Consumers invest considerable time researching what vehicles to purchase, whom to buy from, and where to take their cars for service. Much of this effort now takes place remotely, as an increasingly digital landscape means more accessible information for prospective customers before stepping inside a showroom. More information means a more informed prospect with evolving […]
Repeat customers are one of every dealership’s most significant assets for maximizing performance and profitability. However, winning back lost customers can prove challenging for many dealerships – particularly those who cannot pinpoint where and why they fail to convert first-time buyers into a recurring revenue stream. Those struggling dealerships must work to identify where they […]
Amidst an ever-changing car industry, one critical thing remains the same: the importance of car sales lead generation. Potential customers conduct most of their research online (as discussed below) and no longer rely on salespeople for information. Dealers nationwide must develop a strategy to meet consumers where they are rather than wait for them to […]
Digitization is redefining the auto industry, and manufacturers and dealers now face the sector’s most challenging environment in decades due mainly to constant technological advancements and market changes. OEMs must respond with increased technology adoption and introduce enhanced makes and models while dealers modify their sales and service processes. Some automakers and dealers are handling […]
As automakers introduce more EVs to the market, pre-owned availability and demand will increase. When this happens, establishing an accurate EV resale value will be crucial to calculating the total cost of ownership, affecting a consumer’s purchasing and financing decisions. However, EVs operate differently than ICE vehicles, meaning OEMs and dealers must rethink how they […]
When bogged down with the daily challenges of running a dealership, management will inevitably lose track of long-term objectives from time to time. Addressing customer concerns, checking inventory, reviewing floor plans, and running team meetings are just a few of the countless tasks that can consume workdays. However, management must allocate time to step back, […]
Despite media assurances to the contrary, a global automotive chip shortage continues, and the primary semiconductor industry might experience constraints throughout 2023, if not longer. And while select data does suggest that scarcities have turned to surpluses in specific markets, the reality is more complex than those numbers imply, with several geopolitical and global economic […]
To stay competitive, dealers need to understand what data to measure and how to measure it. However, it can be challenging to go through the vast amounts of available information to choose the most important measures to assess performance. By assisting their employees in focusing on those data points necessary for operations, dealers must research […]