The inventory shortages that automotive retail is facing have forced many car dealers to become more creative in the way of sales and acquisitions. Joining us today is Troy Duhon, Founder and Owner of Premier Automotive Group, to discuss what business currently looks like from his perspective, and what people can expect from the market for the rest of 2021.
Duhon begins the conversation by discussing his feature in a recent Automotive News article where he discussed the unique approaches he takes to acquire used vehicles. Duhon says his salespeople are using social media platforms to find vehicles, especially Facebook Marketplace. With wholesale prices at all-time highs, car dealers are getting creative with their acquisition efforts. Duhon adds that his sales team has time to inspect the cars they find and can provide a more flexible valuation, which ultimately has to lead to increased profits.
Duhon says there are two types of situations he encounters. With the shortage of new cars, people are getting stellar numbers on their trade-ins and not giving up the trade because the new car they want, isn’t there yet. Or, other customers are downsizing because of economic concerns. However, with his salespeople, Duhon says, the difference is the relationship customers have with his sales team.
Circling back to social media, Duhon says, millennials aren’t doing much calling with customers; they’re doing a lot of videos. We live in a video world and millennials are using their clientele to sell top dollars on vehicles and show off the latest products.
Another industry trend Duhon is focused on is the market of electric vehicles. Duhon questions whether or not there are enough raw materials to support production. He questions whether the demand is there. He adds that different states and different cultures will have different buying patterns. However, he does believe, there is a middle ground somewhere. Duhon goes on to say, he doesn’t see EV’s fitting the total demand, but he also recognizes that there’s a massive benefit to them.
Duhon ends the conversation by discussing his commitment to supporting families in the community. Duhon says it’s always been a passion for him to give back. As a car dealer, he felt that it was his responsibility to be a part of the community, which is why he has created several food pantries. Duhon and his partners plan to give away 10 million pounds of food.
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