Spring Surge: A Quick Overview

The automotive industry enters a season of growth and opportunities with spring. Particularly, the surge in used vehicle sales— fueled by tax returns that were 6% higher than in 2023— witnessed an impressive 14% month-over-month increase in February and an 11% rise year-over-year, marking the highest volume in nearly a year. This trend opens new avenues for enhancing customer satisfaction and driving sales across all departments.

Here’s how we can make the most of this season:

• Same Car, More Value: Consider this: As buyers look to maximize their tax refunds, distinguishing your dealership with a comprehensive value proposition—emphasizing maintenance plans, warranty offerings, and trade-in guarantees could help you stand out and drive more sales. With maintenance and repair costs rising by 30% over the past four years, this strategy provides customers with greater value for their money, instills confidence in their purchase and gives them a compelling reason to choose your dealership.
• Securing Repeat Business: A Midwest dealer group impressively sold 2,502 new and 2,458 used vehicles, with service revenue jumping 15%. Their secret? Recognizing the value of repeat customers. Explore how Global Loyalty Program can transform one-time buyers into returning customers— ask your PRO Team today.
• Ramp Up Service Standards: Quick lanes and competitive deals on parts, service, and bodywork keep customers coming back and boost your service offerings. It’s about making sure they have every reason to choose you for all their automotive needs.

This month's big question:

How do you plan to convert the tax season rush into sustained dealership growth?

Reducing Risk on the Road: A Positive Shift in Traffic Safety

In a refreshing turn of events, the National Highway Traffic Safety Administration (NHTSA) shared some hopeful news: traffic fatalities in 2023 have decreased by approximately 3.6% from the previous year.

While the shift towards larger vehicles like trucks and SUVs continues, driven by the belief in their safety advantages, the reality of fatalities rates across vehicle types reminds us of the challenges still ahead.

?? One standout solution is the Brake Plus system, aimed at reducing rear-end collisions, often caused by distraction.

?? Did you know? With just one extra second to react, 90% of these accidents could be avoided.

??? About 8 out of 10 of customers opt for vehicles equipped with Brake Plus right off the lot, recognizing its potential to avert accidents as reported by some of our partner dealerships.

This positive trend in traffic safety, coupled with the adoption of groundbreaking solutions like Brake Plus, signals a promising road ahead for drivers and dealerships alike, steering towards a future where safety and success go hand in hand.

Contact your PRO Team for any questions on Brake Plus or respond to this email.

Inflation Blasting Profits? F&I Can Be Your Dealership's Shield.

Don't let rising costs and interest rates stall your sales! This blog post explores how F&I products can be your customers' shield against inflation. In addition, these tools can help you increase profitability while protecting customers from unexpected repairs and offering peace of mind. Discover how a strategic F&I approach can keep your dealership cruising through economic challenges. Find Out More!

Additional Resources

Customer Retention and Engagement Strategies for Your Dealership

Interest to Investment: The Art of Putting Prospects in the Buying Mindset

Be in the know: Industry Intel

Meet Cupra: Volkswagen Bringing a New Brand to the U.S. Set for a selective East and West Coast roll-out, unveiling a new distribution strategy.

Rising Tide of Underwater Trade-Ins: Trade-ins with negative equity have hit a two-year peak, with 20.4% of vehicles falling into this category.

Essential Compliance Reading: This case spotlights the crucial role of data security in the auto industry, stressing the importance of compliance.

Bookmarked and Inspired: Our Top Picks and Recommendations

Most successful groups have this in common: an environment where innovation flourishes, problems get solved, and expectations are exceeded. But how do these groups get to this point? The author identifies three key skills that foster a cohesive culture and explains how these groups learn to function as a single mind. It’s time to take your company culture to the next level!

Got a book you just couldn't set down? Tell us all about it here.

Ask Us Anything

Do you have questions related to the F&I department, F&I products, sales strategies, your professional development, or dealership profitability? The best competitive advantage comes from the quality of your connections. We're here to connect with you and support your success. Write to us.