How to Master Your Market with the Basics for the Used Auto Industry in 2023: Conclusion

August 17, 2023

  1. Identify
  2. Build
  3. Execute & Adjust
  4. Own it!

First, thank you for joining me on this journey of defining a fresh way to master the used car market in 2023. There have been many ups and downs over the months. And as the industry continues to find its footing, we must uncover common ground that helps us grow while continuing to offer the best customer service possible. After all, we do more than just sell cars. We make dreams come true.

This series breaks down the essence of how to own operations through a four-step process. Beginning by identifying issues within your dealership, I laid out a checklist for teams to discover the root cause of any existing or potential problems on their lots. Digging into complications allows you to build a base to grow your operations…which is the second step.

Once you have a foundation, it’s time to climb. Upward mobility in the used automotive world requires a creative mind, solid business acumen, and an unwavering commitment to developing an experience that consumers will remember. Piece together opportunities to generate excitement and interest that sticks with customers. Provide new touchpoints designed to help your inventory be more searchable while tearing down obstacles that hinder your lot's shopability. You can increase volume and grosses together.

Next, as you implement these new strategies, always be thinking like a carpenter and be ready to adjust as needed. Execution without a plan will leave you in the dark. Move and pivot pieces to fit the fluctuations of our economy. If you need more vehicles, get creative in sourcing. If you have the cars, make marketing fun. You have the power to adjust to trends in a way that elevates your dealership to new heights. You don’t have to second guess yourself or rely solely on your gut. Bring data into the equation and shine a light on all of the potential possibilities you have to increase your profits.

Finally, make this process your own. It’s time to disrupt the industry and transform automotive retail into an exciting process. Reputation management, broadening your brand, and improving the customer experience is the culmination of all your efforts. You’ve called out the problems, integrated solutions, and adjusted on the fly. Put your personality into all that you do and find inventive ways to connect with consumers. Your voice is your livelihood. Shoppers want to interact with your personality and will come back for seconds when they value your efforts.

The used auto market will continue to ebb and flow. There will be changes both unexpected and unwanted. But the time to fix the roof is when the sun is bright. Putting pen to paper and making changes on your lot will pay out in the long run. As always, I encourage your feedback on these steps. Let me know what you think, what is working, and what changes have influenced the greatest growth of your business. Automotive retail will only expand. But putting forth the effort to make incremental improvements today will make tomorrow more profitable.