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When the pandemic subsides, I am convinced that the recent lessons learned will give the automotive industry new opportunities to thrive.
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The best way to counter long-term changes in consumer behavior is by embracing change through innovation.
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It's your time to embrace behavioral data, discard outdated models, and change your data paradigm. Anything less limits a dealership's ability to both survive this crisis and then navigate the recovery on the other side.
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In late June, Portfolio officially acquired National Automotive Experts and NWAN. The companies’ executives spoke to P&A about what led them to join forces, the changing world of F&I and why this match was the right move for both companies, their agents and dealers.
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Brands work hard to form emotional connections with consumers, and brands that haven’t established an authentic identity are paying the price when the statements they make don’t ring true with what their customers think and feel.
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In order to keep up with a rapidly changing industry, dealers need to find new operating efficiencies and build connections with the communities they serve, if they expect to stay a step ahead of their competitors.
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The coronavirus appears to be driving the automotive industry to selling vehicles remotely, a radical departure from the traditional dealer model. By identifying the issues that dealers need to contemplate, we find some solutions to the new direction we’re heading.
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Buying behaviors may change for a growing number of potential car shoppers, many who have lost jobs or been furloughed due to the economic fallout of the pandemic. As more lenders rely on advanced real-time data, they may mitigate risk and put themselves in a better competitive position.
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Do not step over dollars to pick up pennies … picking a formation that is not a good fit will cause exit strategy issues and could cost you ownership of the next formation. Take the time to educate yourself on the different reinsurance formations to ensure success now and in the future.
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The business environment has changed and this requires a mindset shift for dealers from episodic and transaction-based, to ongoing and service-oriented.
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