Auto dealers have managed to navigate the chaos of the 2020 market to carryover record sales into the first quarter of 2021. So the question has now become, how do auto dealers keep this momentum going? On today’s show, we speak with Paul Faletti, President and CEO of NCM Associates, on ways for auto dealers to continue finding success in 2021 and the years to come.
NCM Associates serves thousands of new and pre-owned automotive dealers, OEMs, and other various business operators. The company provides specific solutions for both auto dealers and OEMs to help increase profitability.
Faletti begins the conversation by implying that it’s time to move on from celebrating success in 2020. The pandemic ushered in many changes in the industry including inventory management, operational efficiency, digital retailing capabilities, and delivery services. Faletti says that he is concerned that auto dealers will revert to pre-pandemic habits, neglecting lessons that improved business in 2020. Auto dealers must be disciplined to maintain positive change regarding industry structure.
With the rise of EV development for OEMs, auto dealers are concerned about the current market for EVs. Faletti says the journey has begun to launch EVs, and it is an exciting time for the industry. He says the biggest concern auto dealers have is the process of the consumer experience. Auto dealers will undergo a learning curve as they prepare to put these vehicles in front of customers.
Faletti concludes the conversation by providing an update on NCM 20 Groups. Last year, the groups moved to Zoom video conferencing and were able to continue providing valuable support. Faletti says that groups have started meeting again in person and that they are “more powerful than ever”.
