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The coronavirus appears to be driving the automotive industry to selling vehicles remotely, a radical departure from the traditional dealer model. By identifying the issues that dealers need to contemplate, we find some solutions to the new direction we’re heading.
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Sometimes you will get a deal thrown at you that is going to be an uphill battle. Instead of losing motivation, look at it as two things: a challenge and a teaching opportunity.
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Buying behaviors may change for a growing number of potential car shoppers, many who have lost jobs or been furloughed due to the economic fallout of the pandemic. As more lenders rely on advanced real-time data, they may mitigate risk and put themselves in a better competitive position.
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Do not step over dollars to pick up pennies … picking a formation that is not a good fit will cause exit strategy issues and could cost you ownership of the next formation. Take the time to educate yourself on the different reinsurance formations to ensure success now and in the future.
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The business environment has changed and this requires a mindset shift for dealers from episodic and transaction-based, to ongoing and service-oriented.
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It’s one thing to say you’ll support your community, but it’s another thing to do it. No one can say that dealer Art Schaller, Jr., of Schaller Auto Group, New Britain, Conn., only pays lip service to charitable opportunities.
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The automotive industry is going through rapid change, facing additional costs associated with personnel, benefits, and retention, and depending on a steady stream of additional customers to replace those customers that have defected. So how do you change how you conduct business to meet the current challenge?
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Consumers and dealers alike have turned to digital retailing in spades as we all adapt to being virtual during these challenging times. Two digital experts sat down with AE to discuss the evolution of menu selling, the need to bridge the traditional F&I sales model with digital retailing, and best practices for agents.
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Even with the Bronco and F-150, dealers must remain smart about their digital advertising strategies.
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Virus or no virus, the law is still going to change and mandate new responsibilities for you and your business. Here are five recent legal developments that could affect your dealership that you might have missed.
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