It’s the beginning of the new year and you are probably already set to race to the finish line. You have your strategy in place and your goals have been identified. Good or bad, last year is in your rearview mirror. And no matter how you slice it up, the last 12 months have dramatically changed everything we have known and loved about the automotive retail industry. Things are currently different and honestly, more competitive than ever before. Now is your time to draw a line in the sand and become the store that customers from all over the region want to visit. Easier said than done...so where do you begin?
Start by identifying the needs of your dealership, and align them to the wants of your customers. Don’t forget to consider how your staff plays a part in this. Technology will continue to perform a critical function in furthering the success of automotive retail. As we look forward to the coming months, stores will need to make strategic investments to improve the overall viability of their sales model.
This means that tools for inventory management and sales enablement are more powerful than ever before. In 2020, MAX Digital customers made $518 more per unit. Every transaction matters. When you leave money on the table, it compounds to a large loss. And this isn’t just some trick of the trade. Holding more gross per vehicle should be one of your biggest goals of the year.
As it stands, Fitch expects U.S. light-vehicle sales in 2021 to total 15.6 million, up nearly 10% from our forecast of 14.2 million for 2020. Think of that stat in terms of your sales in the last year. If you can increase your gross margins to over $500, and do that at an increased volume of 10%, then you are sitting at a significant boost in profits. Specifically, when you partner with MAX Digital, you get quality and quantity. Achieving this requires a stack of solution technologies that improve your process, reduce your costs, enhance your workforce, and provide your customers with an unparalleled experience.
So, in the new year, dealers need to think of their stores and the experiences provided as a complete solution. Every touchpoint needs to stand out. As digital retailing continues to gain ground, your web and social media properties are valuable opportunities for customers to gain the information they need to make a buying decision. The way your ads are written, the way your inventory is displayed (physically and digitally), and the way your processes are structured impact the probability of a lead turning into a sale.
As you plan for the next 12 months, now is the time to put the pieces together that will send you on a path to success. The overall outlook is positive for the year. Take advantage of that by deploying the technologies you need to hold more gross, sell more cars, empower your staff, and of course, make the customer smile. Schedule your free demo today with MAX Digital and learn how our suite of automotive retail technology products can help you achieve your strategic goals.
