Herschel M.

Automotive Risk Management Partners Brings 40 years' auto retail and compliance experience to help dealers protect themselves and their customers.

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Car dealerships saw record profits during the pandemic due to low inventory, but now, as supply normalizes, those profits are taking a hit. The six largest public dealership groups reported steep declines in profit per new car, now averaging around $1,200, down from highs of $3,600 in 2022. Dealers, once riding the wave of demand-driven windfalls, are now scrambling to maintain income as profit levels slide closer to pre-pandemic norms. While some look to service and repair revenue to bridge the gap, further declines are anticipated. As the industry adjusts, one question lingers: how will dealerships adapt to thrive in this "new normal"?

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The day after the election brings both uncertainty and opportunity for the automotive industry. As we navigate these changes, dealerships are looking to adapt and recalibrate in response to the evolving market. Check out our insights on the post-election landscape and what it means for your auto parts business.

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#CoxAutomotive & #Vinsolutions Reviews Dealer Synergy & Bradley On Demand 🔥 Dealers, Managers & Automotive Sales Professionals, #CRM is one of the most important aspects of your entire Dealership and 92% of Dealer’s CRMs are broken, not set up correctly, not utilized correctly and have antiquated processes and content 😱 Let me know if you would like a FREE CRM Audit 🤔

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Real-time data, 160+ micro territory specifics, condition insights, & configured business model. Time to trade up from your 90's trade tool ACV Auctions ACV MAX ClearCar

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Any automotive dealers want to add this kind of profit while saving these kinds of dollars in tire claims? Or agents want to show they can make their dealers this kind of money? Contact me so I can show you how PermaSeal will do just that.

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The SUCCESS & FAILURE of the Automotive Dealership is in the hands of the Dealership Manager. It is important for the top Automative "Commander" or boss to place or appoint his "Generals" in the right territory to divide, defend and conquer. The Dealership Manager holds 2 roles. A Leadership role and the Manager role. It's easy to find good Dealership Managers. It is more challenging to find a good leader "General". 👉A Manager keeps the dealership in operations by following and upholding the rules set by the top management. 👉A Leader (other than being a Manager) leads the team to "conquer more sales". 🌍 The Automotive Competitive Landscape... In the automotive environment today is ever more challenging, when there are many brands for the car buyer to choose from. Today, its the buyer's market. In the "good old" days, the car buyer either buy the usual suspects. A German marque or a Japanese marque and maybe a Korean marque. Today, you can barely keep up with what brands that are flooding the market. One must not just sell cars based on brands when there are so many options for the buyers to choose from. Something to ponder on how to win the potential buyer (I may write about it). 🔎How do you determine if the Dealership Manager is a failure or a good leader? 1. Does the sales team respect the Dealership Manager? Or do they respect the Manager's title only? 2. Are there many resignations from the dealership? 3. Is there teamwork amongst the sales team? The above are the few ways to determine if the Dealership Manager is doing his job and not "Sweet talking" the boss. 🍭I have seen a lot of sweet talkers in the auto industry. However, below are not the faults of the Dealership Manager. 1. Decisions beyond the Manager's position or scope. 2. The "heaven". Any decisions above his position and beyond his control. The Dealership Manager can only hope his "heavenly boss" will bless him with lots of moral support, and monetary rewards. PS. I hope you enjoy my musings. Be a good leader that takes care of your people and reward them and in return your people will honour you. 1. Do give my article a thumbs up 2. If you have any comments, you are welcome to write. 3. If we have not connected, you are welcome to connect. PS. I business advisory and consulting work. If you need my services do reach out to me. #automotiveleadership #automotivemanagement #automotivesales

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Stellantis just announced price cuts on some 2025 vehicles. It’s good for them, but here’s the issue. MMR is outdated and the “books” won’t be updated for another few weeks. This leaves dealers vulnerable to HUGE acquisition errors. AccuTrade updates values near real-time giving #CarDealers accurate values. We also give values based on the full 17-digit VIN.

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Cold DMs still work in automotive—but only if you flip the script. Here’s how I do it: Most sales reps (and our industry) chase instant results. They’re stuck in the “hunter” mindset. But that stopped working. So what's better? The “nurture” mindset. I create content for the not-in-the-market-yet crowd. They see it, engage, and send intent signals. Here’s the catch: if your process is unstructured or your outbound is generic, you’re wasting your time and theirs. Here's an example of what works: Chris viewed my profile—engagement signal, likely from reading my content. I sent a non-sales DM—he responded. Now I’m nurturing him with content tailored to enterprise decision-makers. My content does the heavy lifting, so when they reach out, they know exactly who I am and what I bring to the table. The goal? Make it easy for prospects to say YES. If you or your team can’t turn engagement into booked appointments with your dream dealers, 𝘄𝗲 𝗻𝗲𝗲𝗱 𝘁𝗼 𝘁𝗮𝗹𝗸.

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What is your biggest pain point in the dealership? High Interest Rates Aging Inventory Training CSI scores PVR Etc. We have a team of dedicated individuals who turn YOUR goals into OUR responsibility. Let's talk. #ads #sales #auto #finance #carsales #automotive #rv

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I once asked a dealership manager about their biggest sales secret. His answer was simple: It's all about communication. At first, it seemed too obvious. But as we delved deeper, a powerful truth emerged. The most successful dealerships didn't rely on fancy marketing or cuttingedge tech. Instead, they mastered the art of seamless communication. Imagine a busy dealership where every customer feels valued. Where every interaction is promptly addressed. Where feedback isn't just welcomed but actively sought. It's not just about selling cars. It's about building relationships. And it starts with communication. I witnessed a dealership transform its fortunes by embracing this philosophy. They went from struggling to thriving. From chasing customers to having them return with friends and family. All because they treated communication as the new currency. So, if you're in the automotive world, take a moment to reflect. Are you truly listening to your customers? Is your communication seamless? Because in today's world, that's where the real power lies. What's your experience with communication in the automotive industry?

Positive Outlook for Dealerships: Q1 2024 Sales Trends Show Industry Resilience The latest NADA (National Automobile Dealers Association) Market Beat report for Q1 2024 offers some encouraging signs for the automotive industry. Despite a slight dip in the March SAAR (Seasonally Adjusted Annual Rate) compared to February; the overall sales picture is positive: Increased Sales: The new light-vehicle sales SAAR for March 2024 hit 15.5 million units, a 3.8% increase year-over-year. First-quarter results are even stronger, with the SAAR at 15.4 million units, marking a 7% increase compared to Q1 2023. Improved Inventory: Crucially, shoppers now have significantly more vehicles to choose from. New light-vehicle stock on the ground and in-transit totaled 2.58 million units in March 2024, a substantial 40.2% jump compared to March 2023. Key Takeaways for Dealers These figures point towards a few key implications for dealerships: Affordability and Incentives: The combination of rising inventory and OEM incentives has led to a decrease in average transaction prices. While the average vehicle price in March 2024 came in at $44,186 (down 3.6% compared to last year), average incentive spending per unit reached $2,800, marking a significant 66.6% year-over-year increase. Dealerships should be prepared to leverage these incentives to attract buyers. Hybrids on the Rise: The alternative-fuel vehicle segment continues to grow, reaching an 18% share of total new vehicle sales in Q1 2024. Conventional hybrids are leading the charge with an 8.6% share and an increase of 2.4 percentage points year-over-year. This underscores the importance of adapting our inventory to meet growing demand for fuel-efficient options. Steady Growth Expected: While inventory might fluctuate over the next few quarters, the NADA anticipates that it will reach around 2.7 to 2.8 million units going into 2025. This, combined with rising sales figures, results in a positive outlook for the year, with a forecast of 15.9 million units for all of 2024. Adapting to the Market These NADA figures emphasize the importance of being malleable and nimble. By focusing on a diverse inventory that includes in-demand conventional hybrids, leveraging incentives, and anticipating a continued recovery in overall vehicle sales, dealerships can position themselves for success in the evolving automotive landscape. By: Delano Palmer Director of Training and Development Innovation Financial Services

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Who's at Fault for the Lack of Talent That is Seeking a Career in Automotive Sales? Rarely do I come across a dealer today who claims to have a sufficient number of vehicle sales personnel. When adding the word “quality” to “vehicle sales personnel”, the dealers’ claims of staffing success turn pretty ugly. Why is it so difficult to attract quality people for automotive sales positions? A number of years ago, I was working with a client in Southern California and conducting one of my rare sales training meetings. I had just finished explaining to the sales staff that, “everyone you know needs to become aware that you are an automotive sales professional who wants to earn their business!” One member of the retail sales staff (whose dealership career was immediately shortened that morning) said, “I’m not doing that!” The GSM asked, “Why,” and the salesperson responded with, “I don’t want my neighbors and acquaintances to know that I am JUST a car salesman!” Was that salesperson unique in his opinion of his job? I think not! There are probably far too many people in our vehicle sales departments who haven’t taken ownership of their profession and aren’t sincerely proud of how they earn their living. And I think that’s the fault of dealers, GMs, sales managers, and automotive resource professionals (such as me) who haven’t done an effective job in recruiting, onboarding, training, nurturing, and, in general, “connecting with” today’s potential automotive sales professional. When we convince someone to choose an automotive sales career (or when a qualified applicant “drops into our lap”), he needs to clearly understand that he’s not settling for a second-rate job. Automotive sales is a challenging profession that a person can and should be proud of. And it comes with many rewards: >>> Unlimited income potential: Few other jobs allow an individual to determine how high his income will go, often even surpassing that of his sales manager. >>> Independence: As long as the car salesman is meeting or exceeding expectations, most “good” sales managers will let them set their own goals, create their own plans, and manage their own time. >>> Sense of satisfaction: This comes from being an automotive expert and helping people solve their unique transportation problems. >>> Personal growth: With markets, technology, and product offerings constantly evolving, the automotive sales professional is always growing and learning something new. I know that you already know all this, as I do. Since we know it, why don’t we do a better job promoting it?... Not only in our recruiting efforts for new hires…but in “re-recruiting” efforts with our current vehicle sales personnel. Here’s a question for you: How many of your current vehicle sales personnel would you be willing to employ in a “reverse interview” process with a potential new sales hire that you have already pre-qualified?

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There are several reasons why someone might leave one dealership and choose to buy from another. Here are three common reasons: 1. **Price**: One of the most common reasons is that the other dealership offered a better price on the desired vehicle. Customers are always looking for the best deal possible, so if they can find a similar car at a lower price at another dealership, they may choose to buy from there instead. 2. **Customer Service**: Another reason could be related to the customer service experience at the first dealership. If a customer feels ignored, mistreated, or generally unhappy with the service they received, they may decide to take their business elsewhere. Good customer service can make a significant difference in where someone chooses to make a large purchase like a car. 3. **Selection or Availability**: If the first dealership didn't have the exact car the customer was looking for or if they couldn't offer the specific features or options the customer wanted, the customer might go to another dealership that does have what they're looking for. Customers want to have options and ensure they get the vehicle that meets their needs and preferences. These are just a few examples, and there could be many other reasons why someone might choose to leave one dealership and buy from another. #MasterYourCraft#MorganAutoGroup #HondaOcala #NextLevelSales #Audible #Author #TheFranchise #Batman #MasterYourCraft #NowYouKnow

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Customers who stay active in the service department within 12 months of purchasing a vehicle are 2x more likely to buy their next car from the same dealer. Denise Leleux shares the data behind why customers should be choosing dealerships for service instead of aftermarket shops. With such a small difference in ticket prices, why aren't more customers returning to dealerships? Catch the full conversation 👇 https://hubs.li/Q02TYRNF0

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It's generally accepted that Fixed Operations is "very important" to dealership profit these days. So why are so many dealerships still failing to focus on service to drive revenue? The Fixed Ops Doc, Michael Barich has some (very well-educated) theories. Global Dealer Solutions has a network of high-performance providers offering proven products and services. We are committed to prioritizing dealers by delivering the most effective tools in the industry. Let's grow together. Schedule your complimentary consultation today. https://lnkd.in/gFTe2-iK BE THE 1ST TO KNOW. LIKE and FOLLOW HERE https://lnkd.in/eRwenr8E https://lnkd.in/guYYkJty Get watch and listen links, as well as full episodes and shorts: https://lnkd.in/euv993Wp Join Managing Partner and Host, Russell B. Hill and Charity Dunning, Co-Host and Chief Marketing Officer of FixedOPS Marketing, as we discuss life, automotive, and the human journey in WTF?! #podcast #automotive #fixedoperations

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🔥🚘🚙 Used Car Managers, General Managers, Dealer Principals, and Automotive Professionals 🚙🚘🔥 Is your appraisal process perfect? This Friday, April 19th, starting at 9AM EST/ 6AM PST... Tommy Gibbs, John Ellis, Thomas Ieracitano, 🇺🇸 Gary BarBera 🐻, and more of automotive's top thought leaders dig deep into this important topic on David Long’s All Things Used Cars. Jump in the conversation or be a 🪰on the wall like me! Either way, you'll walk away with profit-boosting insights and actionable strategies to grow your bottom line. 💰💲💵 Look in the comments for a link to RSVP. You'll be texted a reminder once the room opens up. #automotive #autodealers #automotivemarketing #automotiveindustry #carbusiness #automotivesales #newcarsales #usedcarsales #usedcardealer

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