The Breadth of Opportunities to Make a Profit
Let’s face it, the auto industry isn’t getting any simpler. We are always up against new obstacles in almost every direction. Having said that, there are many successful stores out there, and I consider myself fortunate to work with a large number of them.
There is a recurring theme that I’ve seen that motivated me to start this blog. They express gratitude to me for what our company does for them when I visit high-performing locations. I always respond by saying that we are fortunate to be a part of what they are doing. You see, high-performing businesses succeed as a result of the wise decisions made by those in positions of authority.
It is identical to the idea presented in Jim Collins’ book Good to Great. I can tell you that high-performing stores in our sector have a trait, and it has nothing to do with the quality of their location or franchise. It’s not that they’re fortunate or that they’ve been in business for a century. Most of the time, it’s not even the owner’s fault; instead, it’s because the owner selected excellent employees who can complete the task regardless of the obstacles in their path.
So, when they praise us and claim that it’s because we drive a lot of traffic that it helps them sell automobiles, I respond by saying once more that we’re only a little part of the equation and then highlighting the other 99 wise things they do.
You need to construct a turbocharged store methodically, and that process begins with leadership that understands the importance of having a strong team supporting them. No matter how you feel about Robert Craft, he was a wise man to surround himself with talented people who helped the Patriots maintain their level of dominance.
So what are some low-hanging fruits that could drastically alter your company?
Make the appropriate hires. Make certain that they can perform the work, that they want to do the job, and that they are enthusiastic about doing it. If your management team and personnel base don’t fit that description, a team with those traits will defeat you.
Maintain strict minimalism. Let me make things simple since some days we make it so difficult. Assume that the individuals mentioned in the previous paragraph are already in place. Bring a lot of customers to the service lane and showroom floor to keep the skilled personnel busy. If you put the appropriate individuals in front of them, they’ll sell services and automobiles like crazy.
have reasonably priced inventory to sell. Consider this: what more could you possibly require to succeed if your brilliant staff has a large number of individuals to speak with or follow up with since your lead generation technique is effective, and they also have appropriately priced and clean inventory to sell from?
Your role is simple in “Turbo Charging Your Business.” Both people and products are involved. Hire people who will make you want to be around them and who your clients will adore. People who care about your company and have a strong work ethic Then go stock your inventory with the appropriate vehicles at the appropriate prices. Finally, if you can afford a marketing staff of 4-5, use an agency or advertise internally. Demand that your agency generate leads and traffic.
All you need to do is ensure that your marketing strategy is committed to driving as many walk-ins and leads as you can to generate a decent ROI after you keep yourself accountable for developing a world-class team and hold your managers and yourself accountable for properly stacking the inventory.
Failure to keep the pedal depressed is one error I frequently witness. A dealer stops succeeding when they do this to a certain degree. At times, I genuinely think they don’t think they can sell anymore. You must think big if you want to really turbocharge your store. Make sure that everyone on your team agrees with this way of thinking and focuses more on what is working rather than less on what isn’t.
It all comes down to faith in the end. If you believe you can’t perform better, you will fail. Because they are working for someone who lacks confidence, your team will be ineffective. Your justifications for your franchise, your location, the state of the economy, and everything else, such as “there is no support from the factory” and “we have 50 dealers nearby,” seep into every pore of your business, and the Turbo Chargers are never able to start up.
Now let’s review: Hire fantastic people, send a ton of customers their way, provide them with high-quality goods and services to sell, and make the workplace pleasant. Most crucially, lead them with optimism from the front. They will believe; if you believe, so will they. You’ll sell more after that, and you won’t be able to stop that team from inventing new ways to be prosperous.
That is how you give a company a turbo boost. Although it’s not particularly complex, it is labor-intensive and a mental game. I work with numerous dealers to assist them in setting up the Turbo Charged system, and I’d be happy to speak with any struggling dealer to assist them in determining the initial steps to launching the Turbo Chargers at their establishment.
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