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The challenges in managing an independent dealership appear to multiply overnight. There’s recurring bouts of COVID-19, global events, and a shortage of new cars impacting the availability of used car inventory. In other words, roadblocks to running a successful dealership are accelerating to what seems an all-time high.
So, what’s the move, then? Do we buckle-down and weather the storm? Throw-in the towel and call it a day?
These are no doubt solutions, but what they fail to account for is the possibility of success or abundance. It’s looking away from the problem instead of stepping inside of it.
This is an opportunity to re-think how you’re running the dealership and how to adjust to the changing dynamics of this industry – what processes could be improved, streamlined, or added to improve both inventory acquisition and customer relation experience.
In other words, navigating the current state of the industry doesn’t require scaling back or quitting but instead re-evaluating what the best practices are for managing a dealership in 2022. It’s a mentality, one that that’s flexible to the possibility of change and adaptation. This is what it means to step inside the problem and build your dealership’s success from that position.
What does this look like in practical terms? Well, that’s going to change and shift for every dealership. Some owners might recognize the potential in improving the showroom experience and invest time and resources toward streamlining the sales pipeline. Other dealerships could recognize the economic opportunity in live-market data at auction and the ability to market vehicles seconds after the purchase.
Both of these responses recognize that survival in the current industry isn’t limited to scarcity. That only expands the wound, makes your pain even more felt. Instead, this adjustment in perspective opens the door for new possibilities for your dealership and flips the script upside-down. It’s not simply making the most out of a bad situation. Rather, it’s adapting to the current market in order to continue to scale and grow your dealership for success.