June was an interesting month in the retail sales world. Overall sales were up 5.5 percent on-year, according to financial services firm Stephens, Inc. That’s a healthy rise, but sales for January to June were up only two percent on-year.
Sales are increasingly lop-sided in terms of model types. Car sales in the first six months were down 12 percent, according to Automotive News. Meanwhile, truck sales were up nearly 10 percent. That is good news for franchises with a healthy truck lineup, at least in the near term. Margins are better on trucks and SUVs.
On to this week’s issue. Our friends at The Rawls Group are back this week with a look at the value of long-term planning. Sure, it might be more fun to focus on the here and now, making hay while the sun shines. But, says Kendall Rawls, don’t forget 2008! Read more in her column.
Employee retention is a sore spot for dealerships. How to find and keep employees is an ongoing task. It is getting even tougher as Millennials become the main source of new employees.
I visited Dealer.com last week and was struck by the lengths to which it goes to make its workplace culture Millennial-friendly. Now you might not think that matters to a dealer. After all, Dealer.com is a technology firm although its customers are dealerships.
Think again. According to the 2018 NADA Dealership Workforce Study, 58 percent of new dealership hires in 2017 were Millennials. Within the next ten years, three-quarters of the work force will be composed of Millennials, according to consultancy DHG.
So, you gotta get ready. Read about Dealer.com’s approach in this issue.
And of course we have Transaction News. Enjoy!