On today’s show, we’re pleased to welcome Laurie Foster, Founder and CEO of Foster Strategies Group, an automotive retail consulting service for dealers, vendors and OEMs. Foster begins the conversation by discussing her take on the recent Digital Dealer conference. Although turnout for the conference was lower than usual, Foster says it was still a proactive and dynamic audience at Digital Dealer.
Foster says one of the biggest concerns for car dealers right now is inventory shortages. Car dealers are making the best of their situations, however, for dealers who aren’t embracing digital retailing, profitability is more likely to go down.
Foster continues to say it’s reflective of the company’s core beliefs and consumer desires to engage in an experience that’s worth the transaction. The experience needs to be meaningful and helpful to both the car dealer and the consumer. Dealers need to effectively express the services they offer. Foster also says the biggest thing that has held back the car industry is over-forcing processes that don’t necessarily fit well.
As far as recruiting and retaining top talent is concerned, Foster says it’s up to general managers to practice good recruiting principles. For many GMs, their legacies of learning didn’t incorporate digital retailing tools or understanding customer behaviors happening today. She says good recruiting starts from the top, and it’s important to set goals and create strategic plans.
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