How to Master Your Market with the Basics for the Used Auto Industry in 2023: Step 3

August 2, 2023

Step 3 → Execute & Adjust

If you want to master the used car market this year, then it’s time to dig in your heels, grit your teeth, and get your hands dirty. It’s 2023…and there’s no ‘easy button’ for automotive retail. But we can take a fresh approach to old-school tactics. Taking your dealership to the next level requires dedication and determination. These are traits that you definitely have. So, if you are ready for that, then you are ready for the next phase, Step 3…execute and adjust!

We’ve already established the first two steps necessary to help you master your market in the coming months. The third one requires you to venture out of your comfort zone a tad. Because you’ve identified the problem and built the foundation, you now have the opportunity to execute your plan and adjust it as necessary to match your criteria for success. 

Step 3 is the perfect mix of preparation meeting opportunities. You’ve figured out the direction your dealership needs to head and set the coordinates for long-term growth. As you hit the gas, you’ll cruise past familiar and unknown places. That means now is the time to put the pedal to the metal. The road will have twists and turns, but if you did the work in the first two steps, then you will be prepared for every curveball ahead of you. 

A portion of Step 3 involves being vigilant about your processes while constantly identifying and iterating on the groundwork you’ve already built. As you pour another layer into the foundation, adjust the building blocks to ensure your frame is in proper order. There are plenty of tools to help you along during this portion of the journey. You can repeat steps one and two at any time with new solutions to ensure they are working properly for your dealership.

Now, as you deploy fresh tools or update existing ones, you will be able to accelerate your plans by integrating the basics into what you do. Always incorporate a cadence of inspection and rightsizing. Stay ahead of twists and anticipate trends in the industry by staying abreast with news and market developments. Stick to your guns and don’t forget to do the work and evolve areas that are performing below par.

Continued inspection is critical as you execute. Much like in the first step, you’ll need to keep your eyes open and your team ready to address growing needs. Implementations won’t always be seamless. So, tinker as you go. When it comes to data, apply new regimens that allow you to analyze and adapt as cleanly as possible. You’ll be empowered by making decisions driven by insights that elevate you above the competition. 

Finally, because the market will continue to fluctuate, provide your lot with the materials and assets needed to break away from the pack. Particularly for sales and marketing functions, you may begin to notice gaps and friction points develop in how your team operates in their efforts to deliver a next-level shopping experience. Service with a smile won’t go out of style. Take those tried and true sales methods and bring them to the forefront of your approach. Automotive retail is amplified by relying on the basics. 

Consumers will notice the new avenues that you are marketing with improved SEO and ads written with the shopper in mind. If you identified your areas of improvement and implemented them properly, you’ll begin to see new opportunities to deliver your inventory through digital and physical touchpoints. Much like you shine up your cars, make sure your web and social properties are in tip-top shape. Hit the post button and engage with your audience by delivering a shopping experience that reaches them where they are spending most of their time. 

At the end of the day, you need to be the change you want to see at your dealership. Making significant strides starts by running with a plan after it is devised. Don’t question yourself. Step 3 is a great opportunity to marry your gut to informed, data-driving decisions. Execute what you have built and adjust as needed to match the trajectory of your short and long-term goals.

Master your market in 2023 with the basics. If you’ve missed out on the first two steps, be sure to head back in the archive and check out how to “Identify” areas of improvement, then discover how to “Build” a foundation that will launch you to a new stratosphere of success in the coming months. Stay tuned as we reveal the last piece of the puzzle: Own it!