Dealership Corridor
Recently, I had a typical conversation with a dealership general manager about his team’s performance. He struggled to understand why today’s environment makes it more imperative that his sales and F&I staff receive specialized training. With consumers feeling the financial pinch and arming themselves with as much online and comparative research, driving increased F&I revenue is a greater challenge. However, this GM felt like he could handle what he needed to in-house.
The retail automotive industry let out a collective cheer after reading the latest report from J.D. Power and GlobalData indicating that U.S. new vehicle retail sales are expected to rise 8.1% to 1.01 million units in February on an adjusted basis. Whoop! Finally, some good news!
The good news didn’t stop there. A strong retail sales pace, coupled with resiliently high average transaction prices, means that consumers will spend more money buying new vehicles in the month than any other February on record. Cue the celebration!
It’s the time of year for strategic financial assessments and evaluations and aligning them with our short and long-term business goals…Do you have confidence in your reinsurance strategy?
For retail automotive dealer principals, fall means more time spent on number crunching (versus leaf crunching) to get a clearer picture of their actual personal wealth positions. Given the challenging business conditions this year, taking a closer look at those key positions is an important strategic move that could prove beneficial in the long run. Let’s look at a few factors that will impact overall wealth positions.
