Automotive Dealerships IndustryOutlook
SURVEY RESPONSES
OVERVIEW
Citrin Cooperman’s inaugural Private Company Performance Report examines what more than 1,000 leaders in the private, middle market sector have to say about some of the most significant key drivers of change. This report unveiled several current key opportunities and challenges for private companies that are applicable to the automotive dealership industry
Automotive dealerships experienced modest growth in 2023, leveraging e-commerce to help drive sales Leaders in this industry have been challenged to think creatively to maintain this growth in 2024 while managing rising costs due to inflation, high interest rates, and supply chain issues, as pricing and service are top priorities for their customers Additionally leaders are strategizing solutions to combat labor shortages at their dealerships as they seek to fill open service positions and upskill their current sales operations and finance employees
Opportunities for future growth exist around automation and artificial intelligence (AI) While many survey respondents are forecasting frequently, nearly 30% forecast using a manual system (i e , Excel) over automated systems Additionally, 80% of respondents state there are barriers existing that limit the implementation or expansion of AI use.
Improving your dealership’s automation, especially with your dealer management system (DMS), can allow your business to enhance its data insights and pivot operations to increase revenue and efficiency. Is your automotive dealership taking full advantage of the digital resources available to stay competitive?
UPCOMING CHALLENGES
Cybersecurity,
SURVEY RESPONSES
Indicate their business is definitely considering a potential sale
HOW CITRIN COOPERMAN CAN HELP
Citrin Cooperman’s Automotive Dealerships Industry Practice is comprised of a team of professionals who specialize in helping dealers grow their business Our team advises on best practices and helps put strategies in place to position automotive dealerships to take advantage of uncovered opportunities. If you would like to discuss opportunities available to your business, please contact our team members
