On this edition of Inside Automotive, Cory Mosley, Founder of Mosley Strategy Group and award-winning business growth strategist and coach, joins Jim Fitzpatrick to discuss profitability in retail auto, the buy-sell market, electric vehicles, and coaching.
In the current sales climate, despite inventory and economic challenges facing everyone, Cory identifies that NADA was about maintaining energy and momentum in the industry. He says, “I don’t know how you don’t make money right now, despite other challenges.” Rather than focusing on the larger picture, dealers need to keep watch over their local economy.
The buy-sell market is red-hot with transactions ranging into the billions of dollars. Cory mentions that succession plans aren’t as prevalent as perhaps they should be, and owners are walking away with massive payouts. “You have people who weren’t thinking about walking away, certainly didn’t need to financially, but sometimes you just can’t walk away from the number.” Some decisions are arrived at after considering “return on energy”, or getting out before they’re asked to make significant business or infrastructure changes.
As electrification is slowly adopted, Cory thinks dealerships will start to contract in certain areas like service. Fewer technicians could be the result since EVs require less maintenance and repairs. He emphasizes that dealerships are resilient and will find a way to adapt and overcome.
Cory speaks about the need to coach and develop staff, but few leaders know how to coach. Rather than just discipline, coaching is to “move somebody who might be underperforming or high-on-the-hog that still needs to be adjusted so that they can be maximizing opportunities for dealerships”. Staff need to be trained to be what customers prefer.
The inventory challenges won’t last, and the time is now to get the processes and training in place for long-term success.
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