Reinsurance sounds like a good technical term. However, this technical term can be among the best things you do for your dealership and customers. Reinsurance is an excellent strategy for insulating your dealership from volatility and protecting your bottom line.
Topics: Dealer-Owned Reinsurance
Business practices are rapidly changing, as a result of the COVID-19 crisis. As Americans pull together, our country's industry leaders are working together to figure out how to reorganize and reshape business practices.
Clear communication is mandatory in good business. It's the foundation of proper customer service and acts as an indicator of whether or not the business is functioning as a cohesive unit. In automotive sales, a discrepancy between the sales desk and F&I will cost you customers and your reputation. Customers are naturally wary of car sales personnel and even an honest mistake can be taken as intentional misdirection. There are a number of strategies to streamline communication between your departments, and we've outlined 3 to get you started below.
While this COVID-19 Pandemic seems to have put the world on halt, vehicle servicing is still needed on a daily basis. While many are home, as instructed, there are still those with Essential jobs where it’s crucial for them to get to work. Many of those people may struggle with deciding whether they should get their vehicle fixed or continue to drive through the problem or check engine light that concerns them. If you are a dealership that has been able to keep your Service Department open, perhaps you’ve considered using Antimicrobial solutions to help comfort your customers during these challenging times.
With many people now staying indoors and traveling less, all eyes are on social media and other digital platforms. Since people are spending less time at bars and restaurants or malls and other shopping locations, they look to their phones and computers for engagement, news and entertainment.
American car dealerships face a huge variety of laws and regulations. While failing to follow some of them may lead to losing money and clients, breaking certain rules could result in bankruptcy and imprisonment.
Let's go over the most important regulations to follow to ensure dealership compliance and smooth work of your company.
Reinsurance is an agreement between two insurance companies. In this definition, the reinsurer is the second business and is responsible for clearing the claims that arise from the first insurance company.
It's easy to focus on sales efforts with your floor teams. After all, they're your first line of revenue generation. But it's also important to keep your finger on the pulse of your F&I teams as well. Up-selling in the back office can be just as lucrative to your bottom line. Today, we'll highlight three tips to keeping your Business Managers just as motivated as your sales staff.
Topics: Business Managers
"Your brand is so much more than what you sell." - Jon Iwata
Brand awareness is a paramount factor for the success of any business in today's competitive market. While advertisement and marketing have been considered to be an integral part of business efforts for a long time, the use of social media to propagate one's brand is a relatively new concept. Studies show that 90% of brands worldwide use social media to promote awareness.
Dealerships are responsible for enforcing compliance with numerous State and Federal regulations. Violations of any of these regulations can be a real problem for your dealership, so it's important to have good practices in place when it comes to protecting yourself from liability. What actions can you take to ensure that your dealership is in compliance?
Topics: dealership compliance