At this point, the scarcity of semiconductors causing a widespread shortage in new car manufacturing is a tale as old as time.
We’ve all heard it, we’re all living it and we’re all sick of hearing about it. Unfortunately, the situation doesn’t appear to be going anywhere, as experts across the industry are predicting a continued shortage through 2023.
As many know, this backup in new car manufacturing has led to a shortage in not only new cars but used cars too. As dealerships across the country scrambled to stock their lots, large quantities used cars disappeared from the market. The pain of this was immediately felt by smaller and independent dealerships, who struggled to compete with the buying power of larger dealerships. But now everyone’s tightening their belts as used car availability continues to thin out thanks to steady demand.
Not only are cars hard to find at auction, but many dealers’ backup supply options are running dry as well. Rental companies are retiring fewer vehicles because of the new car shortage, customers aren’t turning in as many cars right now due to concerns about what they would be able to upgrade to and at what cost and even fleet vehicles are hard to come by.
It seems like there are no options left for dealers who are just trying to keep their lots stocked, making keeping sales steady, let alone the idea of growth, seem impossible right now.
Both franchise and independent dealers are missing out on substantial opportunities because they can’t get enough inventory to keep up with the demand. In fact, more dealerships across the country are seeing their growth stunted not because of a lack of customers, but a lack of inventory to sell to those customers.
But your dealership doesn’t need to be a victim of this car shortage.
We understand the current inventory situation feels bleak. You’ve probably tried “everything” and feel like you’re out of options to find cars. And we know it can be frustrating when you feel like you keep knocking down doors with nothing behind them.
With the current state of things, many dealers are satisfied to sit back and try to wait things out. They believe there is nothing they can do, so they’ll try their best to muscle through until the shortage is over. Hopefully, they can scrape together enough inventory to get them by until the inventory situation tries to swing the other way.
But who knows when that will be? We certainly don’t. And since many experts are predicting the chip shortage will last well into 2023, you have to ask yourself: Can my dealership survive struggling with inventory for another two years?
The answer might be yes, you might make enough to get by and sustain yourself. You might have to cut back here and there, but that’s all the price of doing business, right?
Why would you settle for “struggling to get by” when you could be thriving?
Unfortunately, this inventory shortage is going to stick around. But there are dealerships out there that aren’t being affected by the shortage. They’re fully stocked, with cars customers want to buy—and while they can’t keep them on the lot for long, they’re able to restock and continue to operate like usual. Some of them are even plowing through goals and previous high-water marks like never before.
Because these dealers aren’t giving up just because the going is a little rough right now. They understand that persistence gets things done. That sometimes you must keep fighting until you find a solution to whatever obstacle you’re facing in the moment. And that solution may not be the same thing you tried last week, last month or last year. These dealers know that finding solutions means pushing outside your comfort zone and thinking outside the box.
On top of this resilience, this group of elite operators has one major advantage many other dealers don’t. They have a network of like-minded, hard-working, hungry dealers who are willing to swap and share their solutions because they don’t compete with one another. There are no pissing matches here. If that sounds like the type of group you’d be interested in being a part of, click here to learn more about this exclusive club.
Look, the truth of the matter is that no one is equipped to navigate this car shortage problem alone. But when a group of sharp business minds from all over the country comes together, they find solutions no dealer would’ve discovered on their own.
The secret sauce that’s helping all these dealers stay stocked during this shortage is the power of having each other to lean on.
And you wanna know the best part about this group?
The membership is market exclusive, meaning you’re never in competition with anyone else in the group.
This market exclusivity means dealers can work together with their guard down. They’re free to share strategies, tips and secrets without the fear of their secret getting out to the guy down the road.
This group is connected 24/7/365 online, but the real magic happens when they come together four times a year in sunny Orlando, Florida. The next meeting is coming up in just a little less than a month. And we have it on good authority that the content will feature a special segment specifically about the inventory situation and various ways to overcome it.
These meetings also feature an endless supply of techniques to build and scale your business, from increasing lead flow to pumping up grosses. Unfortunately, this meeting is for members only. But if you want to make the right choice for your business, click here to see if your market is available right now.