Margin compression is on every car dealer’s mind. And, even though its causes can be difficult to pinpoint, one thing is certain: today’s car-buying customers have changed, and their behavior is directly impacting your profit margins. So, what can be done? How can your dealership adapt to this new type of consumer? One solution might be closer than you think.
Drive to Success: A Fresh Start in 2018
The new year is just around the corner and your dealership can start taking the right steps towards a fresh start today. Create New Year’s resolutions for your dealership’s departments. Learn about some of the predicted 2018 dealership trends and tips on how your dealership can get a step ahead of the competition this new year.
3 Ways Technology Helps with the Holiday Sales Rush
‘Tis the season of end-of-year car sales, and with all the hustle and bustle of clearing out inventory, it’s important to take advantage of technology to get you through this rewarding, yet stressful time of year. Here are 3 ways technology can help with the holiday sales rush.
Drive to Success: Holiday Sales Event
December can be one of the most profitable months for dealerships. To keep your dealership ahead of the holiday competition, make sure your dealership keeps customer service and employee spirits positive. Change up some of your marketing strategies, decorate your website, and get your showroom looking a lot like Christmas.
9 Ways You Might be Wasting Time in Your Dealership
The classic formula for success in the auto retail world is changing. Margin compression is forcing dealers to rethink their strategies, and selling more cars to make more money simply isn’t working anymore.
Drive to Success: Customer Advocacy
Customer advocates are a powerful profit-maximizing tool for your dealership. Loyal customers can be your strongest sales representatives through spreading the word about your dealership’s reputation. Potential customers tend to trust their family and friends the most when deciding where to buy a car. For this reason, your dealership should take any steps necessary to gain more customer advocates and retain loyal customers.
Drive to Success: Employee Training & Development
Developing skillful employees will only make your dealership stronger and more successful. Proper training will allow your teams to hire and retain top talent. Stay up to date on the different technologies and expectations of millennials entering the workforce to ensure your dealership provides the development talented team members are looking for.
What is Your Strategy to Combat Margin Compression?
Many changes within technology around us cause consumers to behave differently, which in return creates a difficult environment for the auto industry to prosper. In some ways, all of these changes are making our industry stronger, more disciplined, and helps us shift focus where it needs to be—the customer experience.
Drive to Success: Combat Margin Compression
Dealerships face shrinking margins today more than they have in the past. There are many new ways to sale cars, but in order to avoid margin compression, dealerships should invest time and money into selling cars more efficiently. Try changing your sales processes, scrutinizing the revenues and costs from each of your departments, and increasing the speed of used car sales.
Dealership Margins: Finding Solutions to a Compressing Problem
Margin compression, the gradual decrease in the difference between cost and profit of new and used cars, is becoming a serious problem for many dealerships.
Drive to Success: Technology to Drive Profits
Technology can improve customer service, marketing strategies, dealership operations, and drive up profits. In an increasingly digital world your dealership should get the most out of its technology and put it to proper use. After all, innovative technologies make auto dealers’ jobs easier.
Infographic: 7 Solutions to Margin Compression
Margin compression is an on-going issue for today’s dealerships. Learn 7 Solutions to Margin Compression with our Infographic.
