With all the news about the government shutdown, national default, government furloughs, finger pointing and crisis talk; everyone is avidly watching Wall Street to gauge how badly the economy will be affected.
Consumers are concerned with keeping their savings intact while dealerships are concerned with fortifying their business to survive a potential economic plunge. Isn’t it time to get off the rollercoaster and stop being thrown for a loop?
So, let’s stop and think about the retail automotive industry for a second.
Whether the economy is good or bad, consumers will still be in the market for a car. Their needs for said vehicle may change depending on the economy. For example, with the latest recession, we saw the trend of consumers purchasing cars that last longer with better gas mileage. They didn’t stop buying, they just changed what they bought and how often they bought it. They also became less brand-loyal.
On any given day, your dealership is competing with at least two other businesses to close a sale. It doesn’t matter whether that day falls in a good or bad economy. The difference between a good and bad economy, is that sale means more in a down economy. So, how do you fortify your business for a more volatile economy?
You go back to basics:
- Hire Top Performers that consistently deliver results on the sales floor and in the F&I office.
- Place those Top Performers in roles where they will thrive and train them to maximize their strengths.
- Focus on customer service, not just the sale. The best sales people see themselves as advisors. They listen to the customer and address their needs with courtesy and respect.
- Position your dealership as providing value beyond low interest rates. This ties back into customer service and bridges into the F&I office. Consumers are paying more attention to their return on investment just like businesses. Provide products and service that reflect their need to keep their savings intact.
With over 36 years working with dealerships to develop their people and their products to achieve the best results, EFG Companies knows how to take your business off the rollercoaster and chart a course for success. Find out how our recruiting, training and product development will enable you to not only survive in a volatile economy, but also thrive!