Pub. 14 2024 Issue 4

Several times throughout the year, it’s important to slow down, take a deep breath and evaluate ourselves, our processes and our results. Whether we call it a checkup or a self-assessment, taking the time to evaluate your work provides a fresh perspective, creates a path for improvement and helps us to set goals.

In September, Automotive News published an article about dealership profits plunging 33%. You might think that, based upon the title of this article, I am a purveyor of fake news; however, I can assure you that I am not. What’s more, I’m here to give you a plan to thrive in this current reality — and one that is not merely based on hope.

As profit margins return to historical levels, auto dealers are looking for ways to generate additional earnings. Dealer finance and insurance (F&I) profit participation programs are often overlooked in the quest to boost profits — an expensive oversight. These established strategies can provide dealers with solid cash flows and investment returns.

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Following this year’s significant cybersecurity incident involving many dealerships’ third-party service provider, security and privacy questions continue to arise relating to various types of information and data. As a reminder, under the Federal Trade Commission (FTC) Safeguards Rule, additional changes went into effect last year impacting, among other things, dealerships’ digital communications.

Just as the Chicago skyline represents peak architectural excellence, CVR mirrors this achievement by delivering unparalleled service to Illinois auto dealerships. With a solid foundation in innovation and a forward-looking vision, our seamless DMS integration enhances your daily operations in meaningful ways.