Car dealers are faced with a multitude of unenviable challenges in 2024, ranging from uncertainty over profit margins to decreasing loyalty among consumers. More than ever, they need simple solutions that can help them run their businesses effectively and efficiently so they can focus on tackling these issues head-on.
On this episode of Driving Solutions, host Jim Fitzpatrick is joined by Greg Uland, vice president of marketing for Reynolds and Reynolds, a leader in automotive technology and digitization. Uland shares his insights into how the retail automotive sector has become more difficult for auto dealers to navigate and what they can do to prepare their teams for the future.
1. The complexity of the retail automotive business has continued to increase. These complications have presented an unprecedented number of headwinds for car dealers, many of whom are struggling to integrate the new technologies they are expected to utilize.
2. However, even as the industry has changed, some things have remained the same. Although car dealers may have once believed that the vehicle buying process would soon be conducted solely online, most consumers still prefer to conduct their purchases in-store. These conflicting trends have created a disconnect in the car business, where one hand has no idea what the other is holding.
3. Caught between the new and the old ways of doing business, car dealers must find a way to re-connect their increasingly disparate departments to address inconsistencies and correct inefficiency. This can be done by relying on a single system rather than multiple separate tools.
4. To help auto dealers in this task, Reynolds and Reynolds is releasing a multitude of products that make the car buying process simple and intuitive without sacrificing team synchronicity. One of these products is AutoVision, a platform to help car dealers navigate the used car retailing process.
5. The company has even more innovations to make running a dealership easier. These include a new solution for presenting F&I menus and a new video approval software for service.
To learn more about how Reynolds and Reynolds can help auto dealers save time and boost efficiency, visit their website or catch them at the 2024 NADA Show at booths 3055W and 2963W.
"It seems like the conclusion a lot of dealers are coming to is trying to solve all these hurdles independently and in silence isn't working, and they're finding a lot of limitations there." — Greg Uland