One thing you can count on in this world is change. At some point, things are gonna change. You’re having the wrong time, going through a tough time, and having the best day, month, and year of your life. Give it a minute; it will change.
In this episode of the David Spisak Show, David talks about change and why it’s essential to adapt and embrace change.
It might be scary to think about change. Many of us would like to avoid any kind of change, no matter how tiny. Nevertheless, change is a necessary component of your personal development path and, most importantly, should be welcomed. The change affects every aspect of life, but accepting change in your professional life, for example, can make a significant difference in your ability to grow personally.
Any company in today’s fast-paced world hoping for a slowdown in the rate of change will be very dissatisfied. The population is changing, consumer preferences are changing, technology is changing, and the economy is changing. Businesses that resist change risk becoming out-of-date and unable to compete in the market today, turning into dinosaurs. We see dominant companies. At some point, they were the dominant organization in the sixties, like International Harvester, where Pan American was the number one airline, but where are they today?They’re gone.
Maybe it’s companies like Blockbuster who dominated the video rental business and sold for billions of dollars. Where are they now? They’re gone. Why? They didn’t change, reinvent, rethink, redeploy their resources, put their head down, and were convinced that if they just kept doing what they were doing, sooner or later, the world would adjust to them.
With me not being exempted from change, I need to change, and I must embrace change because I’ve invested over four decades in the automotive and transportation space, and I have a lot of companies I do business with in that space, on the technology side, on the vendor solution side,, and on the dealer side. And so I really want to focus sometimes. In that space specifically, because changes are not coming. Changes are here.
Looking back to the last two and a half years, dealers have enjoyed some of the most significant profitability, most of them, the best profitability they’ve ever achieved in the history of their organizations, and it’s been tremendous, which completely changed the auto industry.
- After 2021, a notorious year that brought about significant changes prompted by supply chain concerns and the coronavirus epidemic, the automotive industry might never be the same.
- Due to unusually low vehicle inventories, strong consumer demand, and a shortage of automobiles and trucks, supply chain challenges also resulted in record prices and profits.
- Electric vehicles, supply chains, and new competitors were among the changes in addition to the supplies and prices.
As we sit here heading towards the end of the year, we’re literally weeks from the end of the year, and we’ll be moving into 2023. And as we do, everything is changing yet again. Everything, not one thing, not some things. Everything. The used car market is a shift. The credit market is changing. Interest rates continue to rise. Inflation continues to be stubborn. OEMs are also trying to find their footing as they go forward in 2023 and beyond. EVs will continue to have a larger and larger imprint and impact on our industry. Everything’s shifted.
Join me for the coming episodes being the most exciting time in my 41 years in the retail automotive industry as we continue to enjoy some very good, solid profitability while On the other side of a razor-thin line is unprecedented uncertainty that’s driven by a lot of things from EVs to autonomous, to connected car, to software servicing over the year to something called the agency model.
Listen to the full episode to get insights on shifting your mindset and understanding why I’m doing what I’m doing.
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