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How to prepare your dealership for the obstacles that lie ahead — Rusty West, Market Scan

Dealerships know that the market is changing, but many are still lacking clear guidance on how to prepare for the new automotive landscape. Rusty West is the President and CEO of Market Scan and has years of experience examining trends in the car business. CBT News anchor Jim Fitzpatrick had the opportunity to sit down with West at this year’s NADA convention in Dallas, Texas, where he offered his advice for dealers in 2023.

Key takeaways:

1. Supply is coming back to the dealership, but the following months are likely to be some of the most challenging for the auto industry since the COVID pandemic.

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2. West encourages dealers to pursue leasing for the near future since it can improve customer retention and serve buyers who are too strapped for cash to afford a loan.

3. Since vehicle shortages have made the sales process comparatively easy, many employees have fallen out of practice. If they hope to face the new market, dealers will need to help them relearn their sales tactics.

4. Since 2020, repossession rates have doubled in the prime segment for the first time in history.

5. West believes that the increased duration of financing plans should be a major concern for the industry, and expects to see the fallout in the near future.

“Having a big disconnect between digital retail and what goes in your dealership…those days need to go away.” — Rusty West

Notable background:

— Market Scan was awarded a 2023 AWA award for its Automotive Payments as a Service™ solution in the “Automotive Payment Platform” category.

Click here for more 2023 NADA Show coverage on CBT News.

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Colin Velez
Colin Velez
Colin Velez is a staff writer/reporter for CBT News. After obtaining his bachelor’s in Communication from Kennesaw State University in 2018, he kicked off his writing career by developing marketing and public relations material for various industries, including travel and fashion. Throughout the next four years, he developed a love for working with journalists and other content creators, and his passion eventually led him to his current position. Today, Colin writes news content and coordinates stories with auto-industry insiders and entrepreneurs throughout the U.S.

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