CBT Automotive Newscast for March 23, 2020

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Today on CBTNews.com – Monday, March 23rd, 2020:

How the Coronavirus Outbreak is Affecting Wholesale Business and the Used-Car Market – Jonathan Banks, J.D. Power
With many businesses temporarily closing their doors in an effort to practice “social distancing” during the Coronavirus outbreak, many dealerships remain uncertain about what steps they need to take next. Here to give us an update on the current state of the whole business and the used-car market during these unprecedented times, is Jonathan Banks, Vice President and General Manager for Vehicle Valuations at J.D. Power. Watch Now

COVID-19COVID-19: What Should Dealers Expect Staff to Do?
Management and staff in retail everywhere are unsure how to deal with the novel coronavirus pandemic. In the current industry, it’s the first time that border closures and travel limitations have been forced upon the public. With the fluid situation, it leaves business owners and managers in a predicament, and that’s the case with dealerships as well. Knowing what to do and where to find the latest information is crucial. These guidelines can help dealers navigate the ever-changing COVID-19 situation and come out the other side, weathering the storm as well as possible. Read More

fixed opsHow Fixed Ops can Boost Dealer Revenues in Times of Uncertainty
Amid flattening auto sales, many dealerships are turning to their back-end operations to future-proof their businesses. It is likely that the recent outbreak of coronavirus in the U.S. will only accelerate this trend. In the face of the massive economic challenges we face, dealers need to be working on ways to ease the blow. Vehicle sales were at 17.2 million units in 2018. While sales for 2019 exceeded expectations, they still fell short of previous years at 17.1 million units. Sales are expected to decrease again in 2020. On top of decreased sales, front end gross profits continue to fall. This leaves dealers to look for profit opportunities in other areas such as fixed ops. Read More

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