A Dealer Performance Manager’s Advice for Success in 2024

Dakota Phillips has been in the automotive industry for the past 11 years. Since joining JM&A Group in 2019, he has worked closely with our dealer partners to help optimize their business processes. This month, he’s sharing his advice for dealers looking to make 2024 successful. 

As a Dealer Performance Manager, my day revolves around assisting the dealership with driving performance in F&I.  

After seeing many industry changes, my top suggestion to dealers is to find ways to get back to the basics in all areas of your dealership in 2024. We’re coming out of three to four years that have been like no other - pricing, inventory and staffing are changing. The market is starting to level out and new car inventories are rising.  

Here is what I suggest thinking about as you return to the core of your business... 

How Do Your Customers View Your Dealership? 

Improving the customer experience should be a priority for all dealers as consumers today have many options in where they buy. Tried and true methods such as taking time to understand your buyers’ needs are just as important today as in years past. As technology advances, there are a lot of great options through digital retail to engage with your customers according to their preferences (ex. Virtual F&I that streamlines the car buying process and creates a more personalized customer experience). 

How Can You Stay on Top of the Trends? 

Be in tune with the current market by reading industry publications such as Automotive News. When auto loan delinquency rates are around a 13-year high, insurance premiums are rising and interest rates are still up, taking the time to research automotive trends and learn from other dealers can help you find ways to balance empathy and the very real affordability issues that your customers are facing, while also helping you find paths to profitability. 

What Technology Should You Invest in for the Future? 

Your customers are more informed than ever before. Technology enables a more targeted, streamlined and transparent sales process. Empower your team to leverage that potential by curating data-driven experiences specific to each customer. Ensure your technology integrates well with your customer experience so you give them a unique encounter competitors can't replicate. 

How Can Your Dealer Partner Better Support Your Needs?  

Having a dealership partner that is actively involved in your business and who customizes their support based on your unique needs is essential to a successful alliance. I enjoy the camaraderie that comes from these partnerships when we’re prioritizing their best interests. I’ve even attended kids’ baseball games and dance recitals with my dealers – it really becomes more extended family than just a working relationship.  

One of my favorite examples of our commitment to our partners was when one dealer wished to purchase another store but wanted to wait until they hit specific performance metrics, so we put our heads down and worked hard to get them there. I'll never forget when this dealer said that due to our training, focus and all the work we did in his store, he felt he was ready. 

I strongly encourage you to search for a partner who cares about you inside and outside of the dealership and that focuses on all areas of your business: fixed ops, talent, training, wealth management and F&I. If you’re ready to hear more, reach out to me, and I’d love to connect. 

Thanks for reading the second edition of our LinkedIn newsletter! We’ll be back next month with a new speaker and topic to help you thrive in the automotive industry in 2024. Subscribe to get notified once the next issue is released.