What's the Downside?
Unlike new technology, every investment in training is guaranteed to pay off.
you sell? Even those you failed to sell liked something about you, your marketing, and your dealership. Focus your efforts on attracting the right customer in the right way and then close them. Did you turn every stone? Did you get managers involved in a timely manner? Do it!
3. Customer Turnover
The easiest customers to keep are the ones you already have done business with. In our competitive environment, it’s essential to keep as many as you can. If you’re losing customers, you need to improve customer relationships and take a look at the quality of your services or the way they are delivered in all departments.
Expound upon opportunities. Seek out orphan owners and service customers. Position yourself for the upcoming tax refund season. Stock the right inventory. Offer it!
4. Gross Profit
Gross profit is a measure of how efficient your business is. If human capital is an expense that needs addressing, it would be naïve to dismiss this indicator of continued growth. Exemplary, first class and exceptional training will focus on the customer’s best interests and, ultimately, grow your bottom line.
Get the right people on the bus. Treat it like a daily deposit. Count it!
In today’s world, where information flows 24/7 and is accessible to anyone, from any device, anywhere, your best investment is in your current staff. Train them properly and don’t forget to monitor their success. There will be no downside in 2017. You will have a record year. Expect it!
By G.P. Anderson
G.P. Anderson is finance director of Thielen Motors Chevrolet Buick in Park Rapids, Minn., and a 25-year industry veteran. He is ACE- and AFIPcertified, a 2008 F&I Pacesetter and winner of the inaugural 2011 F&Idol contest. Email him at [email protected].