Don’t Work on a Hot Engine
- Is your process a cooled engine, ready for improvement?
- Diagnose and fix your processes with outside help.
Growing up, my high school friends and I loved working on our cars. Whether it was listening to the idle at stop lights or checking for leaks underneath, we spent every spare moment looking for ways to maintain or improve performance. It was always difficult for my impatient young self to wait for the car to cool off before working on it. Sure, you could work on a warm engine, but it always came with a cost. (I still have scars on my shoulder from a hot manifold.)
I reflect on that lesson when I think of the state our industry is in, and how dealerships can respond. Think of your processes that define how you operate as the engine that drives your business. You don’t rebuild a running engine, and dealerships often dread implementing a new process. As I learned from the manifold, working on your store when things are going well might come with its own pains. Today, however, business has cooled off for many.
Now is the time to work on your processes and improve performance.
There is always room to grow in all areas of your dealership. Some common growth areas I see include:
Sales and F&I:
- Attract customers and meet lead goals.
- Develop lasting relationships with communication goals.
- Generate repeat sales opportunities.
- Improve the penetration rate in finance.
Service and Parts:
- Reduce unutilized or obsolete parts inventory.
- Improve upsell percentages in service.
- Reduce no-show rates for service appointments.
Your dealership could hypothetically just need an oil change, but it may also benefit from a new fuel filter or spark plugs. Reynolds Consulting Services can diagnose your dealership and help you make the improvements you want and need. From training your staff, to working with management on planning and implementation tactics, or even offering guidance on how to leverage your existing tools to maximize profits, they can help.
The world is different coming out of this slowdown. Ask yourself: will you be powered by a new engine prepared for the new normal? Or, will you be trying to run your store “the way it’s always been”?
It’s common for dealers and vendors alike to regularly revisit best practices for pre-owned sales. Everyone wants to unlock new ways of capturing some additional…