Independent car dealerships must remain competitive compared to other independent dealers in their area and large national chains with big budgets, a strong brand identity, and access to a nationwide inventory. It can be tough out there, but many independent dealerships are not only competitive, but they thrive.
How do they do that? They pay attention to industry trends, understand what customers want, and actively work to stay competitive. Here are some ways they do just that.
While the used car boom that sent prices sky high may be winding down, there is still a large demand for quality used vehicles. With the cost of new cars reaching new highs, interest rates rising, and supply chain woes still plaguing the industry, used cars still rate as an excellent choice for many consumers.
Once seemingly overvalued, older cars will take the biggest hit, while late-model cars will hold steady or decline slightly, mirroring the trend for new cars. While EVs are sparking more excitement, long wait lists for new vehicles are still growing, so the opportunity to sell used EVs is enormous.
According to a survey conducted by the National Independent Automobile Dealers Association (NIADA), customers want many of the same things they have come to expect from independent dealerships: transparency, honesty, and fair pricing. But that’s not all.
They also prioritize quality vehicles, a wide selection of inventory, and knowledgeable salespeople who can help them find the right car for what they need and that fits within their budget.
Along with those things, customers value convenience and a positive buying experience, including easy financing options, reliable service and maintenance, and a welcoming atmosphere. Essentially, they want a positive and professional experience. How does this translate to what you do every day to stay competitive?
It’s great to know what industry trends are and what customers are looking for, but it is also essential to take action to stay competitive. Here are eight things you can do.
While it can seem like there is a lot of competition at times, this fact helps you focus on ways to improve your dealership, which benefits you and your customers in the long run. This relates to everything from your sales team to your parts department and service desk.
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