Smart inventory management is important for any retail business. However, it’s crucial for auto dealerships when you consider the costs associated with stocking excess vehicle inventory.
As we become more conscious of our impact on the planet, businesses in many industries are adopting more environmentally friendly practices. This includes proactive auto dealerships that use more efficient renewable energy sources and reduce overall energy and water consumption.
In recent years, some dealerships have adopted a “no-haggle” or one-price sales model. This has been in response to several factors, including the general disdain that the public has with the negotiating process, greater transparency of vehicle pricing afforded to customers by the internet, and competition from businesses that offer no-haggle pricing such as Carvana.
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.