NextGear Offers Tips to Independents

By Staff Writer January 20, 2023

With Cox Automotive predicting the year ahead will be one of transition, as both consumers and the industry move past the remains of a global pandemic, the NextGear Capital field team reminds dealers of 10 tips to boost business.  

  1. Aged inventory is not your friend. Holding costs will hurt your profits.
  2. Money is made at the buy. Use tools to expand your reach to find the desired inventory at the best price. Look for tools that allow you to wholesale and retail at the same time.
  3. Know where your inventory is at all times. Use tools such as Account Portal to make your audits and reconciliations more efficient and profitable.
  4. It is important to be lean in 2023. Watch expenses closely such as reducing unnecessary costs, ensuring your marketing spend generates returns, and investing carefully to stay competitive.
  5. Change your pricing strategy regularly to match market conditions.
  6. Leverage the resources of your vendor partners. They have the ability to provide access to unique data which is key to driving stronger profits. Also, choose partners that work together to improve your efficiency and strategy. 
  7. Focus on the client experience. Consider time on the lot, pricing transparency, and the overall process. Give your clients an experience to remember and they will spread the word to others.
  8. Build long-term relationships. Become involved in your community, learn from your competitors, and stay close with your vendors to keep abreast of new products, offerings and opportunities.
  9. Knowledge is power. Pay attention to industry news and stay on top of trends.
  10. Satisfied clients are a gold mine. Invest in a strong CRM to stay connected to them and remain top of mind.
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Last modified on Wednesday, 25 January 2023 14:01