It's human nature to seek pleasure and avoid pain. Change disrupts both. However, when the customer behaves differently and their needs change, NOT changing means inevitable extinction. The auto retail industry is beginning to recognize the importance of digital transformation, but technology has also accelerated at a breakneck speed, making it even more difficult for dealers to keep up with the curve, much less stay ahead of it. Most dealers have not done enough to keep up with the digital …
STUDY: Employee Engagement, Profitability Linked Directly with Strength of Leadership
You work very hard to increase and maintain profitability, right? What if I told you there was an additional way to improve profits that didn't require late nights grinding for every deal? Would you want to know about it? It's called Employee Engagement. According to a recent study, engagement for employees of all ages is much more closely linked to leadership practices. The research identified the top drivers of 'actively engaged' to be when the employee has: Inspirational leaders …
Study: Dealership Profits are Evaporating, Here’s How to Stop It
Dealership profits are under intense pressure today and in the coming months, according to a just-released NADA study reported on by Automotive News. U.S. franchised new-vehicle dealerships sold about the same number of new vehicles through June this year as they did the year earlier, but dealers are making less money on them. Even profits on used vehicles, which are typically fatter than those of new vehicles, will narrow because "residual decline is accelerating and depreciation is …
True Story of How Adapting to ‘Digital Operations’ Sells Cars
Shifting auto retail operations from a strictly 'bricks and mortar' model to one that incorporates facets of digital commerce has not been an easy road for most dealers. Adapting to 'digital operations' has a lot more challenges than meets the eye. There's been a severe lack of information and leadership from manufacturers, leaving dealers to figure things out on their own. Unless you've spent a lot of time in the digital space, it's difficult to determine the best actions to take. True …