The last two years have proven to be a rollercoaster for the automotive retail industry. Especially for 2021, dealers across the country experienced a variety of challenges. Together, the industry pulled through and went on to have a successful year. There have been a lot of stories that came out over the last 12 months. Let’s take some time to reflect on the top 5 blog posts from MAX Digital in 2021.
How many times (and hopefully not a lot) does a salesperson walk out with a customer to look at a car, but that car is not in the best of shape? The battery may be dead, the inside or outside is dirty, maybe the window stickers are torn. It could be anything from small to big. Unfortunately, all of those are a representation of that salesperson and your dealership. Most issues with a car can be avoided with a little proactive work. Read more.
Semiconductor chips. Have you heard about them in any of your daily meetings or readings? I’m sure you have. It’s everywhere right now, especially in our world, the automotive space, even this past Sunday Night, 60 Minutes discussed it. There seems to be no escaping the reality of scarceness. Talking about it only gets us so far though, as the situation isn’t improving. Read more.
Grosses. You are probably tired of hearing about them (but probably not about the maximized profits you’ve been experiencing). But, when it comes to examining the market, we need to have our eyes and ears open. We need to have the past on our radar with the future in our eyesight. No matter what happens to our industry today, we need to realize that there will always be an ebb and flow from the past to tomorrow. Let’s start by digging deeper into the nuts and bolts of our current state. Read more.
We have spent the last two parts of the series discussing how to hold more gross in the ever-evolving automotive retail industry. It’s true that the cyclical nature of selling cars has changed. Digital retailing has been accelerated by diverse shopping habits. Sales enablement has moved from a lofty goal to a practical process. With a scarcity of new inventory, you naturally feel the heat when it comes to a customer wanting competitive pricing. So, how do we as an industry hold our ground? Let’s start by identifying some key factors. Read more.
With each dollar adding up, you need to be strategic with how you price what inventory you have. And to do that, you need a rich data set. New car pricing isn’t a guessing game. Misjudging margins can cost your dealership large amounts of money. With the overall slowdown of new inventory starting in 2020, we are seeing a general uptick in price on both new and used vehicles. On the surface, this seems great for dealerships. But it’s just the tip of the iceberg as there is more to the story. Read more.
Congrats to everyone for the grit and determination needed to finish 2021 strong. At MAX Digital, we are very thankful for all the hard work and dedication of everyone in the automotive world. We look forward to a productive and prosperous 2022. As we prepare to turn the corner into the new year, we encourage you to take a look at your roadmap for the coming months to identify areas of improvement for your business. MAX Digital is here to support you and assist you in achieving your 2022 goals. To learn more, schedule a free consultation today!