Hint: It involves implementing a digital retailing strategy with messaging woven into it. And we’ve got a guide to help you make it work. SEE HOW
There's a quote floating around out there that says: "May you live in interesting times." It's usually characterized as a curse, meaning that the most desirable state of things is to drift along without any dramatic turn of events. Status quo, without any surprises.
It's safe to say that we're all living in interesting times right now.
For the automotive industry in particular, the restatements of 2011 and 2012 auto sales estimates and drops in consumer confidence last week, coupled with the out-and-out acts of God that disrupted the supply chain out of Japan earlier in March, make it one of the most "interesting" years on record.
But there are some glimmers of hope.
Banks are still lending more freely, and interest rates are still at historic lows. What this means for consumers is that now they have the opportunity to shop around for the best rates to get into a car.
And even though they're starting to slow, used car prices are up 30% this year, so there's a huge opportunity out there for auto dealers to increase their inventory turnover and margins -- if they can connect with the right buyers.
Use these unusual market conditions to reassess how you're managing your lot. How are you making the best of these circumstances? Is there something you could be doing differently to bring more prospects to your store? How can you expand your reach? What does your inventory mix look like?
These are questions you should be asking on a regular basis anyway -- but now you have even more reason to.