One thing you should learn from Carvana The automotive industry is still under uncertainty. Chip shortage due to the use of silicon in COVID vaccines and an uptick in demand due to a rise in wages and stimulus checks is drastically impacting the industry. So much so that Production is not able to keep
Affordability declined to a new lowNew car prices are at recorded high. As per the COX Automotive and Moody's analytics, new vehicle affordability declined to a new low on the affordability index this June. In other words, weeks of income needed to buy a new light vehicle rose to 37 weeks compared to 35.5 in
What do top performing dealerships have in common?No two dealers are exactly the same in terms of their business and management style. Every dealership has its own culture, environment, set of traits, and mindsets that dealers and their employees bring in. All those factors greatly influence the success of the dealership. Some dealers focus on
Finding and hiring the right people for the job is a challenging taskAs the businesses return to normal and the Fed is pumping money to revive the economy, the retail auto sector is experiencing a sharp rise in demand. For example, Ford Motors Company sales increased by 65% during April 2021. On the other hand,
Tips, Tools, and Strategies to Earn Customers’ Trust and Gain Positive ReviewsThe role of transparency, ethics and compliance in improving F&I and cars sales:Turning to used car inventory is the need of the hour during the inventory shortage. However, selling used cars could be a tricky proposition for dealers. Transparency, ethics, and compliance help grow
Your weekly checklist to become an exceptional F&I manager or director and reap the rewards. F&I managers weekly checklist to stay on track and profitable:A wise man once said success comes from curiosity, concentration, perseverance, and self-criticism. Yes, the wise man was none other than Albert Einstein. He could not speak until he was four and
Are you taking care of your mental, physical, and professional health?Balancing job growth and health of F&I manager: As they say, with great power comes great responsibilities. The job of the F&I Manager or Director is the one that demands the ability to work long hours and sometimes seven days a week. It requires a high
A shift in the auto marketThe used-car market is booming, making it an opportune time to offer valuable F&I products to the consumers. The global chip shortage has disrupted the global supply chains and impacted the delivery of new vehicles. As the auto retail industry pivoted towards the used cars inventory to keep up with
Your guide to increasing customer satisfaction index (CSI) and revenue of your car dealership.Consistent customer experience and CSI score in the car dealership Your customer satisfaction index (CSI) scores directly influence your car dealership profitability. When it comes to customer satisfaction in a car dealership, often two departments, sales, and service, are considered accountable to
Hiring and retaining the right employee at your dealershipHiring and retaining the right employees is a challenging task. While the challenge is not a new one, it has become more critical than ever due to new generations- Young millennials and Gen Z, entering the workforce. Consequently, bringing with it a new set of values, beliefs,
