In this episode, Michael takes us on a journey through the recent NADA 2023 event that took place in his hometown, Dallas. Michael reflects on the unique energy of the event and how attendees were more focused and open to conversations compared to previous NADA conferences. 2023 is off to a roaring start in the automotive world!
Michael also touches on the buzzwords that are present during the NADA event, such as conversations around Google Analytics Four and returning back to auto industry basics.
While there are many factors contributing to the shift in market conditions, Michael highlights the importance of moving beyond the "returning to basics" sentiment into a place of tangible action. Building relationships, having a service mindset, and going above and beyond are key elements of the basics in the auto industry. What are you actively doing to achieve these things and make them work for your dealership?
Returning to Basics in Car Sales
One of the key challenges with returning to basics in car sales is that people may have different interpretations of what these basics are. To some, it might mean building relationships of trust, whereas for others it might be about maximizing profits. However, the reality is that building relationships of trust should be the foundation of car sales. This means having a service mindset over a profit mindset, and going above and beyond to provide great service to customers. If you do this, the profits will follow.
Despite the challenges, returning to basics is an important consideration in our current market conditions. Inflation rates are up, interest rates are up, and people are paying more for basic necessities than ever before. This means that people are starting to shift their focus to preservation mode and pay more attention to their expenses.
Supply chain shortages and price drops are also making it a competitive market for dealers. This is why it is now more important than ever to focus on the basics and differentiate yourself from the competition. One way to do this is to offer great service, doing things that no other sales professional or car dealership is willing to do.
Sure, some people may be handcuffed by regulations and other factors that prevent them from offering the level of service they would like. Nevertheless, it is important to strive for excellence in all areas, including building relationships of trust and providing great service to customers.
While returning to the basics of car sales might have its challenges, it will be an important thing to keep in mind moving forward. Whether it means building relationships of trust, offering great service, or simply focusing on the basics, dealers should strive to differentiate themselves from the competition and provide the best possible customer experience.
This episode provides a comprehensive recap of the NADA 2023 event and sets the stage for the next several episodes of the podcast - you don't want to miss it!
Listen to the full episode for insights and context from Michael Cirillo himself!
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