By Garry Bartecki
As you know, I love to review business and industry data daily. I probably read 100 emails daily and receive various industry and financial magazines monthly.
I find it notable how the content today compares to what I read five years ago. Even with my financial mind, I see some of this new data requires a new level of understanding, especially if a dealer wants to keep their current competitive edge.
Companies must adapt to new costs and procedures to stay competitive today and into the future to improve productivity and efficiency. This keeps the company competitive even though competitors are going through similar exercises.
Management will need to decide what changes they can afford and assess their ability to have the tech personnel in-house to monitor the installation of the new technology. But even more critical will be to determine the expected ROI on this investment and how to measure it.
Dealers that take a long-term approach to their business will most likely do what needs to be done to protect their market and customer relationships, as well as have the ability to attract new customers.