Key Takeaways from NADA 2024 May 02, 2024 Mark Begley 3 mins read The automotive industry is in a state of rapid evolution, with new technologies, market shifts, and consumer behaviors reshaping the landscape. The National Automobile Dealers Association (NADA) 2024 conference provided valuable insights into navigating these changes, particularly in the fixed ops sector. Here are some key takeaways that can help automotive professionals thrive in the dynamic market ahead: Parts Department Helps in Dealership Profitability Parts departments are critical in dealership profitability, often re ..read more

Top 8 Key Profit Drivers for Modern Digital Dealers April 29, 2024 Mark Begley 6 mins read Automotive dealerships are navigating through a sea of technological advancements and evolving consumer preferences. The traditional methods of selling cars have transformed dramatically, with digital platforms playing a pivotal role in shaping the industry’s future. To not just survive but thrive in this new era, modern digital dealerships must hone in on specific strategies that not only keep them competitive but also drive profits to new heights. The following delineates the top 8 key factors ess ..read more

5 Things You Can Do to Accelerate Your Dealership Deals April 23, 2024 Bryce Veon 5 mins read Are you looking to enhance your dealership’s sales process and close deals faster? Efficiency is the name of the game, and by implementing the right strategies, you can not only meet but exceed customer expectations while boosting your bottom line. Dealerships face the constant challenge of optimizing their sales processes to stay ahead of the curve. With consumers increasingly demanding seamless and efficient buying experiences, streamlining dealership operations has become more crucial than eve ..read more

blog How to Efficiently Sell Pre-Owned EVs April 19, 2024 Bryce Veon 4 mins read As the world moves towards sustainability electric vehicles (EVs) become increasingly popular. Dealerships are stocking their lots with a growing number of pre-owned electric cars. The worldwide market for used electric vehicles (EVs) was valued at just under $18 billion in 2023. According to the global analysis report on the used EV market, the market’s value is anticipated to reach over $40 billion by 2033. However, dealerships may struggle with moving used EVs to attract buyers compared to traditional gas ..read more

blog 5 Strategies for Managing Aging Inventory at Your Dealership April 15, 2024 Mark Begley 5 mins read Managing vehicle inventory is crucial for maintaining profitability and ensuring customer satisfaction. However, one significant challenge you may encounter is dealing with aging inventory—vehicles that have remained unsold on your lot for an extended period. Aging inventory not only ties up valuable capital but also risks losing value over time due to depreciation and changing market conditions. Research As per a 2023 study by NADA Used Car Guide, it’s observed that a used car tends ..read more

blog How AI Enhances Dealership Appointment Scheduling for Customers March 01, 2024 Bryce Veon 4 mins read Businesses that use artificial intelligence (AI) in their service scheduling processes can increase productivity by up to 40%. In the automotive dealership industry, AI is transforming how businesses manage their service operations. From streamlining appointment bookings to predicting maintenance needs and providing personalized recommendations, AI is transforming the customer service experience and driving operational efficiency. Let’s explore the transformative impact of AI in aut ..read more

Reading Time: 3 minutes Maximize Efficiency & Customer Satisfaction in Your Dealership April 11, 2024 Successful dealerships recognize that efficiency and customer satisfaction are paramount to maintaining a competitive edge. We’ll explore how top-performing dealerships achieve these objectives through streamlined processes, improved communication, and exceptional service. By leveraging innovative technologies and data-driven strategies, dealerships can optimize their operations and enhance the customer experience. Having a robust online presence and effective digital marketing strate ..read more

Reading Time: 5 minutes 10 Ways to Unleash the Potential of Your Dealership’s F&I Department April 11, 2024 Within automotive sales, the Finance and Insurance (F&I) department holds a crucial position, impacting both profitability and customer satisfaction. Despite its significance sometimes being underestimated, a proficient F&I department can greatly amplify a dealership’s achievements. The Finance and Insurance (F&I) department represents a significant opportunity for dealerships, often serving as a hidden profit center. While the spotlight may shine on car sales in the ..read more

Reading Time: 6 minutes How AI & Big Data is Shaping the Future of Automotive Retail April 11, 2024 AI & Big Data are transforming industries, and the automotive retail sector is no exception. The Big Data market in the automotive industry is poised for substantial growth, with projections indicating a significant increase from $5.92 billion in 2024 to $12.86 billion by 2029. This growth represents a compound annual growth rate (CAGR) of 16.78% during the forecast period (2024-2029). AI plays a crucial role in analyzing this data, providing insights that optimize operations and en ..read more

Reading Time: 3 minutes Why Dealerships Need to Focus on Increasing Customer Loyalty & Retention April 11, 2024 Traditionally, dealerships have focused on the excitement of finalizing a sale—that exhilarating instant when a new customer departs the lot in their new vehicle. However, true success lies in building strong customer relationships and nurturing loyalty. This is where dealerships come into play, serving as the engine that drives dealerships toward a future powered by loyal customers. Amidst the constant changes in the automotive industry, one thing remains unchanged: the cri ..read more