Cliff is the founder of The Banks Report and the Autovate conference. Cliff Banks has a history of innovation and entrepreneurship in the analysis sector of the automotive industry. An automotive professional for over 30 years and a journalist for over 20 years, Cliff founded The Banks Report in 2013 to fill what he knew was an unmet need for a publication covering the automotive business from an investment perspective. In 2016, he held the first edition of AUTOVATE, which has now become an annual conference for investors and entrepreneurs in automotive retail technology. He established The BanksReport, today’s most influential trade newsletter in the automotive retail industry.
Global automotive industry trends are rapidly changing! Therefore, they are likely to cause disruption to the incumbent dealership model. Things are no longer as simple as a customer walking into a dealership, looking at options, going for a test drive, completing paperwork, and then purchasing a vehicle.
Our industry is in a period of unbelievable volatility, change, and transformation. No one has a real handle on what that looks like or what it’s going to look like, especially on the electric vehicle side and the impact there. However, as you know, we have a lot of money in that room. And knowing what the wealthy are doing and where they are putting their money.And how they’re approaching this, as well as how they’re managing and intend to manage throughout the training and transformation,both from the investment side and from the dealer side, and even from the technical side.
Everybody’s right; everybody’s wrong. Even the people making these decisions probably don’t know everything because there’s no way for them to predict how everything will turn out.
The manufacturers need to create that trust with their dealers. It won’t be easy, but if they can build that trust, the ability to leverage some of today’s technology, such as connected vehicle technology, to create that wow customer experience is a fascinating possibility.But there has to be trust, and there has to be collaboration. and not every manufacturer’s going to pull that off. I think very few are going to be able to pull that off.
In order to dominate the market, dealers have to do two things.
- You better figure out how to sell cars in today’s market. If you’re in the bottom 50% of your market and you don’t have the voice that you would love to have,
- You better have a great relationship with that OEM
If you’re in this business, hold onto your pants. 2023 is going to be a different kind of ride than you’ve seen in the last two or three years. Number two, you have to put a lot of thought into it, pay attention, you know, really get into your data, and understand that things are going to be different.
There are moves that have to be made. and depending on those moves, the outcome will be determined or dictated. In 2023, is it going to look somewhat like 2022, somewhat like 2020? Or is it going to be more of a move back to 2019?
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