Planning for growth in the retail automotive space requires assessing the risks you might face Professional boxer Mike Tyson has a famous quote: “everyone has a plan until they get punched in the mouth.” I love this one. To me, …
When looking at financial reporting in the dealership environment, not all reports are created equal I admit it, a deep discussion on financial reporting isn’t the most stimulating topic in the automotive space. It’s not the first thing we think about …
How do you track inventory to make smarter business decisions? Dealers have now reset for the new year — new goals, new plans and new objectives. Most expect this year to be one of “normalization” with inventory flows going back to …
A look back at the year that was in terms of dealership financial performance. What a year it has been! This year will be viewed as an extraordinary one in history. A recovery year from the dark times of the …
New tools and techniques like omnichannel marketing, leveraging AI, data and CRM are gamechangers. Can dealers adapt? Technology is quickly changing the automotive industry. The way cars are marketed, sold, tracked and analyzed today is very different than they were …
Dealers need to borrow cash to run their businesses, but not all loan types are the same. Dealers need access to a ton of capital, and I mean a ton! Think about it, no dealership is sitting on enough cash …
Sharing secrets to career success in the C-suite for automotive executives. Dealerships are complex organizations. Success factors are constantly changing so it’s important that your executive team is nimble and well rounded. They must be adaptable and have strong problem-solving …
Leverage opportunities within data warehouses and your DMS systems Modern businesses know the power of data. If used right, it can give your organization a real competitive advantage. Using data as a predictive tool, rather than a backwards looking one, …
Many dealerships don’t like audits but they are a necessary part of the business Many dealerships in Canada are going through their year end audit right now. It happens every year and, for some reason, has historically been assigned a …
Make sure you’re tracking your return on your advertising dollars When was the last time you analyzed your advertising spend? Is it too much? Too little? Are you allocating the right amount between digital and traditional media? Are items hitting …
I hated studying economics in school. Too theoretical, I thought. I’ll never see this in the real world, I thought. Boy, was I wrong! Economics explains the balance between customers’ unlimited wants and their limited resources (usually cash) to acquire …
Not all profit streams require major investments Dealers today are looking for new profit streams without having to make major capital investments. With current supply shortages, many dealers are being forced to rethink their businesses and figure out new ways …
