The Best of Times - AutoSuccessOnline

The Best of Times

By building a culture of speed-to-sale efficiency, you can position your dealership to thrive in the months and years ahead.

Hasn’t this been a remarkable run in retail automotive? Profits are huge. Demand is something else, and customers have been more flexible than ever. So, what’s the worry?

This best of times won’t last. As new-vehicle production gears up and new cars flow to dealer lots, trade-in activity will flow used cars into recon and sales lots, and customers will again have a choice, but the market will be different: opportunities will be fewer, inventory levels will increase, consumer interest will wane and dealerships will fight for customers and profit.

The questions one needs to ask, then, should include: 
• How do I protect and strengthen the future of my business?
• How can I enhance customer presentations and stickiness? 
• How do I develop a culture of efficiency to meet demand?
• How can I best leverage digital reconditioning and digital retailing to build value and trust with customers from the very first contact?

The pandemic taught the importance of digital retailing; the chip shortage sharpened attention on supply chain vulnerabilities. Dealers who meet next-market dynamics with a best of times attitude intact are those leveraging five performance edge fundamentals.

At the core of managing for success from now on is best described by the idea we call speed to sale, which I discuss in my forthcoming book, on an enduring auto dealership’s crucial Key Performance Indicators. I wrote it to share proven ideas to help dealers focus on essential metrics for success in any market.

For example, dealers do not recognize that digital reconditioning and speed to sale are foundational to digital retailing. Most dealerships now employ digital retail technology and services to improve customer engagement. However, that expense and effort will not deliver its fullest when sales can’t locate the vehicle a customer asks about or answer questions accurately when vehicle details aren’t reachable on the desktop, smartphone or text-accessible. Savvy shoppers increasingly ask for further information about the reconditioning done on the car they’re considering. If you can’t show them inspection and repair details from a smartphone, they’ll walk.

Because we created reconditioning workflow software more than a decade ago, we know how to dial in your performance edge. Everything in the car dealership must be measured and measured. The KPIs known as Average Days in Recon and Time to Line give you tools to monitor, manage and adjust speed-to-sale touchpoints, from vehicle acquisition to final delivery of the car to the customer, at your store or his or her driveway. 

Experts agree — whatever the market, rapid reconditioning serves the needs of the dealer and interests of the buyer like no other process in digital retailing. Speed-to-sale workflow software is the industry champion in eliminating time delay, identifying time gaps and reducing costs in the reconditioning-to-sale approach. 

Speed to sale is holistic, meaning the whole dealership. This culture understands how its attention to KPIs contributes to dealership efficiency. You can look for any number of business tools to lean on going forward, but only by building a culture of speed-to-sale efficiency do you position your dealership to thrive in the months and years ahead.

You May Also Like

Unlocking the Value of Your Data. Don’t Let it Go to Waste.

Explore expert Bobby Gaudreau’s insights on overcoming data challenges in auto dealerships, focusing on CRM and DMS optimization for marketing success.

Unlocking the Value of Your Data. Don't Let it Go to Waste.

The effective utilization of data is essential for driving successful automotive marketing strategies and fostering strong customer engagement. However, many dealerships encounter a significant challenge: their marketing campaigns often fall short due to disorganized and incomplete customer data.

Traditional Dealer Management Systems (DMS) and Customer Relationship Management (CRM) systems, while vital, are not inherently designed as marketing systems. They lack the necessary functionalities for easy list generation and segmentation, and are not equipped to share, understand or react in real-time to information. This limitation is especially evident when dealing with records that include customer interactions and behaviors, which are crucial for integrating with a marketing system. This gap in capability is where Customer Data Platforms (CDP) become crucial.

Latest Toyota Data Breach: Evidence of an Industry Under Attack

Hackers have identified the auto industry as ripe for the picking. Attackers often share information regarding potential targets and methods.

Latest Toyota Data Breach: Evidence of an Industry Under Attack
Don’t Be ‘Nice’ to Your Team — Be Caring

Here are four steps to take to lead a team that minimizes critical actions and will put our team members on the path to success.

team leadership
The Top 3 Reasons You’re Missing on Used Vehicles

As front-end profits tighten, misses on used vehicles hurt more. To tighten up acquisition and pricing, you need a different way of operating.

The Top 3 Reasons You’re Missing on Used Vehicles - AutoVision
Everyday Actions, Monumental Outcomes

It is in the quiet moments of consistent work that our skills are sharpened and our goals are realized.

True success is the product of a daily grind, forged from focus, dedication and perseverance.

Other Posts

Ashlee Church: #NotLikeTheOtherGuys

This dealer is following her arrow and bringing change to the auto dealer industry.

Vehicle Care RockStar Ashlee Church
Rapid Recon, Velocity Automotive Close the Trade Appraisal Gap

Appraisers at dealerships using the recon software and VINSight now have quantifiable data to make more informed trade offers.

Used Car Sourcing and Predictable Appraisal Accuracy

Trade-ins remain essential, so when their owners walk through the door, give them the fairest offer you can — and be sure the spread you need isn’t diluted by appraisal oversights.

Used Car Sourcing and Predictable Appraisal Accuracy
You Want Me to Pay for WHAT?!

Arming yourself with this firsthand knowledge will let you make informed decisions and allocate your budget toward increased profitability in ways you simply cannot hope to when you’re playing telephone with your manager charged with executing on marketing.

Wikimotive, trade shows, marketing,