Michael Panozzo, Performance Manager at Dealertrack DMS, Cox Automotive Inc.

While auto dealerships are constantly looking for new ways to become more profitable, they rarely focus on the potential—and all too often underutilized–contributions of their accounting teams.

Traditionally, management has either been too busy to be bothered or reluctant to make changes to a department they trust is working effectively. But given the challenges of today’s environment, it’s “time to find the time.”

Michael Panozzo, Performance Manager at Dealertrack DMS, offers these quick tips on maximizing accounting’s impact on the bottom line:

• Find the time: Management can no longer be “too busy to be bothered,” or reluctant to make improvements to a department they trust is working effectively.
• Training: Never miss an opportunity to invest in training or recognizing objections to accounting progress that can lead to easily avoidable problems.
• Empowerment: Emphasize to accounting teams that they play an integral role in the dealership’s success.
• Collaboration: Provide your accounting team with opportunities to liaise with industry peers at leading industry events and conferences. This allows them to see what is and isn’t working at other dealerships.
• Share the knowledge: Urge accountants to share their learnings with other dealership departments.
• Invest in technology: Bring in tools, training and technology that makes their work more fulfilling.

About the Author

Michael Panozzo is a Dealertrack DMS Performance Manager who works with dealerships to maximize DMS utilization and drive process and profit improvement.

Author: Christine Corkran

Digital Dealer