Dealership owners are betting big this year on new technologies, procedural updates, data-crunching, and high-hopes to combat margin compression. Will your dealership’s strategy prove to be successful in mastering this menace? There’s nothing like a fresh start to kick off your plans and hit the ground running! Read more:
1 – A 2019 Priority: Managing Your Inventory Investment Value
DalePollak.com: No dealership plans to do poorly in 2019. Yet, planning for success this year will take calculated efforts to overcome inventory investment inefficiencies. Otherwise, overcoming margin compression is going to be very difficult.
2 – Through Thick and Thin, Dependable Profits From F&I Fight Margin Compression
Automotive News: Selling cars (and making a profit doing it) has gotten more complicated. Federal and state oversight, compliance regulations, and increased security measures that seem to make certain processes take even longer means your dealership is working harder for every dollar earned. Which is why an increased value in F&I products goes a lot farther every year.
3 – How Your Dealership Can Thrive and Become More Profitable in 2019 – Tom Richards, NCM Labs
CBT News: If it feels like the industry is experiencing a big, giant shift—it is. So, how can your dealership prepare for what’s to come, improve profits, and stay ahead? Watch, listen, or read the latest predictions from Tom Richards.
4 – New Software Determines Vehicle Worth; Pricing Study Shows Startling Results
Wards Auto: A new software, ProfitTime, proposes to revolutionize the way dealerships manage today’s compressed margins. A new algorithm, data crunching, and “a hole in the universe,” was all it took to discover the breakthrough.
CBT News: With NADA a few weeks away, here’s a look at what to expect at both the show and the year ahead for dealerships, business owners, and everyone impacted by the industry.
Check back next week for more Drive to Success.
