Weekend Sales: An Easy Win For Your Dealerships
BY: BRAD BOWERS
MARCH 13, 2018
In 2017, the automotive industry saw the first sales decline in seven years, down to 17.23 million from 17.55 million in 2016.1 This industry, along with most others, is going through a lot of changes—subscription models, ride sharing services, electric vehicles, and other trends are all contributing to the automotive industry arms race. With this, it is more important than ever for OEMs to have an accurate pulse on the market and their brands’ performance; the quicker the information, the quicker appropriate actions can be taken. That’s where CoEFFICIENT® Weekend Sales comes in.
The CoEFFICIENT Weekend Sales solution is an automated system that provides fast, dependable, and accurate reporting of the weekend performance at dealerships.
THE NUTS AND BOLTS
The CoEFFICIENT Weekend Sales solution is an automated system that provides fast, dependable, and accurate reporting of the weekend performance at dealerships. This is particularly impactful since weekends see the majority of sales in the automotive industry. Each Sunday, sales managers at each dealership are prompted to share sales volumes by model and other information such as traffic counts, CPO sales and market comments. The data is aggregated and pushed to executives early Monday morning, giving them a pulse on their market quickly and easily. This empowers and catalyzes the operations of a data-driven dealership. Increased participation from dealers, accuracy in reporting, access to actionable conversations and goal setting—not to mention a speedier data gathering process—are positively affected by Weekend Sales implementation.
INCREASE DEALER PARTICIPATION
Weekend Sales simplifies the process for dealers to enter their sales numbers. The solution further encourages participation by adding an incentive to their contributions: the ability to compare their sales against the other dealers in the district. Down the line, this increases efficiency of gathering data and dealer buy-in to the process. Dealers also input comments on what is happening in their market: Was it affected by weather? How is the new lease program doing? Has the competition introduced something that has given them an advantage? This increases dealers’ desire to contribute information, a benefit that is felt from dealer-level all the way up to top management. More data means a more detailed picture of what is going on in your brand.
Not only does participation from dealers see a significant increase, but the accuracy of the data improves as well. District Managers receive weekly reports documenting the variance in actual sales versus self-reported sales, driving conversations between dealers and managers that are based on timely sales numbers. Over time, the variance declines and all stakeholders have a reliable pulse on the state of their markets.
UNLOCK MEANINGFUL ACTIONS
Faster data collection and processing catalyzes important, timely decisions; weekly decisions about production, pricing, and marketing can be implemented almost immediately based on weekend sales. An increased amount of accurate data opens the communication channel between dealers, District Managers, and executives. This encourages buy-in from dealers on the ground, who now view inputting sales data as an easy, informative step, rather than a time-consuming chore.
Weekend Sales encourages buy-in from dealers on the ground, who now view inputting sales data as an easy, informative step, rather than a time-consuming chore.
We promise: It makes a difference. Since implementing Weekend Sales, a major OEM saw a 3X increase in reporting rates, 56% improvement in data accuracy, and a reduction in administrative overhead for the field. Take a look at our Case Study to see the proven results.
Interested in exploring more of CoEFFICIENT® Weekend Sales’ capabilities? We’ll be at the 2018 National Automobile Dealers Association Convention in Las Vegas to talk shop. Connect with me (bbowers @ square-root .com) to talk more in Las Vegas about how Weekend Sales can benefit your business.
1. Aparna N. “’Near Wholesale Death’ of Passenger Car Looms As U.S. Sales Drop”. NASDAQ. https://www.nasdaq.com/article/automakers-expect-to-cap-weak-2017-but-auto-stocks-faring-well-cm899140
ABOUT THE AUTHOR:
Brad is inspired to change the way cars are bought, serviced, and sold. Having spent the last 30 years in the automotive industry, he’s adept at turning around automotive retail operations and solving dealer network challenges. With a unique blend of sales, finance, and operations expertise, Brad is charged with growing Square Root’s automotive footprint. Brad is a CPA who holds a MBA from Columbia University as well as a bachelor’s degree in accounting from the University of Illinois.