The retail automotive industry is complicated and multifaceted. What appears to be a simple transaction — a person buying a car — is really several businesses under one roof. Certainly the most easily seen is the sale of the car. As part of this process, in addition to the purchasing of the vehicle, there is the financing of the purchase, additional warranties and finance products, as well as the servicing of vehicles.
Each of these operations is a business unto itself, but in an auto dealership they are all going on at the same time. As if the actual business were not enough, there is an entire world of regulatory matters that come into play. Red flags, consumer protection, warranties, vehicle recalls and local business zoning and environmental regulations, just to name a few issues, must also be considered in the retail automotive industry.
“When it comes to operating a car dealership, it takes a unique individual to understand and make it work smoothly. I work with these owners — or people trying to become owners — on nearly a daily basis. During a typical day, I may discuss used vehicle valuations in a dealership buy/sell environment, real estate remediation and manufacturer incentive plan documentation, and so much more. Point being, the retail automotive sector is complicated at the first level of operations, but it then gets exponentially more complicated when the interests of manufacturers, lenders and vendors have to be addressed.
One of the best parts of my day is when hanging up the phone after talking with a client and knowing that the person I spoke with received value and action items for us both to follow, all in the name of helping their business.”
– Stephen Dietrich