The industry is optimistic about its future and present situation because it offers opportunities to those with uncertain futures. CBT News sat down with Andrew Wright, managing partner of Vinart Dealerships, at this year’s NADA Show, to talk about the exciting opportunities that have been presented in terms of ways to improve operations systems, eliminate costs from sales and service, and discover fresh approaches to attracting new talent to the industry.
1. With rising interest rates affecting affordability and all indications pointing to a serious recession, dealers are dreading the upcoming year. However, according to Wright, “a recession won’t truly be in the cards.”
2. Instead, dealers will have to cope with tempered demand, adjustments, and opportunities for the used car market, and it will open discussions for new vehicles and OEMs. Which include financial affordability, leasing, and market strategies.
3. The days to turn for the vehicles OEMs own are still at an all-time low because they do not want to take on the residual risks, financial obligations, or subsidized money element, according to Wright.
4. Dealers, on the other hand, will continue to have significant issues with charging infrastructure. According to Wright, the charged parody, “will have long-term proliferation.” This reinforces the industry’s main objection to the widespread adoption and use of EVs, according to which there will be a greater barrier to adoption on a broader scale once the refueling process’s parody is established.
5. The Vinart and NADA symposium covered the momentum behind a standardized data model that will drive the industry’s future. The discussion focused on topics including how the data model will support the future and how we’ll move that data to communicate with stakeholders, dealers, OEMs, and IT companies. The industry has essentially been waiting for this data standard for a very long time, as everyone can agree. Since it will ultimately hasten the exchange of information
“Data is the backbone of everything we do.” —Andrew Wright
— Vinart’s objective is to provide dealers with an interactive tour of its new and used inventory, as well as make it easy to get a price, book a service appointment, or submit a financing application.
Click here for more 2023 NADA Show coverage on CBT News.
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