Great dealerships need great leaders Leadership is a word we often hear—simply put, it is an individual's ability to influence, motivate, and enable others to contribute toward success. Though it is a role some tussle to uphold, it can be mastered. If you're a current or aspiring manager, it's crucial to focus on good leadership
Employee turnover in dealerships is a long-standing challenge. A COX report states that 72% of franchised dealers say finding and hiring the right employee is challenging. The turnover eats into dealers' profits, and impacts revenue in many ways, including wasted time, resources, and training costs. In addition, the improper fit delivers poor customer experience and
Quality has no substitute: Don’t build a system in which mediocrity is rewarded Sales and F&I teamwork: In a meeting with one of our long-associated dealer clients, the discussion kicked around why it is critical to have a team where all players fit best together and not be separated like oil and water. Bringing the
Market conditions and affordability Understanding your consumers and their buying behavior is as important as keeping an eye on your vehicle tires. Tires have an enormous influence on the safety and performance of an automobile. Making sure you don't drive on a flat tire is key to vehicle performance and so is keeping a close
Dealership life is certainly not monotonous. Dealership personnel comes across new opportunities, challenges, and prospects to close the deals and meet sales goals. Assisting customers find the desired vehicle, providing them with the necessary information, or managing objections is a significant part of one's routine. In addition, dealership teams manage many low-key tasks essential to
The F&I (Finance and Insurance) department is often the last phase of the vehicle buying process. Strategic interaction between the F&I Manager and the customer plays a critical role in overall F&I profitability. Well managed interactions allow F&I managers to properly assess their customers' needs in relation to their driving behaviors to match them with
Why professional dealership training is critical for your success One of the core responsibilities of dealership leaders is to hire great people to ensure that their staff contributes to the store's profitability and success. There is no single formula to achieving that. However, professional dealership training plays a crucial role in attaining mutual growth and
Understanding the auto industry and trends in 2022-23 to increase dealership profitability Tracking the automotive market and key trends in 2022-23 could help you gain an edge over other players in the auto retail industry and influence your dealership profitability in a positive way. Before we dive deeper into the three key strategies to improve
The inventory shortage took center stage in the automotive industry in 2021. As the chip supplies are loosening up, the worst of empty-lot situation is likely behind us. However, the vehicle supply might not improve before the year's second half. The question is, how will the new year fare for the dealerships? Will there be
How to find the right dealer reinsurance provider and profit-sharing program that works for the Dealer’s best interest to generate wealth and financial security. One of the most valuable assets a Dealer has is often neglected and misunderstood. Running an effectively managed reinsurance program with the right provider generates security and wealth, while allowing
