|Labor Day can be a bittersweet time of the year; kiddos going back to school, long summer nights quickly disappearing, and end of the summer selling season can be tough to deal with. Conversely, we are on the doorstep of football season, the Ryder Cup, and for many people, fall weather and leaves changing is their favorite season.|
Labor Day unofficially bookends the Summer and to some extent, draws most Summer activities to a close. As this Labor Day comes and goes, it certainly brings to mind the current strife the automotive industry and its primary labor force is facing. We are all hoping for a best possible outcome so the wheels (pun intended) of industry can keep churning.
Speaking of labor, if you are like most dealers, you have increased your labor rate several times in the last couple years, as well as having your parts cost increase by well over 20% (see article below). For most dealers, their reinsurance representation is not helping them navigate these changes to maintain the desired level of profitability. We have seen dealers, especially with vertically integrated companies, and OEM’s take big hits to their profitability because they are not working for the dealer.
Reinsurance is a huge wealth building opportunity, and unfortunately most of the industry is not well versed in how to manage all facets of what goes into a successful, and profitable reinsurance company. Dealers may go months, or even years without seeing a statement, and when they get it, there is a good chance they don’t know everything that goes into it (which by the way is not their fault), that is what they hire a product provider to do.
For those reasons, and many more, we are hosting our 2nd Annual Reinsurance Lunch and Learn with Jeremy Elsberry from GPW&A, the leading provider of reinsurance accounting and management for dealers. Please be sure to click the link below to register for the incredibly valuable session.
Some shareworthy news items…
Soaring Auto Repair Costs Prices Take Significant Jump In A Year
Motor Vehicle Thefts are Up 34% Over Same Period Last Year
Union Alleges GM, Stellantis Not Bargaining in Good Faith
BMW, Mercedes launch biggest EV push yet to catch Tesla with new models
Voluntary Protection Product Policy Information
Events we will be attending:
Live2Lead – https://www.eventbrite.com/e/live2lead-cleveland-tickets-630417905927
RVDA – http://www.rvda.org/convention
F&I Product Conference – http://www.fandi-conference.com
Good luck and Good Selling!
Bob and Ryan