All Things Used Cars' David Long was live from the NADA floor with friends and special guests! After spending time speaking with Dale Pollak speaking about his new book, Whole Truth, he invited folks to share their experience and expertise with him. We did our best to capture some of the rapid-fire gems shared by all.
What should dealers be mindful of in the next 3, 6, 9 months?
Tommy Gibbs: “They have to go back to basics, core beliefs. We have become lazy because things have been too easy. Like basketball, selling cars has some basics. We have to know them and live with them.”
David Long: “Don't waste a good crisis. Get a data scientist to ensure that you learn all you can from the crisis.”
Jasen Rice: “Have a goal you can use to judge your process. Find why you are not hitting that goal and adjust the process accordingly.”
David Long introduced Chief Economist with Cox Automotive, Jonathan Smoke, and asked him what he had been seeing.
Jonathan Smoke: “Last week was the best week in used cars since May of last year.
Tax refunds are at about 40%. Regarding refunds sent out, we are at about half, but we are at an all-time high, 15% up in terms of dollars. The following two months could see a significant lift based on refunds.”
What should Dealers anticipate?
Jonathan Smoke: “The dynamics will shift, vehicles will depreciate again. We have to get away from the expectation that rising prices mean we can buy and make money on anything. Total retail should be up.
Covid, unemployment, and the economy are getting better and in a good place. This year could be very strong for dealers.”
David asked Glenn Lundy of 800% Elite Automotive Club how he sold 1000 cars a month in a town of 10,000 people?
Glenn Lundy: “We did not think geographically. We used social media and marketing to get cars to where they were wanted and sold them. We played the used car game well, selling two used vehicles for every new one.”
When asked about his leadership and team, Lundy offered:
We have to make sure we tap into cultures and environments that appeal to the younger generation in our dealerships. Potential for growth, work-life balance, a sense of self-direction are more important to some than money.
Closing thoughts:
NADA seems to hold power to change the shape of the automotive industry. That change does not come from finding the perfect vendor booth, making a critical deal, or watching the correct presentation. It comes from people who have put in the time to talk, share, and listen.