EP 8:13 How to Avoid Going into 2024 with the Wrong Strategies, Processes, and People

Millionaire Car Salesman Podcast

In this special episode of the Millionaire Car Salesman Podcast, join the Millionaire Car Salesman Hosts, Sean V. Bradley, and LA Williams, alongside Dealer Synergy’s CEO - Karen “Karina” Bradley as they delve into the challenges that dealerships are confronting in today's automotive market. The trio sheds light on the Automotive Industry’s market transition from high demand and low inventory to a more competitive and demanding landscape. Emphasizing the significance of a proficient sales team, they explore strategies to navigate these changes and deliver exceptional value to customers.

Join us for these illuminating executive discussions, offering invaluable insights on navigating 2024 successfully. The hosts delve into strategic approaches and share secrets that will empower you. Plus, they unravel the exciting prospects awaiting dealerships at the upcoming Internet Sales 20 Group conference. Don't miss this opportunity to tap into the wisdom of top Dealer Synergy executives and gain a competitive edge!

Key Takeaways

• The automotive market is shifting, and dealerships need to adapt to the changing conditions

• Dealerships that have invested in training and developing their sales teams are better equipped to handle the challenges of the current market

• The Internet Sales 20 Group conference provides an opportunity for dealerships to learn from industry experts and network with other professionals in the field

"If you don't have the appropriate mindset, and if you haven't been building that along the way… your actions are going to stem from whatever paradigm or particular mindset that you carry through this time." - Karen “Karina” Bradley

About Karen “Karina” Bradley

Karen Bradley, is the CEO of Dealer Synergy, an Award Winning Training, Consulting and Accountability Firm that specializes in building Internet Dealerships or Full Blown Business Development Dealerships Internationally. She is also the Co-founder of Internet Sales 20 Group, an education company that specializes in training automotive sales professionals through their first-class national bi-annual conference.

Karen has over 13+ years of Automotive Sales experience and her sole mission has been to help car dealerships and their personnel achieve their maximum potential. She has directly helped over 1,300 rooftops and tens of thousands of Automotive Sales Professionals evolve personally and professionally; and is an NADA Convention Speaker!

Karen also has 16 years of Accounting experience and 11 years of experience as a Certified FranklinCovey Trainer and Facilitator for the 7 Habits of Highly Effective People and The 5 Choices to Extraordinary Productivity. She is an instructional design and curriculum development specialist, a Time Maximization and Efficiency Expert, as well as a process engineer. She has been recognized by the National Speaker’s Association for her skills in public speaking and was nominated in 2015 as one of the top 100 Leading Women in the North American Auto Industry, by Automotive News. Karen has also graced the covers of several major automotive magazines; including AutoSuccess’ , for her expertise on the importance and usage of video.

Karen’s most important role is as a proud wife and mother of 4 kids, ranging from 6 years old to 21 years old. Combining this role with her role as an owner of multiple companies, by living the 7 Habits of Highly Effective People, Karen is truly able to achieve “Work / Life” Balance.

The Shifting Landscape of Automotive Sales: Challenges and Opportunities

Introduction

In the fast-paced world of automotive sales, staying ahead of the game is crucial. The industry has experienced significant shifts in recent years, with the pandemic exacerbating existing challenges and creating new ones. As we enter the final month of the year, it's important for automotive professionals to take stock of the current landscape and prepare for the future. In this article, we will explore the key themes discussed in a recent podcast episode of "The Millionaire Car Salesman" and analyze their implications for the industry.

The Impact of Shifting Market Dynamics

The automotive industry has seen its fair share of ups and downs, and the recent shift in market dynamics is no exception. The past few years have been exceptionally profitable, with high demand and limited inventory driving up prices. However, as the market begins to normalize, salespeople are facing new challenges. Many have become complacent during the boom times, relying on high prices and limited inventory to make sales. Now, they must adapt to a more competitive landscape and develop the skills necessary to succeed in a changing market.

The Importance of Training and Skill Development

One of the key challenges facing automotive professionals is the lack of training and skill development. During the boom times, salespeople didn't need to rely on their skills or knowledge to make sales. However, as the market shifts, those who haven't invested in their training find themselves ill-equipped to handle basic objections and provide value to customers. This lack of skill not only affects individual salespeople but also contributes to a toxic culture within dealerships. It's crucial for dealers to invest in training and development programs to ensure their teams are prepared for the challenges ahead.

The Role of Culture in Success

Culture plays a significant role in the success of any organization, and dealerships are no exception. The recent shift in market dynamics has led to increased turnover and a negative impact on morale. Salespeople who were used to easy sales and high incomes are now facing a reality check. This toxic culture can be detrimental to the overall success of the dealership. It's essential for dealers to foster a positive and supportive culture that encourages growth, learning, and accountability. By creating a culture of excellence, dealerships can attract and retain top talent and position themselves for success in the changing market.

Opportunities for Growth and Success

While the shifting market dynamics present challenges, they also create opportunities for growth and success. Dealerships that adapt to the changing landscape and invest in their teams will be well-positioned to thrive. One example of this is Bob Ruth Ford, a dealership that recently broke a record by closing out the month with 225 internet deals. Their internet department accounted for 94% of the dealership's business, showcasing the power of a well-trained and motivated team. By focusing on internet sales and leveraging technology, dealerships can reach a wider audience and maximize their profits.

The Power of Outsourcing and Remote Teams

Another opportunity for growth lies in outsourcing and remote teams. With the rise of remote work, dealerships can tap into a global talent pool and access highly skilled individuals at a fraction of the cost. Outsourcing BDC reps to countries like the Philippines has proven to be a successful strategy for many dealerships. These reps are highly motivated, coachable, and dedicated to their work. By leveraging remote teams, dealerships can extend their hours of operation, increase coverage, and capture more business. It's important to note that these remote teams are not outsourced call centers but individual employees directly employed by the dealership.

Conclusion and Future Outlook

As we approach the end of the year, it's crucial for automotive professionals to adapt to the shifting landscape of the industry. The challenges presented by the changing market dynamics can be overcome through training, skill development, and a positive culture. By investing in their teams and embracing new opportunities, dealerships can position themselves for success in the future. Outsourcing and remote teams offer a cost-effective solution to staffing challenges and can provide access to highly skilled individuals. As the industry continues to evolve, it's essential for automotive professionals to stay ahead of the curve and embrace change. By doing so, they can navigate the challenges and seize the opportunities that lie ahead.

Resources

Dealer Synergy & Bradley On Demand: The automotive industry’s #1 training, tracking, testing, and certification platform and consulting & accountability firm.

The Millionaire Car Salesman Podcast: is the #1 resource for automotive sales professionals, managers, and owners. Also, join The Millionaire Car Salesman Facebook Group today!

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The Millionaire Car Salesman Podcast is Proudly Sponsored By:

Dealer Synergy: The #1 Automotive Sales Training, Consulting, and Accountability Firm in the Automotive Industry! We have been building Internet Departments and BDCs for over two decades! It is this experience that has allowed us to develop the absolute best automotive Internet Sales, BDC, and CRM solutions for car dealerships. We have created the most effective training programs and processes. Phone scripts and rebuttals are our specialties, while CRM action plans, strategies, and templates are our expertise! Dealer Synergy will take both your tools and your people to the next level.

Bradley On Demand: Automotive Sales Industry’s #1 Interactive Training, Tracking, Testing and Certification Platform. With over 7,500 training modules, our platform has everything you and your dealership need to sell more cars, more often and more profitably!

Money Mind Mapp (M3): Visit MoneyMindMapp.com for help in revolutionizing your business to help you sell more cars by tracking, projecting, and forecasting your personal sales goals!