Forward-Thinking Dealers
Dealers who invest in technology, training, and innovative thinking can expect to see improvements in operations. Forward-thinking dealers, like the ones in this study, used specific tactics in their approach to key areas beyond just operations. It’s important to know which tactics are most successful in specific functional areas of the business to boost profitability. According to the study, service, back-office operations, sales, front-office operations, and inventory management each have specific, targeted tactics that drive success.
64% HIGHER NET PROFIT AMONG FORWARD-THINKING DEALERS VS. STATIC DEALERS
Adopting a new mindset and implementing the tactics of forward-thinking dealers can result in major gains. Remaining static is a choice. Learn where to focus on your specific business by diving into the details.
Start seeing business results today. Get your copy of the Forward-Thinking Dealership and discover the specific tactics that drive success.