Peter Cooper is the President/CEO at Lexus of Lehigh Valley. He joins David to discuss the importance of customer-centricity and culture in the automotive industry. Peter shares his journey of transforming his dealership’s culture and how it led to winning a prestigious award from Lexus.
What we discuss in the episode:
A Cultural Transformation Journey
- Peter Cooper shares his experience of growing up in the automotive industry and the cultural shift he initiated in his dealership.
- The significance of the award he won from Lexus, emphasizing the importance of putting the customer first.
- Exploring the motivation behind changing the culture and creating a dealership where everyone feels like a friend.
The Decline of Trust and Loyalty
- David highlights the erosion of trust in the automotive industry and the decreasing brand and dealer loyalty.
- The impact of societal changes, such as the lack of trust in institutions like government and healthcare, on customer expectations.
- Peter emphasizes the need for the industry to rise above the negativity and rebuild consumer trust.
The Revenge of the Client
- The changing dynamics of the industry, including a slower demand, a softening used car market, and increased customer awareness of inventory levels.
- David questions whether this year could be the “revenge of the client” and how dealers should respond.
- Peter suggests that dealers should focus on acknowledging past mistakes, embracing civility and gratitude, and prioritizing client satisfaction.
Restoring Trust and Reversing Resentment
- Discussing the impact of dealers selling cars above MSRP and the resentment factor among customers.
- David and Peter explore the possibility of dealers turning the situation around by obsessing over client satisfaction and delivering exceptional experiences.
- Highlighting the forgiving nature of customers and the opportunity for the industry to earn back trust by doing the right thing.
The Importance of Human Capital Strategy
- David raises the issue of human capital strategy and the need for dealerships to address the well-being and development of their associates.
- Peter reflects on the importance of starting with internal improvements and cultivating a culture that values and listens to employees.
- Emphasizing the value of genuine passion for clients and associate culture in creating a successful dealership.
David and Peter engage in an insightful conversation about the need for cultural transformation, rebuilding trust, and prioritizing client satisfaction in the automotive industry. Tune in to learn more.
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