What Does 2017 Hold For Auto Dealers?
The votes are in and so are the predictions; and when it comes to industry professionals and novices alike, all seem to agree on one thing-, this should be a very good year for auto sales.
Last year many dealers were very skeptical about auto sales for the year. Most of that was due to the pending election and all of the hype that surrounded it. However, the election is now over and whether you are a democrat or republican, whether you support Donald, Hillary, Bernie; or none of the above, the vast majority of dealers and consumers alike are confident of this year's economic outlook.
The fact of the matter is that auto dealers (and great sales people alike) are typically wired to be optimistic. Unfortunately, that alone doesn't always pay the bills. However, all indicators point to 2017 being a very good year indeed to be in the auto business. Interest rates are sure to rise but not so much that they send buyers into their closets to wait out the storm. Some pessimists will certainly say (and some have) that we are in a for an economic disaster with our new president. On the other side of the coin, many more people (including most economic experts) are predicting that 2017 will be an outstanding year for autos, homes and other "big ticket" items.
All in all,, what does this mean to Joe Dealer? Nothing at all unless Joe does what all successful dealers do in a good economy or bad.
FIVE THINGS THAT WILL HELP YOU HAVE A BANNER YEAR
1. Buy right. Buy the right vehicles at the right price; and make sure the one's you buy fit your signature or footprint
2. Price them right. Watch your competition. Be very aware of what is happening in the marketplace... especially down the street
3. Market yourself properly. Something that most used auto dealers don't believe in and most new dealers are bad at (but think they are great at). Understand what works today and what no longer works. Do Not Be Afraid of the internet. It will serve you well if used properly. The best thing you can do is find a professional to help you market and that includes using the internet to help make you even more successful. Social media, websites and other forms of electronic marketing will soon separate the men from the boys... very soon and in a very big way.
4. Manage your business well. Manage your staff. Manage your Customers (especially customer service). Manage your expenses. Manage your image (something most dealers, new or used fail to do). And finally, properly manage your expectations and keep on top of your goals daily
5. Keep your good customers coming back. They are the easiest to sell and every time they return, they will be just that much more loyal.
All in all, this should be a good year for many auto dealers, it will undoubtedly be a bad year for a handful; and it will certainly be an exceptional year for those who do it right.
So keep your eye on the road and keep those sales rolling... and have a GREAT 2017!