Dealers are saying, "what now???"

A few questions we are hearing and our thoughts on them are below .

We read and apply a good bit from the economic and auto industry insights daily to help dealers stay ahead of the market and the competition. Talking to quite a few dealers each week and listening to the back channels of experts in our industry these three concerns continue to stay at the forefront.

1. The Economy is in a downward spiral. I don’t know how it will affect my business and more importantly, how do I prosper and hedge risk in 2023?

The economy is in a downward spiral but there are signs that the fundamentals in our economy are still strong regardless of how powerful the fed's actions are. We still have the opportunity to take market share and win big in 2023.

2. Everyone keeps saying get back to fundamentals but how do I know if the fundamentals have changed in this new post-Covid economy?

This is an area of complexity for many dealers. Certainly, traditional fundamentals of the car business are still in place, but they are now influenced by new fundamentals that have to be considered as well. Relying strictly on inventory management software KPIs or historical automotive KPIs alone won't tell the whole story. Because of this new economy, there are factors in the market today that didn't exist during the pandemic, or prior, and need to be taken into account when planning.

3. Who has proven they can help me build a plan of execution for my dealerships going into 2023 to have success, but more importantly, has proven to help their client’s avoid costly mistakes?

This new economy and our evolving industry requires that every dealership have an Automotive Economic Strategist on staff. However, for most that would be too costly. The better solution is to have an independent outside team of Automotive Strategists with a retail background working with your internal leaders and external partners to broaden everyone's perspective. That approach allows everyone to work together for a successful outcome. We have seen this approach have market share taking success over the last four years and we all know it will be needed more now than ever.

The bad news is for those who are uncertain and without the proper guidance, a market like 2023 is riddled with obstacles and pitfalls that can cause risk and loss.

The good news is our team specializes in just this type of volatile market with proven automotive retail guidance and documented success. It is what we do best and have for many years. With the right guidance and insights, 2023 is fertile ground for growth and prosperity. Reach out to the team at theautomotiveadvisorteam@gmail.com for a deeper discussion.