Achievement, Ambition and Blind Faith with Brian Benstock of Paragon Honda

07.16.2014

Last Friday I had the privilege of conducting a mid-year review with the management team of Paragon Honda, Paragon Acura and Honda of White Plains, New York. All three of these dealerships are under the management and control of Brian Benstock. My experience with Brian and his management team on both Friday and Saturday were [...]

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3 Ways The “Profit Per Day” Metric For Used Vehicles Falls Short

06.30.2014

Several dealers have asked me recently about the value of measuring the “Profit Per Day” of their used vehicles. As I understand it, the metric is determined by dividing a unit’s front-end gross profit by its days in inventory (e.g., a retail unit that generates $1500 in profit after 30 days would translate to $50 [...]

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AutoSuccess Podcast: 13 Minutes Of Velocity Fundamentals

06.27.2014

AutoSuccess has posted a 13-minute podcast that covers several used vehicle pressure points for dealers and my views on how they should be addressed to maximize sales and profitability. You can download the mp3 or listen to the podcast here—it’s a quick refresh of Velocity fundamentals for interested dealers.  

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A Cause For Concern For Dealers Who Over-Rely On F&I Income

06.23.2014

I’ve been struck by a couple trends emanating from dealer F&I offices: 1. Loans are longer. A recent Automotive News report noted that the average length of a car loan runs 66 months, the highest on record for Experian, which tracks the data. In addition, the report calls 72-month loans the “new normal,” and loans [...]

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A 3-Step Plan To Prepare For The Sales Model of The Future

06.19.2014

I’ve been getting more inquiries lately from dealers asking about the merits of a one-price sales environment at their dealerships. The dealers have seen reports in automotive trade press about groups like Sonic Automotive adopting this non-traditional approach to provide a more efficient, cost-effective and customer-friendly process for selling new and used vehicles. In some [...]

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Growth, Speed and Future-Focused Insights From A “Black Belt” Dealer

06.06.2014

I love it when I have the honor of talking shop with Brian Benstock, general manager and vice president at Paragon Honda and Paragon Acura in New York. As an early adopter of the Velocity Method of Management®, Benstock comes as close as anyone to perfecting the art and science of retailing used vehicles successfully [...]

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A Three-Point Plan To Speed Up Your Sales Processes

06.03.2014

In the past several years, many dealers have come to understand that speed matters in their dealerships. This emphasis on speed has been most profound in used vehicles, where dealers have been aggressively working to sell a greater number of vehicles in less time. In market after market, there are dealers who have doubled their [...]

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A Strong New Car Market Reveals Two Kinds Of Used Vehicle Retailers

05.30.2014

“If you’re not getting better, you’re getting worse.” I’ve heard this quote from Velocity dealers as we discuss their used vehicle operations. For them, the line is really a mantra that drives continuous performance improvement and ongoing gains in used vehicle sales and profitability. The quote came to mind this week while reading an Automotive [...]

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Two More Signs Of The “E-Driven Evolution” Of Our Business

05.21.2014

This week brings two news developments that suggest difficult times ahead for dealers who resist the car business’ fast-moving, e-driven evolution: First, on the heels of going public, TrueCar says it’s testing a TrueTrade program that will offer consumers guaranteed trade-in values from participating dealers, according to an Automotive News story. In addition, the company [...]

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A Troubling Tale From The Tarmac

05.12.2014

A colleague shared the single-side of a cell phone conversation he overheard this week as his return flight from the Digital Dealer conference in Atlantic City taxied to the gate at O’Hare airport. The passenger in the seat behind him took a call from someone seeking a sales job. The passenger, who described himself as [...]

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