Let’s face it, 2021 was rough for a lot of people. There were ups and downs, unexpected turns, and unwanted scenarios. Inventory shortages and supply chain issues put excess strain on the automotive retail industry, and the pandemic continued to disrupt the flow of day-to-day life. But that was last year. 2022 is filled with optimism and potential. Why? Because the automotive industry is resilient. This fact has been proven time and time again. The next 12 months present an opportunity for your dealership to move forward successfully. And, the best way to put 2021 in the rearview mirror is to set goals now and build a roadmap for the future.
Where do you begin? Start by identifying key areas where your lot needs improvement. Chances are your inventory is currently low. Create tangible objectives for acquiring as many vehicles this year as possible. While that might sound like a difficult task, keep in mind that there are units available. You just have to get creative in how you acquire. Think outside the box and stop being reactive. Source directly from your customers. Make phone calls, send emails, have your service lane make inquiries. Consider using a virtual wholesale marketplace for auctions. The point is that you have options. The vehicles exist and are ready to be acquired by you. But you have to be proactive. Put a number on the board and make that your goal for each month. Do the work in a genuine, transparent manner, and you’ll find more opportunities to fill your lot.
Once you have more vehicles, you’ll want to move them as fast as you can. The best way to accomplish this is by having your staff be as knowledgeable as possible. Set up a rigorous training program that emphasizes data and details. Don’t skimp here. Empower your team to be the best possible by setting goals for them to complete in the new year. An advanced solution such as a digital showroom is a great way to improve your training process. Apply various touchpoints that put information directly into the palm of your team’s hands. They’ll be able to answer any question about any vehicle on your lot. It all starts by setting goals and expectations for your team.
Finally, get curious about the industry and your dealership. Curiosity is one of the driving forces behind a successful sales cadence. Create tangible goals for yourself here. Research what trends are driving sales and grosses. Integrate clean data as part of this process. You’ll discover which vehicles are right for your lot and be able to successfully sell them. Never stop learning and improving. Put a calendar together, find educational opportunities, and leverage data to give you the best control over your inventory. Create touchpoints within your schedule to achieve your goals.
Conquering 2022 starts by putting 2021 in your rearview mirror. And to do that, you need to set up dynamic goals for your dealership. How many cars do you need on your lot? Write that number down and get out there and acquire inventory. Already have some vehicles ready to roll? Create proactive sales goals for your team and integrate a training program that prepares them to sell your inventory while holding more gross on each transaction. Your team is prepared to deliver an excellent customer experience? Create educational goals based on curiosity about the industry and your lot. Bring in robust data with an inventory management system that actually works for your dealership.
If there is one thing we learned in 2021, it’s that the traditional dealership model is evolving. More digital touchpoints mean more opportunities to interact with customers. Create a roadmap with strategic goals for incorporating new technologies into your playbook. Competition is fierce right now, so put the pedal to the metal and get over the last 12 months. If you need help understanding the larger picture of automotive retail, then look no further than ACV and MAX Digital. Through a proper, next-generation focus, you will gain insights into the ecosystem of success for your dealership. From a full-service, coast-to-coast, wholesale automotive marketplace to a robust data-driven inventory management system, ACV and MAX Digital can provide dealerships with the tools they need to be successful in 2022.