Saturday, May 15, 2021

Dennis McGinn discusses improving ‘speed to sale’ in your dealership

Today on CBT News, Jim Fitzpatrick is joined by Dennis McGinn, CEO of Rapid Recon. Established in 2010, Rapid Recon is trusted by over 2,000 dealerships for improved vehicle reconditioning and dealership profitability. McGinn has worked with countless dealers over the years by helping them sell cars quicker.

McGinn opens the conversation by discussing what his phrase, “GM’s Speed to Sale and Profit per car pipeline” means. He says that GMs are starting to discover that the length between time to line and profit per vehicle are connected. He says the grosses are way up due to the scarcity of vehicles. Dealers are making more money in profit per vehicle despite inventory levels remaining low. When inventory levels begin to stabilize, it will be critical for dealers to improve the speed of getting vehicles through reconditioning and on the line to sell.

McGinn then goes into the necessary workflow of taking a car from auction to the sale. He says things begin to flow together when every member of the team at a dealership understands their role in helping improve profit per car. More than just sales teams, everyone has a part to play in improving the process of getting cars through the pipeline.

McGinn concludes the conversation by explaining how recon software helps teams work together to eliminate throwing blame towards team members. Rapid Recon improves communication from the top down. Instead of management relying on what service department members are saying, they can look directly at the software to see where the vehicle is in the process. This cuts down on confusion and can bring the reconditioning process down from 20 days to 4 days.

“When we first started this, we received a lot of pushback from the people who don’t like being exposed,” said McGinn. “The finger-pointing was still out there, but it really does go away because (Rapid Recon) becomes part of the behavior expectation in the operation. That in itself takes days off the process.”

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CBT Automotive Network is a multimedia broadcast platform serving automotive professionals. With interviews featuring the biggest names in the industry, daily newscasts following top stories, up-to-date market data, and exclusive articles covering the latest industry trends, CBT is the leading voice of the retail automotive industry.

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