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
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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
You have worked hard all year to navigate inventory limitations and manage consumer demand. With Christmas around the corner, most of us are preparing for the final days of December in the dealership. In a year different from any other, what should you expect from customers this year? How can Salespeople and Finance Managers
Tips for recruiting and retaining the right talent in your dealership, and manage labor shortage Hiring and retention in auto industry Economic data indicates that over the past month, job openings have been rising considerably. Hirings are also up, but the companies are not coming close to filling the number of vacant positions or
The road to dealership success is constructed with proper hiring practices, employee development, and retention. Dealership employee development and proper hiring is an investment that will deliver tremendous benefits. Without a doubt, you have given it a thought and strived to raise employee efficiency and retain them for longer. However, what if you had
Market, car sales trend, and dealership profitability influenced by inventory shortage and high prices New vehicle sales for September 2021 are expected to decline 25%, hurt by a shortage in inventory even as consumer spending remains strong, reported JD Power and LMC Automotive in a joint forecast. Thus, the dealership's profitability in inventory shortage
The average age of cars and light trucks in the US rises to 12.1 years. What does it mean for your dealership? Americans are keeping their vehicles longer The average age of cars in the US hit a little over 12 years. While the average age of the vehicles has risen steadily over the
Implement these strategies now to boost dealership sales and thank us later. A sketch of a person on the steps, moving towards a light bulb that shows progression and success. Every business wants to grow more, succeed, and increase profit. Dealerships are no different when it comes to profitability. Yet, there is
GAP claims are rising. What products are you offering? How are they going to impact you and your customers?. GAP claim are rising: The influencing factors GAP claims are designed to protect consumers by paying the difference or the gap between the value of a vehicle at the time it is totaled. That is,