There are a lot of factors that impact the automotive retail industry. From supply chain shortages to inventory fluctuations and even hurricanes, these factors cause a shift in consumer behavior and overall confidence. For many dealerships, the effects of these unexpected happenings cause troubles on the lot. But, while there is a lot of doom and gloom going on, there is also a silver lining.
Technology continues to evolve the automotive retail industry. Dealerships adapt to new tech by adopting best practices that help sell more cars while holding more gross. This is an important mindset in the face of adversity. With the chip shortages wreaking havoc across the globe, dealers are forced to find new ways to source inventory. There is more of an emphasis for the trade-in and appraisal process to be transparent. Build a true value for your customer with an honest assessment of the car. Walk around the vehicle with them and highlight areas that will need to be reconditioned. This will help build consumer confidence against trying times.
As it stands, your customers have a wealth of information at their fingertips. It is up to you to be prepared to address questions that shoppers will have. While consumers peruse your lot, they are going to be searching for specific items. One element that will help you thrive during adversity is data. With a digital showroom, you gain all the information you need to help the customer with their decisions. Empower your sales team to exceed your customer’s expectations and transform them into instant experts.
Staying confident is an important focus here. Rely on the technology that bolsters your dealership’s ability to be successful. As new, unexpected factors emerge, you need to have the tools in place to overcome the odds. John F. Kennedy famously said, “The time to repair the roof is when the sun is shining.” Take those words to heart and build a tech stack that will stand the test of time and help you weather the storm.
Next, Integrate a roadmap into your year-end plans. Point out areas where you want to go and identify the spots where you will need to upgrade your technology. When adversity does strike, you will be well prepared to thrive. Invest now by examining your situation. Survey your current solutions and find out which simply aren’t working for you any longer. Chances are that your inventory management tool needs to head to the next generation. Take this opportunity to rightsize your solutions in a way that helps you merchandise correctly.
As we head into the end of the year, emphasize staying focused on your success. Implement fresh strategies and don’t be afraid to try new things. You’ll have opportunities to level up your ad writing skills, help coach and empower your staff to be product experts, and bring a new sense of transparency to the trade-in and appraisal process. There will always be adversity, but there isn’t a more resilient industry than automotive retail.
If you need help creating a roadmap for success, MAX Digital is here for you. Our suite of solutions is designed to help your dealership thrive through any number of challenges. Set up your free consultation today!