As a known business within the automotive supplier network, we are taking the impact of COVID-19 on the automotive industry very seriously.
We understand that dealerships will be heavily impacted by the situation we all find ourselves in. Therefore, we are doing a number of things to support dealerships over the coming months.
Initially, we have released the below video explaining our standpoint on these issues at hand, and what we suggest dealerships should look to do in both the short and longer-term.
Key points to take from the video
Follow the advice of Public Health England
Follow the Government guidelines for employers
Communicate with your staff
Communicate with your customers
Utilise your teams and be adaptable
Put measures in place to secure your business should things become more drastic
Prepare your business to bounce back fast!
1. Follow guidelines
Following the advice and guidelines on Public Health England and Gov.uk are fairly self-explanatory. Staying up to date with the latest advice will ensure the health and wellbeing of you, and your employees and your customers.
2. Communicate with your staff
Communicating with your staff is key to ensuring the latest advice is being followed. More importantly, on the front line, your staff need to be confident re-assuring customers. As responsible employers, the well-being of your workforce is paramount. It goes without saying that if staff are off, your dealership will suffer, so make sure they stay abreast of the latest information and follow it.
3. Communicate with your customers
With the automotive industry facing such uncertainty, it is imperative that you, as dealers are doing all you can to make your customers feel supported and safe in your dealership.
Right now, your customers will need to know the steps and measures you have undertaken to keep your staff and dealership safe. If they do decide to visit, they need to be comfortable. Have you sent them an email outlining the measures you have taken as a business to ensure their safety? Have you called those customers you know are due in for an appointment and asked if they are comfortable doing this, or if they need anything else from you?
Listen to them. Business is not as usual; this is now business as required. What do they need you to do?
4. Utilise your team
Now your dealership may be quieter, teams may have more time on their hands. Being flexible and adaptive in this situation may present new opportunities. Can they do alternative work? Can they collect and deliver customer cars for service work? Can they take demonstrator cars to the customer to conduct a sale at their place of choosing, so they don’t have to visit the dealership? Can you be doing anything to help your local community?
5. What if the situation gets worse?
Without being pessimistic, are you prepared for if things get worse? Make sure you are up to date with your debtors, and that everything that can be chased, is being. Be wary of taking on more debt where at all possible. Have you looked at the government grants available? Are you eligible?
Look at your used car stock, can you be doing anything to turn them around faster, can you reduce the days in stock? Look at your fully paid new car stock and your pre-reg stock, as this is unlikely to generate you much margin. Make sure they are priced aggressively so they can be sold quickly.
As part of your ongoing cost reviews, is there anything you can be running more leanly for the time being? Make sure you aren’t paying over the odds for unnecessary contracts.
Are you prepared for redundancies if the worst came to the worst?
6. Prepare your business to bounce back fast!
Utilise this ‘down’ time to train, coach and prepare your business for the inevitable come back. Review your processes and procedures. See where there is room for improvement and implement any changes.
Spend time reviewing your marketing strategy, focussing on the comeback. Prepare a campaign that will put you at the forefront of customers’ minds when the demand for cars returns.
Avoid redundancies wherever possible. The staff you have now are best equipped to be on your team when this pandemic passes. Instead, look at scaling back or eliminating 3rd party employees.
Car sales events are likely to be in high demand. Prepare for this and book early.
Above all else, keep communicating with your team. They may come up with some of your best ideas!
How can we help?
As mentioned above, MotorVise is adapting how we work and making sure every effort is on behalf of you, the dealer. If there is anything we could be doing to help you, please do not hesitate to get in touch with the team. Make sure you bookmark our page for the latest news and advice for the automotive sector.
In addition to this, we are holding a dedicated automotive webinar regarding the impact of COVID-19 on Friday 20th March at 2 pm. If you would like to attend, contact us at firstname.lastname@example.org detailing your full name, business and position.
*The information and quoted statistics contained in this website are for general information purposes only. While we endeavour to keep the information up to date and correct, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability or availability with respect to the website or the information, products, services, or related graphics contained on the website for any purpose. Any reliance you place on such information is therefore strictly at your own risk. We can inform you what is likely to be achievable for your business before entering into a contract for any of our products and services.