With the national unemployment rate dropping to the lowest levels in more than a decade, many dealerships are looking for new ways to attract and retain talented employees. The Tax Cuts and Jobs Act (TCJA) may offer such an opportunity through the introduction of a new tax credit. By voluntarily offering paid family and medical leave to employees, this tax break could provide benefits that, in turn, could make it easier to hire and retain employees in a competitive hiring market.
In the past, comparison has been described as the thief of joy, this article intends to defend "comparison" as more than just a thief, but rather a source of knowledge than can help a dealership gauge their performance through the use of benchmarking tactics. These benchmarks are put in place to identify strengths and weaknesses across departments and also across other dealerships. The article will dive into a variety of different metrics along with tips on how to give context and relevance to the numbers by identifying a basis of comparison for the data.
The term “artificial intelligence” or “AI” may conjure up sci-fi images of robots and futuristic machines. But many businesses today are using AI to obtain more accurate data and help owners and managers make better decisions.
Many elements form the nucleus of a successful auto dealership, including exceptional customer service, a healthy work environment, an outstanding product line, and efficient inventory management. But many dealerships often hamstring themselves when overlooking a key element: leadership training and development.