In this session, attendees will learn why in this post pandemic period, attempting to “win the race to the bottom” on price is a losing proposition. With customer ownership cycles growing to nearly nine years on average and the challenges that extended term financing since the pandemic years as created (negative equity, shortage of late model /low mile used vehicles, redcued lead counts, walk-ins, phone ups, and units sales), dealers must rethink how they compete. The dealers that will survive and do well over the next few years will be the ones with a great culture, a place where the consumner will find the envornment they expect from the advertising, and it will be less about what a customer pays and more about what they get for their money.
In this session, learn how there is no real competitive advantage between dealers – all pay the same from their manufacturers and use the same evaluation tools for determining the value, and thus the cost and price of used vehicles – the difference will be determined by what the customer gets beyond the vehicle, price and payment. USPs (Unique Selling Propositions) or Value Props will be much more important than discounting price. This will lead to higher customer retention (both sales and service), employee retention, and higher gross profits. This will be key during a period when most dealers’ unit sales will be down.
