Take a Moment to Reflect - Now Get Back on the Throttle
The fall and winter months are always a great time for all of us to hit the various industry shows, determine what we will have to sell for the upcoming months with new model year products, and hopefully be able to take a few minutes to spend with friends, family and loved ones during the holidays and New Years.
It is also a great time to review our performance for the year and set those New Year goals and business objectives. You can spend a lot of time on the “models of lost opportunities”, the “could haves, would haves, should haves” but we can’t dwell on the past. We MUST move on to the future. So take a moment to reflect… Now get back on the throttle!
Here are a few suggestions for you to think about in those few spare minutes that customers are not pounding down your door.
- Open House and Sidewalk Sale: In my previous life working at a local dealership our sister store had a large accessory pro shop. Each year they would host a weekend open house and sidewalk sale. This was a great way to drive traffic into the store so customers could take advantage of model year closeout specials on accessories and view the new model year products and units. This also provided a great way for them to move inventory off their shelves and increase cash flow in the slower months. So what are you waiting for, dust off those customer lists, compile some marketing print and get those customers in your door!
- Sharpen Those Sales Tools: Just after the first of the year many of you will be participating in your local and regional shows to kick off the season. This is a great time to train your team on the processes and features available to them within your CRM/CEM applications before the show rush hits. The sharper they are with the tools they have at their disposal, the more effective they will be working with potential customers.
- Tune-Up Your F&I Offering: With products and services ever changing in the F&I market make sure you have done your research to understand the best offering for your customers. Once you have your portfolio complete, update your DMS so your F&I menus are accurate and ready for customer presentations.
- Dealership Compliance: With reports that dealerships in the recreation industries are being watched more closely for proper document handling, it is a good time to review your F&I office and overall business to ensure your process and procedures are in compliance with local and federal laws. This can be a daunting task without help. There are companies, such as CDK Global's partner 700Credit, that provide customer credit check services along with compliance solutions to help provide you peace of mind. Enlist the help you need and brush up on those compliance requirements.
All the best on making this year a great one!