Lack of a successor is one of the main factors driving the dealership buy sell market these days. Dealers’ kids just don’t want to go into the family business; they prefer a career that doesn’t require working long hours and on weekends.
That wasn’t the problem for the father of the dealer I profile this week. Jacob Soares is the son of John Soares, a successful dealer in Montana. John didn’t want Jacob to go into the dealership business. John didn’t have the chance to go to college, so he wanted Jacob to do that instead. That worked, to a point. But Jacob ended up owning a dealership after all. Read more about his path to dealer principal in this issue.
Running a dealership group is a complicated business; doing so effectively and efficiently is even more complex. Nowadays, there is a lot of data to help you measure the effectiveness of almost every aspect of your operation, from vehicle and parts inventory to staffing to detailed customer information. But managing all that data is complex, too!
This week Eide Bailly returns to ABSR with a path to become a data-driven dealership. Developing a data warehouse – a fancy term for centralizing all that data – is a big step. Read more here.
And of course we have Transaction News.