Maintain Relevance in a Shifting Industry

change_aheadBy Ryan Hawley, Senior Director of Strategy

The only constant in the automotive industry is CHANGE. Whether you work at a dealership, auction or finance company, it’s likely your world looks different now compared to even last year. This is just a byproduct of living in a world that’s constantly evolving.

When I purchased my first car over 20 years ago, air conditioning and a functioning tape deck were essentials that I couldn’t live without. I didn’t care about anything else as long as I could stay cool and listen to good music.

Fast forward to present-day: I couldn’t imagine life without Bluetooth®, navigation, parking assist and heated seats. I’d imagine my list of necessary features will look completely different again in another 20 years.

Our industry is a microcosm of a global society that demands bigger, stronger and faster. Speed, and ease of use, continue to influence the changes we’ve experienced across all areas of our industry. Quite frankly, it can be tiresome trying to keep pace!

So, how do we remain relevant as businesses and individuals in the midst of this constant evolution? How does a dealership maintain high sales volumes? How does an auction continue to attract wholesale buyers and sellers? And lastly, how do finance companies ensure there’s enough capital to fund it all in a timely fashion?

Regardless of the specific questions you’re asking, I think the answers rest in the following points:

  1. Remain committed to building strong relationships. No matter how big of a role technology plays in shaping the future, people still make the difference.
  2. Stay connected to your customers. Know what motivates your customers and understand how to keep them coming back. The biggest compliment a consumer can give your business is REPEAT business.
  3. Dedicate time and energy to INNOVATION. Being innovative shows a willingness to adapt and an urgency to execute change. Individuals and companies should continuously seek new and/or improved ways of doing things! Keep your eyes looking ahead instead of getting caught up in the “here and now.”

As your business grows and the pace becomes hectic, these three tips will help determine whether you stay relevant or get lost in the shuffle.