Understanding the changing landscape of the automotive industry is a challenge. If you don’t pay attention to changing trends, you’re likely to get lost. With so many twists and turns in the road to success, it pays to watch out. The first, essential guidepost on your Drive to Success, are the New Market Opportunities awaiting your business. At first glance, many of these “opportunities” may appear to be the same old challenges you’ve struggled with for years. However, with the right tools, the right people, and a new perspective on key process improvements, you can feel confident that you are on the path to profitability in no time.
Margin Compression Solutions
Fighting shrinking margins within your auto dealership is nothing new. But the degree to which some dealers accept this growing problem (some dealers sell used vehicles at a total loss!) is surprising. The solution to margin compression—according to the experts—will ultimately come down to finding hidden centers of profitability and empowering your operation to be as efficient as possible.
Service Lane Optimization
Dealers have heard the traditional advice before: build better customer service in the service lane. While this point gets driven into your agenda over and over, one key point may be overlooked. With the implementation of the right data, the right technology, and a team trained well-enough to optimize these tools, you can actually see the right results.
Lifelong Customers
The simple shift from focusing on finding new customers to retaining your top-tier customers is game-changing. And you’re probably measuring this long-lost metric all wrong. Start investing in the customers who build better business and watch your reputation, and your revenue, grow.
Brand Advocacy
Your dealership sells cars to the community. Big. Deal. You’re simply going to have to do better than that if you want your customers, your employees, and your community to remember you the next time they want an oil change, a new car, or anything else auto-related. What makes your brand stand out? Are you making a connection that reaches people on an emotional level? Do you know the science behind why that matters?
The path you’re on today has a fork ahead of it. Will you have the tools and resources that promise success? It’s an exciting time to be in the business of selling and servicing cars. With so many changes to the market, the more you pay attention, the more it will pay off.
