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Dealership best practices
Dealership best practices and other business ideas to help improve efficiency and results
6 ideas for increasing customer retention and sales
The “lifetime value” of a customer, in other words the present value of all future cash flows attributed to the customer relationship, is approximately seven times the price of the vehicle they purchase. And if we can improve our customer retention rate, we not only make sure our dealership keeps that lifetime value. Studies show that over time a customer will purchase more expensive vehicles, and will recommend us to more and more relatives, friends and colleagues. An increase of just 5% in our customer retention rate increases lifetime value by 75%.
10 Important Indicators Managers Should Monitor - Part 3
Gross profit for Service, Parts and Bodyshop was 46% in 2008, versus 4.5% on new vehicle sales, according to a 2009 NADA report. These figures underscore the importance of monitoring your aftersales operations so as to maximize your bottom line.
10 Important Indicators Managers Should Monitor - Part 2
Peter Drucker once said, “What gets measured, gets managed.” The current economic scenario makes it more important than ever for managers to monitor dealership health. Luckily, today’s dealer management systems provide an abundance of easily obtainable information… but what exactly should you be tracking
It’s no news that the worldwide economic crisis has taken a toll on the automotive sector, as the following figures from NADA’s latest annual report underscore:
In order to increase workshop performance, the dealer must first comprehend the importance of the Service Department. Proper analysis and improved management of the workshop can potentially add hundreds of thousands of dollars in annual revenue.
The global financial crisis that we are going through has severely affected automobile sales. In difficult times like this, it is vital for dealerships to focus on another area that can generate significant revenue: the Service Department.
In difficult times like these, the decision to deploy a new software solution is no longer a technical issue but a strategic one.
Here is the fifth and last part of our list of reports a good DMS should provide to help dealers in times of crisis.
