Pub. 13 2023 Issue 3

Although your parts and service departments are fixed operations, there are ways to increase traffic and, ultimately, your net profit. The first and most obvious one is keeping expenses down. That could be worth a separate article, but assuming you’ve already done that, the next step is to increase net profit by focusing on creating new business.

Digital retailing makes it easier and more exciting for customers to shop for cars. The physical and digital processes of buying a car are merged into one seamless experience for the customer, creating more engagement and more sales with the dealership.

Ideally, vendors and businesses work together as partners. Having a genuine relationship and being able to problem-solve together is an advantage no matter what. The auto business is not exempt.

Compliance has become an important topic in the retail car business as there has been a significant increase in enforcement from the FTC, staffing of the Consumer Financial Protection Bureau (CFPB) and activity from several state Attorney General Offices.

The Consumer Financial Protection Bureau (CFPB), a federal government agency, enforces federal consumer financial laws against unfair and deceptive acts or practices to protect consumers in the financial marketplace.1 Some of the areas of focus by the CFPB include: enforcing laws prohibiting discrimination in consumer finance; fielding consumer complaints; and monitoring the use by consumers of certain financial products.

This spring, 55 Napleton Automotive dealerships located in Illinois and six other states received help from their employees and customers to raise $176,000 for the Violet Foundation. This money will help fund research and support dozens of families whose children are currently being treated for pediatric brain cancer.

Sara Yemm Witherell, a third-generation family member of Yemm Automotive in Galesburg, IL, is no stranger to being different. And embracing those differences is what drives her.

Although all of us would like to believe the current success rate in the retail automotive world will last for another five, 10 or 15 years, our history tells us otherwise. The industry has experienced fantastic growth since 2009, with only a few dips along the way. Often though, the biggest detriment to success is success. History has always shown ups and downs in sales volume and profitability. What we do in prosperous times will dictate our ability to weather the storm of the “shift.”

The state legislature has adjourned, and among other successes, IADA was able to DEFEAT the following legislation: Manufacturers’ attempt to REPEAL the Warranty Reimbursement Law for Labor and Parts Proposal to have vehicle sales tax distributed to the municipality where the vehicle is titled rather than the dealership location Proposal to adopt California Emissions Standards