The pandemic and chip shortage have both created challenges for dealers, making many wonder whether the automotive industry will be able to adapt to the future. But at VAN, we know the dealers who are willing to try new things are best suited for success, no matter what lies ahead. In this post we explore smart ways to "future proof" your dealership, including how to adapt to change.
The Importance of Being Proactive
There are many in the auto industry who live by a “if it’s not broke, don’t fix it” mentality. When things are going well, it’s easy to get complacent and keep moving forward with what you know. But staying in one place only works for so long, and eventually you’ll need to shake things up to stay competitive.
Covid forced us all to reevaluate the way we live and how we do business. Even as quarantine died down, the effects on buyers lingered, with many now preferring to shop online and minimize in-person contact as much as possible.
We can’t foresee tomorrow’s challenges, but having a willingness to pivot in any climate allows you to keep yourself in the game, even as the rules change.
How to Adapt to Today’s Automotive Climate
We rounded up some of our favorite leaders in the automotive space to talk about how they’re staying competitive. Here are their top recommendations:
- Go digital: If you don’t already have an easy way to let buyers shop online, it’s time to get that up and running! Many shoppers feel more comfortable buying a car online so it’s important not to let those leads slip away.
- Keep overhead low: Take a look at your current budget to look for cutback opportunities. Dialing back internal costs is a smart way to stay on top of your bottom line.
- Use the right tools: Cars are at a premium right now, making acquiring vehicles more competitive than ever. Utilizing a private party vehicle acquisition tool such as VAN allows your team to work smarter, not harder, to bring in-demand vehicles to your lot.
Stay Agile with The Acquisition Council!
VAN wants to help your dealership grow! Visit the Learning Center and sign up on our blog for access to the live show each month to get a reliable dose of expert advice from industry leaders, or to be on the panel yourself.