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Key performance indicators are important for individual dealerships as well as entire groups. You’re probably already tracking KPIs for your individual stores, but what about your full dealership group? If it’s an utter challenge compiling all that data, much less comparing it against automotive benchmarking standards to scrape together the actionable insights needed to establish KPI goals, it doesn’t have to be.
In this blog we’re turning a spotlight on success, helping you see the path through the process of consolidating dealership data, performing a group analysis, and measuring your results so you can stay ahead of your competition and secure more ROI.
How a Clear Group Analysis Leads to Concrete KPI Goals
Tracking KPIs for an Individual Dealership vs. Dealer Group
Tracking KPIs for an individual dealership is relatively straightforward. Dealers can track their performance on a variety of metrics, such as sales volume, gross profit margin, and customer satisfaction. This information can then be used to identify areas for improvement and to make better business decisions.
Tracking and developing KPI goals for a dealership group is more complex, but it is just as important. Dealership groups need to track the performance of each individual dealership, as well as the overall performance of the group as a whole. This can be challenging, but it is essential for ensuring the group’s long-term success.
One of the key differences between tracking KPIs for an individual dealership and for a dealership group is the need to consolidate data from multiple sources. Too much data can be counterproductive, so it’s important to pinpoint the most crucial KPIs to focus your efforts.
Another key difference is the need to benchmark performance against other dealerships and groups. Dealership groups can use automotive benchmarks to track performance over time and to identify areas where they can improve.
Here are some specific tips for tracking KPIs for a dealership group:
- Identify the most important KPIs for your group. What are your business goals? Which KPIs will help you to achieve those goals?
- Collect and aggregate data from all of your dealerships. This data should be stored in a central database so that it can be easily accessed and analyzed.
- Generate reports on a regular basis. This will help you to track your progress over time and to identify areas where you need to improve.
- Benchmark your performance against other dealerships and groups. This will help you to see how you are doing compared to your competitors.
- Use your KPI data to make informed business decisions. This could involve performing a sales analysis, changing your marketing campaigns, or investing in new technologies.
Unite Your Dealership Group Data with a Single Solution
Tracking KPIs across your dealership group or performing a group analysis doesn’t have to be complicated. Affinitiv DealerLens gives you a centralized view of consolidated data from various databases, helps you see your overall store performance with 50+ available KPIs, recommends actionable insights to implement, and allows you to measure results for sales, service, and marketing. Interesting in learning more? Contact us today for your live demo.
All | November 17, 2023