fbpx

Dealertrack Insights

Back to the Blog

Process & Efficiency: The Key to Profit & Success

by Randy Wilson
on June 22, 2020

At the start of 2020, my team of Performance Managers had big goals and aspirations to bring our dealer partners up-to-speed on some of the new and exciting developments that would enhance Dealertrack’s Dealer Management System (DMS) and bring much needed process improvements to our partners. And then, it seems, the worst happened. Dealers were suddenly thrust into a series of rapid transformations and were in a rush to set up remote access for staff, launch their safety protocols, and get their virtual sales up and running. All of that was extremely important, but, as we’ve all seen, dealers couldn’t afford to ignore their basic, everyday operational processes. Rather, in the midst of these rapid transformations, dealers had to find a way to manage operational processes in order to succeed. Reporting didn’t just go away—it became paramount!

Now, with almost half of the year behind us, it’s clear that the key to profitability relies on improved process.

Trusted Partners Help You Roll Out New Technologies

The right technology within your dealership is important. A DMS that aligns to your goals can help you succeed whether things are going right or you’re suddenly forced to reinvent the way you interact with buyers. But, there’s a difference between surviving and thriving in business. Traditionally—and this was the case in my early career—launching a new technology at your dealership was generally the last interaction you would have with your vendor or account manager. Any upgrades or updates that came along after that fact could be missed along the way, too. So, it was easy to get frustrated with your investment. Working one-on-one with a Performance Manager, dealers no longer have to launch their DMS technology and figure it out from there. We have a team of experts who know the in’s and out’s of the system and who can help your team how to understand it.

Consistent Management, Monitoring, and Goal-setting Leads to Improvements

As I said before, getting the most from your technology tools makes a huge difference in the performance measured from your investment. Every dealership has unique needs, so simply handing over a complicated, one-size-fits-all system would be a disaster. With Performance Management, dealerships can fine-tune custom reporting so that you get the data and details you need. This year, Dealertrack DMS began rolling out new integrated solutions for our Payroll and Reporting features. With direct feedback from my Performance Managers, we were able to build customizable features that are generating a lot of excitement in the DMS world. By building consistent measuring, monitoring progress, and establishing goals for our partners, we’re able to help dealers reach—then exceed—their goals. A good day for the Performance Management team is when our dealers are successful.

Faster Funding, Streamlined Fixed Operations, and More

Dealers now have the ability to use data-driven practices, without needing to rely on gut-instinct alone, to hit their targeted goals each month. With so much at stake, particularly recently, having access to faster funding and streamlining your operations can seriously impact your odds of success. Dealertrack DMS recently launched Critical Analytics which aims to improve Sales to Accounting (solving the age-old “desk vs. accounting” problem), improve Business Office Summary, and help you get fund cash faster! There are more features, too, but you would need to spend some time with your Performance Manager to see all the customizable features unique to your dealership.

Technology advances at a rapid pace and dealerships who can keep up will have an advantage. Yet, having a trusted and valued partner to roll out the right changes, bring your dealership up-to-speed on custom features, and build unique processes that align to your goals will truly be the key differentiator that sets your business apart for the remainder of 2020—and beyond.

About the author:

Randy Wilson | Director of Performance Management, Dealertrack DMS

With over thirty years of experience in the retail automotive industry, Randy Wilson brings exceptional wisdom to his role as Director of Performance Management to the Dealertrack DMS team. By leading a team of Performance Managers who have all previously held high-level dealership responsibilities in their careers, he is committed to driving rapid transformation and building measurable growth for our partners. Randy joined Cox Automotive in 2012 and works tirelessly to bring real-world experience into the development of technologies that enhance the day-to-day performance and efficiencies of every aspect of the business. In his spare time, he can be found sporting his Cheesehead gear and spending any spare moment boating and fishing on the ocean. He and his wife have four children together and five grandkids.

 

Tags: DMS, Performance Management

Top