Importance of Knowing Your Numbers
In a rapidly changing automotive industry, dealerships are facing a critical crossroad: rising costs that threaten their profitability. As capital demands increase and employee expenses surge, how can dealerships find the perfect balance between expenses and revenue? Is there a way to unlock hidden efficiency and growth opportunities amidst these challenges?
Join host Michael Cirillo as he dives deep into a thought-provoking conversation with industry experts Jeff Baker and Mark Jones. Discover the strategies they unveil to navigate the tumultuous landscape, harness technology, and optimize operations. Get ready to uncover the secrets that will empower your dealership to not only survive, but also be able to navigate post-pandemic economic factors and learn how to embrace the unknown and find opportunities amidst the uncertainties. This is an episode you don't want to miss!
What We Discuss In This Episode:
In this episode Michael Cirillo sits down with industry veterans Jeff Baker and Mark Jones to discuss the exciting changes and hyper-relevant topics surrounding the upcoming NIADA convention. As panellists at the event, Jeff and Mark share their insights on the shifting paradigms in the automotive industry and how dealers can navigate through these changes to seize new opportunities.
With a new leadership team at NIADA, including Jeff Martin, there is a sense of anticipation for the organization's plans to better serve dealers. Michael sets the stage by highlighting the unique experience of being part of a generation that has lived through a pandemic and how it has impacted the industry. The conversation delves into the challenges and opportunities faced by dealers, particularly in the "buy here, pay here" segment.
The panellists provide a sneak peek into their upcoming discussion at the convention, which will focus on the crucial importance of knowing your numbers. Jeff emphasizes the need for confidence and understanding of your core business to embrace opportunities and navigate risks. Mark highlights the three-headed monster dealers have faced—inventory acquisition, capital issues, and rising employee costs—and emphasizes the significance of knowing every aspect of your business to capitalize on opportunities.
Michael prompts a thought-provoking question about getting comfortable with discomfort and encourages listeners to embrace the unknown. Jeff emphasizes the importance of confidence and being prepared to course-correct if necessary, while Mark stresses the need for dealers to thoroughly understand their business and the various variables that impact success.
One of the core themes explored in this episode is the crucial role of leadership and employee management in driving success. Jeff and Mark underline the significance of providing clear expectations, measuring performance, and fostering a positive work culture to ensure high productivity and job satisfaction. They highlight the importance of effective communication and commitment from leaders in supporting employees to deliver desired outcomes.
This episode promises a rich and engaging discussion that will captivate listeners by offering insights into the current state of the industry, the significance of adapting to change, and the strategies required to thrive in uncertain times. Listeners will be inspired to challenge their perspectives, leverage their business acumen, and explore new opportunities to succeed in the ever-evolving automotive landscape.
How will this episode captivate you?
• Gain exclusive insights into the exciting changes and hyper-relevant topics at the NIADA convention.
• Discover how experienced industry professionals navigate paradigm shifts and turn challenges into opportunities.
• Learn about the crucial importance of knowing your numbers and understanding the variables impacting your business.
• Be inspired to embrace discomfort, challenge the status quo, and position your dealership for success in uncertain times.
• Uncover valuable strategies to adapt to changing market dynamics and thrive in the automotive industry.
Tune in to this episode to gain a competitive edge in the automotive industry and unlock the potential for growth and success in your dealership.
Listen to the full episode for insights and context from Jeff Baker and Mark Jones!
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Thanks, Jeff Baker and Mark Jones!
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