October 2, 2022

One of the significant challenges of running any automotive dealership is moderating expenses. General managers and dealer principals are responsible for controlling many costs, including payroll, vehicle inventory, floorplan, and parts inventory. Monthly bills add up, and there is less revenue to put toward necessary resources. A major opportunity for expense control may be the dealership’s software stack.

Cybercrime poses a constant threat to businesses and their customers, with criminals committing fraud by stealing identities or using phishing to illegally gain access to a company’s computer network.

While there are many considerations in running a thriving dealership, one of the most important – and often overlooked – is developing and maintaining a succession plan. A strategy that allows for the transfer of ownership to the next round of leaders – whether family members, a trusted partner or an outside buyer – will position you and your business for future success.

WVCar is the West Virginia Automobile and Truck Dealers Political Action Committee, and your support is vitally important in order for us to have a voice at our state capitol in Charleston. WVCar is the best platform for our message to be heard by legislators and signify our value in West Virginia communities.

Leading publishers of Blue-Sky multiples agree that buyers have shifted the application of Blue-Sky multiples from historical adjusted profits from the last twelve months to a three-year average of adjusted profits as a predictor of future earnings.

Let me state the obvious: things are changing fast and furious in our marketplace. The challenges come simultaneously from the Federal Trade Commission (FTC) and our manufacturers. Manufacturers are attempting to change the franchise model to an agency model used in Europe that gives substantial, if not complete, control over the retail process of selling a motor vehicle to the retail customer. Likewise, the FTC is attempting to create legal regulations to mandate precise actions by finance and insurance office employees.