Kicking off this year’s DrivingSales Executive Summit is Jared Hamilton, CEO & Founder of DrivingSales. In the opening keynote, Jared encourages dealerships to push for optimal performance even when things are going well.
Here were the 3 takeaways from his presentation, Pushing Performance When Things Are Already Good:
1. Optimize Your Assets
There are a number of different assets that, altogether, make up a functional dealership: used inventory, new inventory, parts, branding, etc. Looking at your dealership at a more granular level and focusing on the individual components helps to strengthen the dealership as a whole. To best optimize your assets, you should assign the appropriate staff members to those assets based on experience and skillset.
2. Accelerate Engagement of Newbie Sales
Regardless of what many dealers will tell you, turnover is often relatively high — and yes, this can be true even if your retention is high. Often times, less experienced sales people will leave the dealership because, simple put, they aren’t as experienced. This leads to dealerships focusing on and lifting up veteran salespeople.
While pushing your more experienced employees is never a bad thing, newbie salespeople have the potential to become great. As younger generations continue to enter the auto industry, it’s clear that they expect different things in terms of career growth. Give them what they want! Train them, give them goals, and provide them with an engaging career path.
3. Remove Emotion from Decision Making
One of the worst things you can do as a dealer (or a business owner, in general) is make many of your most important decisions based on emotion. Sure — humans are inherently emotional creatures — but in order to ensure the dealerships success, you need to think logically.
Instead of promoting someone to take care of an asset based on “gut feeling,” you need to have evidence of WHY they would be a good fit for this role. Your dealership assets (see above) are extremely important and are what compose a dealership. If one of those assets falls “into the wrong hands,” so to speak, it could mean lost profit.
Push Performance ESPECIALLY When Times Are Good
Even when times are good, there’s always room for improvement. And as time progresses, technology will evolve, best practices will evolve and your employees will evolve. If you manage your assets properly and assign them to the right people, you’ll be ahead of the curve.
Photos from the Session