Automotive Dealerships - Private Company Performance Report
Automotive Dealerships Industry Outlook SURVEY RESPONSES
OVERVIEW Citrin Cooperman’s inaugural Private Company Performance Report
92%
Saw moderate to strong revenue/AUM growth
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.
70%
Leverage an automated
Automotive dealerships experienced modest growth in 2023, leveraging
system for their company
e-commerce to help drive sales. Leaders in this industry have been
forecasting
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
68%
Are optimistic about economic growth
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
Rank service as the item that
38%
is most important to their customers
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
34%
Say entering new markets is key to future growth
automotive dealership taking full advantage of the digital resources available to stay competitive?
ACCESS THE 2024 PRIVATE COMPANY PERFORMANCE REPORT HERE.