Dealer Profitability in the Current Economic Climate. Presenter Trevor Jones F.C.A FIMI Founder ASE Plc
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1 Dealer Profitability in the Current Economic Climate Presenter Trevor Jones F.C.A FIMI Founder ASE Plc
2 Brief With the current economic situation and saturated markets, what will dealers have to do to improve performance, even to the extent of adopting a new business model? Cecra Board of Management
3 European Dealer Results Average Profitability Year 2012 ½ Year 2013 Net Profit as a % of Turnover 1.0% 0.8% % of Dealers in Loss 39% 43% (Source: ASE Plc)
4 European Dealer Results 13 Second Health Check Year 2012 ½ Year 2013 Overhead Absorption 58% 55% Used Retail to New Retail 0.7:1 0.7:1 Vehicle Expenses as a % of Vehicles Gross Profit 64% 68% Sales per Sales Executive Used Vehicle Days in Stock Used Vehicle Return on Investment 35% 38% Overall Efficiency 80% 80% Labour Gross Profit % 62% 63% Service Expenses as a % of Service Gross Profit 65% 66% Hours Sold per Retail Repair Order Parts Gross Profit % 27% 28% Parts Expenses as a % of Parts Gross Profit 34% 32% Parts Stock Turn Net Profit as a % of Turnover 1.0% 0.8% (Source: ASE Plc)
5 Will the Channel to Market change in the Next 5 Years? How Will the Retail Sector Have to Adapt to Maximise Volume & Profit Opportunities?
6 Will the Channel to Market Change in the Next 5 Years? Current dealership structure likely to survive Manufacturers believe that a route to Market could be via virtual showrooms A massive move to smart phones for on line searches Customers like to see used cars before they buy Failure of Tesco Cars in the UK The in-store experience must be compelling Will production be reduced to bring the supply/demand equation back into equilibrium? Much more focus on used cars and customer retention Dealers need to be profitable
7 How will the Retail Sector have to Adapt to Maximise Volume & Profit Opportunities? 1) An inability to retail used cars to optimum levels Issues - Cultural - We are new car dealers - Profiling - too many nearly new cars - No buying policy - Presenting used cars around the back - Not enough attention to website - lack of videos - No understanding of return on investment Forget cars think cash Are you a collector or an investor? - New car volume targets are supply lead not demand lead
8 How will the Retail Sector have to Adapt to Maximise Volume & Profit Opportunities? 2) A complete review of the Sales Process Think like a customer thinks 85% of meet & greet is done without the dealer knowing The importance of the website The importance of smart phones The role of the Sales Manager 82% of his/her time spent on administration A switch from owning to using?
9 How will the Retail Sector have to Adapt to Maximise Volume & Profit Opportunities? 3) The need to bring down the cost of servicing Ageing vehicle parc We only visit a dealer because we have to under the warranty Independents are perceived to be much cheaper and much friendlier The cost of the second service Is 1.3 hours the target to improve retention? The need for call centres with upsell offers
10 How will the Retail Sector have to Adapt to Maximise Volume & Profit Opportunities?
11 How will the Retail Sector have to Adapt to Maximise Volume & Profit Opportunities? 4) Improve overhead absorption by reducing facility costs Nada Survey If we spend $1 million on facilities, will we sell any more cars? What will a dealership look like in 5 years?
12 How will the Retail Sector have to Adapt to Maximise Volume & Profit Opportunities? 5) Introduce a robust policy to challenge the parts independents for accident related parts
13 Are Manufacturers and Dealers Sleepwalking over the Edge?
14 Significant Quotes I would like to thank all the vehicle manufacturers and their franchise dealers we don't sell your cars but we ve got all your customers Sir Tom Farmer Chairman Kwikfit Our aim is to repair cars without ever having the need to use OEM parts. RBS Keynote Speaker International Bodyshop Symposium (2011) LKQ is the worlds largest distributor of alternative aftermarket collision and in the US, it has transformed the market from 80% vehicle manufacturer parts to 80% alternative. S S Ahluwalia Chairman Eurocar Parts
15 60% of all Parts Sold are Accident Related
16 The Pressure exerted by Insurers at an Accident Incident takes place and driver informs insurance company. Insurer will arrange for the vehicle to be moved to an appropriate body shop after viewing it on Google earth with penalties if it is not. Components will be chosen by the body shop, usually a cheaper version, to bring down the cost of the repair. It clearly states in policies that OEM parts may not necessarily be used even second hand parts is usually the preferred option. Courtesy car will / may be provided by the insurer. Vehicle returned to the user.
17 The Pressure exerted by Insurers at an Accident Effects on NSC s and Dealers Loss of component sales Loss of courtesy car and no possibility of comparison cars Car write off no possibility of a replacement sale Loss of contact effect on retention
18 The University of Buckinghamshire, Report on Parts Profitability Author Professor Peter Cooke Conclusions NSC s and franchised dealers profitability is under attack in terms of new vehicle sales through oversupply and aggressive pricing. The historically highly profitable parts aftermarket is also under threat from low cost substitutes and aggressive tactics used by insurance companies who have tight controls of routes to accident repair and profitability. NSC s franchised dealers have the opportunity to protect their parts sales and profitability, build customer loyalty and retention though the use of franchise insurance programmes.
19 With c 60% of NSC / Dealer Parts Sales at Risk there is a Desperate Need for an Accident Management Programme
20 Motor Insurers are Committed to cut the cost of repair The trend to independents must be reversed
21 How will the Retail Sector have to Adapt to Maximise Volume & Profit Opportunities? 6) Make daily operating controls a minimum standard with a visual display of results in each department. 10 must knows available by 10am Every day Every time Without fail No exceptions
22 A Major Initiative The development of Self Help Groups Is it possible to improve dealer performance in the current economic climate?
23 Norway June 2012 v June dealers in groups National new volumes up 1.9% Group new volumes up 15% Used gross per unit up 26% ROI used up 67% Stock holdings down 16% Hours sold retail up 4% Dealers in loss down from 74% in 2012 to 44% in 2013 Overall result for 2012 loss 1.6% on turnover Overall result for 2013 break even
24 Brief With the current economic situation and saturated markets, what will dealers have to do to improve performance, even to the extent of adopting a new business model? Cecra Board of Management
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