The fall of the year amounts to the other new year for a lot of people for obvious reasons.
Kids are back in school, and the summer vacation season is therefore over for most people.
The seasonal change itself from warm weather to brisk in most of the country and from longer days to shorter serves as a kind of mental reset that can spark reflection and new goal- and vision-setting.
As auto dealers settle into the autumn months, the shift can be a golden opportunity to examine some of the less sexy sides of the business to make sure all are working as well as they can for you. It’s an especially ideal time to do so before the hectic holiday season sets in the week of Thanksgiving.
There are at least a few areas you might consider revisiting to see if any adjustments are in order:
For auto groups that haven’t already, establishing a headquarters could serve as a business streamlining to introduce efficiencies and reduce expenses – and who would mind that, now that dealer profits have retreated from Covid-era records? Learn more about that process here.
Any dealer might be able to benefit from inventory-management technology that could save money in a volatile market. This article explains how it could help them better understand and maximize supply.
For dealers that sell electric vehicles, unique safety issues make it important to ensure their facilities and staff are well-prepared. This story delves into the risk of EV battery fires, how to prevent them, and how to respond to any that take place despite precautions.
Speaking of profits, now might be the best time to think about how your dealership manages its liquid assets. Check out this piece as a starting point to help you make an assessment.
Lastly, columnist Jim Ganther offers the third installment of his series on preparing for the expected enactment of the Federal Trade Commission CARS Rule. What’s the bottom line for the dealer to make sure you’re ready, even ahead of time?
In this timely time pocket of the year, I hope you carve out the time to serve your dealership’s future with a more solid foundation.
