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As car dealerships continue to tackle the difficulties of the pandemic, it is important to also acknowledge the ways in which this transformation has moved the needle forward.
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Agents and dealers should be taking time to review their complete lineup of F&I program offerings and portfolio of services to ensure they have the right makeup of value-added products for customers.
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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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Keeping your vehicle inventory safe from thieves, vandals, and other criminals is critical, but not all security strategies are equally successful.
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It's your time to embrace behavioral data, discard outdated models, and change your data paradigm.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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