The used vehicle market is dynamic, and understanding its nuances can be the key to success for dealerships in 2023. Recent data from
Cox Automotive indicates a slight decline in used vehicle sales in September compared to August. Yet, despite these shifts, the emphasis for dealerships should be on tapping into their most valuable resource: their internal talent.
Essential Qualities to Identify Within Your Team:
- Genuine Transparency: Transparency is more than just honesty; it's about building trust. Employees who can provide clear and straightforward information to potential sellers will foster stronger relationships.
- Confidence in Interacting with Customers: Effective communication is crucial. Employees who can confidently address concerns, answer questions, and negotiate will facilitate smoother transactions.
- Exceptional Follow-up Capabilities: The acquisition journey often extends beyond the initial interaction. Employees with strong follow-up skills can nurture potential leads into confirmed sales.
- A Consistently Positive Mindset: The automotive world has its challenges. A positive attitude can help navigate potential obstacles and keep the team motivated.
- Drive and Vision for Personal and Professional Growth: The ambition to grow can lead to innovative approaches in vehicle acquisition. Dealerships should identify and nurture such forward-thinking individuals.
Chris Frey from Cox Automotive succinctly captures the market's resilience: "Used retail vehicle sales have shown remarkable resilience this past summer and into the fall.” He also highlights potential market challenges like interest rate hikes and geopolitical tensions.
Archibald's Inc. - A Testament to Prioritizing People
A shining example of harnessing internal talent for impressive growth is Archibald's Inc. Amidst automotive market challenges, Archibald's Inc. doubled their retail sales from 60 to 120 a month, all while utilizing the Vehicle Acquisition Network (VAN). With just two buyers in their buy center, they consistently acquire over 70 cars monthly, reaching a remarkable peak of 91 recently. The secret behind their success? A focus on their people first, supported by the capabilities of VAN. For a detailed exploration of their journey and strategies, consider visiting the
case study on Archibald's Inc.
The Takeaway:
While market data and external factors are essential, the heart of a successful dealership lies in its people. Recognizing and cultivating the right qualities within the team can pave the way for sustainable growth and success, even in a fluctuating market.
Ready to attract top talent to your dealership's Buy Center? Download Your Free Sample Vehicle Acquisition Specialist Job Description. It's fully customizable - modify, edit, and use it to suit your unique needs and find individuals who will propel your team forward.