Automotive

Building A Recession-Proof Dealership

In all the tried and tested ideas shared by the dealers and friends of the All Things Used Cars community, one thing always resonates with us - the compounding value of collaboration.
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Building A Recession-Proof Dealership

Last week, David Long and the All Things Used Cars community jumped from the optimistic vantage point offered by Jonathan Smoke down into the mud of getting it done! Special guests Jasen Rice and Tommy Gibbs shared thoughts on the recession that some say is guaranteed and others say is only a boogeyman. 

With other contributors like Brian Kramer, Ben Hadley, Scott Coffey, Todd Caputo, and of course, John Ellis, the conversation was full of insights, and we grabbed our favorite 10 for your skimming pleasure. 

Thoughts and tips for being a recession-proof dealership?

  • Control what you can control.
  • Care for the fundamentals of your business every day.
  • Learn from the past but be aware of the unique conditions of the present. 
  • A robust used car operation is the difference between being insulted and vulnerable.
  • We can choose to be optimistic or pessimistic about the news.
  • The possible recession is mainly on the supply side and will be regional - some places will experience growth while others struggle.
  • Bad habits are formed in good times. Times have been good. Is it time to double-check your habits? 
  • Know your market, know your dealership. Who has better data for you than you? If others get scared and pull back, it's an opportunity to grow your market share.
  • Managing leads and managing inventory are two parts of the same process. The position of a vehicle should dictate follow-ups. 
  • Is fixed ops recession-proof? People will always need oil changes, tires, maintenance, and repairs. Keep that department ready!

In all the tried and tested ideas shared by the dealers and friends of the All Things Used Cars community, one thing always resonates with us - the compounding value of collaboration. In sharing these insights, freely giving our ideas, and accepting others' experiences with an open ear, the entire industry stands together against disruptions. 

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