You may recognize the two individuals joining us on the latest episode of Driving Solutions, as they have significantly impacted the automotive industry throughout their careers. Kathryn Schifferle is the founder and Chief Vision Officer of Work Truck Solutions. For over a dozen years, she has assisted dealers and various partners in identifying and taking advantage of opportunities in the commercial vehicle segment.
Jim Press is the former President of Toyota NA and president/Vice-Chair of Chrysler, LLC. He has also held retail roles with McLarty Companies over the last decade and is a senior advisor to Work Truck Solutions for the past five years. Join us as we discover why commercial vehicles are becoming a cornerstone of automotive profitability and how dealers can capitalize on this burgeoning market.
Key Takeaways
1. During the discussion, Jim Press explains that OEMs are increasingly focused on commercial vehicles as a key profit center. This shift is driven by a need to balance slower returns on EV investments and the higher profitability of commercial trucks compared to retail models.
2. Both Press and Schifferle highlight how OEMs support dealers in the commercial vehicle space. This includes enhanced training, marketing materials, financial incentives, and access to national marketplaces like Convoy.
3. Kathryn Schifferle emphasizes the need for dealers to adopt a consulting mindset when engaging with commercial clients. This approach involves understanding specific business needs and offering tailored solutions to maximize revenue opportunities.
4. The discussion underscores the commercial vehicle market’s substantial profit margins and growth potential. Dealers can benefit from higher margins on maintenance and service and opportunities for upselling and long-term client relationships.
5. The integration of digital tools and platforms, such as Comvoy, plays a crucial role in helping dealers efficiently list and sell commercial vehicles. These tools facilitate better inventory management and customer engagement, driving sales and enhancing dealer performance.
"The answer isn’t to reduce expenses; it’s to find new ways of generating revenue. Commercial vehicles offer a significant opportunity for dealers to expand their business and increase profitability without simply cutting costs." – Jim Press
