Step 1 → Identify
It’s 2023. We have successfully navigated through the first portion of the year. Summer is here and things in automotive retail are heating up. But what does that mean for your dealership? If you want to master your market in the back half of the year, then it’s time to return to the basics.
The fundamentals make a difference. In order for you to properly master the used car market, begin by identifying the areas of your dealership that need work. If anything is less than stellar, make this your opportunity to get back to the basics and kick it up a notch.
To properly identify the processes, operations, and solutions that need some tinkering, start with an audit. List out the different facets of your dealership and rank how efficient they are. When it comes to selling, what is your average age on lot? For marketing, what’s the open rate on your emails? What kind of engagements are you getting on social media? Are you receiving positive feedback and building your brand’s reputation through reviews and ratings? And this is just the tip of the iceberg. A review of your key performance metrics in every department will help you understand where you are and how to begin to develop a plan for where you want to go.
All these details matter. And if your goal is to improve operations and master your market, it’s time to ask yourself the tough questions. As you audit areas and identify ones that need attention, leverage data for development. Many of the processes you have will come with insights available. Use these as a blueprint for setting the bar. Data is good for establishing a baseline of success. If you are underperforming in your goals, integrate data as an opportunity to standardize what achievement means to your dealership.
With data informing your decisions and ability to identify different operational goals, the next step is to recognize institutional patterns and give a name to your processes. As you work through this step, you will begin to notice common themes. Data is critical for you to understand the seasonality of sales cycles, marketing effectiveness, and overall customer satisfaction.
Personalize these elements to match your mission statement and brand goals. Turn opportunities for awareness into custom segments that can enhance your ability to master your market. You have a magnifying glass. Use it to examine the darkest corners and take note of what you find.
Finally, connect the dots. As you identify problems and shortcomings, transform them into educational moments. Data will bridge areas where your audit spots stumbling blocks. Call them out, attach a name to the issue, and begin the process to whiteboard a solution. Identification is important to understanding where improvements are needed.
The used car industry is yours to grab by the horns. In order to get on the path of owning the market, start by identifying the different corners of your operations. After that, the next step is implementation. When you understand what problems you have, you can begin to integrate solutions that act as a remedy instead of a bandage.
Stay tuned as we move forward on building a road that will propel you to success in the coming months.