Inside Automotive
How to make your dealership recession proof – Jason Frampton | Ken Garff Auto Group
Ken Garff Automotive Group, ranked ninth on Automotive News’ list of the top 150 dealership groups, continues to invest and grow their operations. On this episode of Inside Automotive, host Jim Fitzpatrick is once again joined by Jason Frampton, Market President of Ken Garff Automotive Group, to discuss how dealers can navigate a changing market and prepare themselves for a possible recession. Watch the complete segment here.
Top Stories
Honda announced on March 13, that as part of its shift to EV production, it would move the assembly of its Accord sedan to Indiana in 2025 after more than 40 years of production in Marysville, Ohio. The move follows the announcement made in October by Honda and South Korea’s LG Energy solution to build a $4.4 billion joint-venture battery plant. Read More
According to Cox Automotive, Certified Preowned (CPO) sales are up year-over-year despite expectations of a decline. CPO sales climbed 1.9% to 205,946 units from January to February, which constituted a change of 7.3% when compared to the same period last year. To date, sales in this segment are nearly 14% higher in 2023 than they were in early 2022. Read More
During the next five years, the Volkswagen Group has committed to spending $131 billion on electrification and digitalization. At least one new North American EV manufacturing plant will be included in the investment, which was revealed at the company’s annual general meeting on March 14, in Wolfsburg, Germany. Read More
A new study by the Insurance Institute for Highway Safety (IIHS) suggests that most SUVs lack suitable protection for backseat passengers. IIHS tested 13 SUVs to measure their backseat safety standards. For each car, the effectiveness of several safety elements and risks of injury for different body parts were assigned one of three grades: poor, marginal, acceptable and good. Grades were based on data obtained through a crash test dummy placed in the backseat. Read More
For Dealers
The 80/20 rule and software development
If you’ve heard of the 80/20 Rule (otherwise known as the Pareto Principle), you know it suggests that roughly 80% of consequences come from 20% of causes. In other words, 80% of our outcomes are driven by 20% of our efforts. So shouldn’t we all be focusing on the 20% we do best? Read More
Loyalty programs: How to use them more effectively at your car dealership
In selling products, dealerships have an incredible opportunity to acquire new customers and retain existing ones. But, according to Polk, the sad truth is that less than 30% of owners are loyal to a dealership. For a dealership, an average defection rate of 70% should be a great motivator to improve loyalty. And in such a competitive market, dealerships often need to use ad campaigns, loyalty programs, promotions, and various other marketing techniques to generate more revenue. Read More
