ESSENTIALS OF USED VEHICLE OPERATIONS MANAGEMENT
Monday January 15, 2018
Learners will access prior knowledge from the “Departmental Accountability Through Financial Statement Analysis” course as they segue into the world of Used Vehicle Operations Management. Many of the Used Vehicle Department’s performance measurements that are not evident from the Financial Statement will be showcased through evaluation formulas which support the “what-to-look-for” theme of this program. Key elements of this course are critical sales metrics, KPIs, and real-world best practices. Learners will be introduced to a digital marketing element designed specifically for the Used Vehicle Department. They will analyze the entire department with a focus on revenue generation through the volume strategy. This includes an overview of market-based pricing and impact on used vehicle inventory turn. Margin increases and expense reduction are also evaluated. Lead management is presented using different scenarios and the course finishes with employee retention best practices for the Used Vehicle Department.
- OEM Dealer Contact Personnel
- Dealership Management
- Mystery shopping
- Implication of used vehicle packs
- Allocation of Fixed Expenses
- The Volume Strategy
- Digital Marketing
- Used vehicle inventory turn
- Trade appraisals
- Used vehicle metrics and cycle times
- Effective sales meetings
- Employee staffing and retention
Departmental Accountability Through Financial Statement Analysis
Dealership Financial Statement, pre-class input sheet, or sample statement provided
- Identify the potential solution(s) to improve profit based on the Financial Statement numbers.
- Assess the impact of Reconditioning Cycle Time holistically on the dealership.
- Evaluate a dealership’s effectiveness in handling Internet traffic regardless of how the dealership structures its processes, practices, and organizational chart.
- Create an action plan customized to the sophistication level of the manager featured in different case studies.