Operating like a Public Company, Promoting like a Private One: Unveiling the Dual Strategy
The car business relies heavily on two crucial elements: people and capital. For business owners looking to succeed in this sector, Champ Rawls, Succession Planner at The Rawls Group, recommends a winning formula that incorporates the operational strategies of public companies with the marketing tactics of private ones. Rawls places great importance on capital, metrics, and the implementation of efficient practices within dealerships to maximize performance and achieve sustained growth. According to Rawls, successful dealers must focus on robust capital investments, smart metrics tracking, and optimized internal processes to promote efficiency and ensure optimal results.
Leveraging the Power of Community Connection: A Unique Advantage
When discussing competition, Rawls emphasizes the importance of leveraging the dealership’s private/family name and fostering a deep connection with the local community. He asserts that smaller dealerships possess a distinct advantage over bigger conglomerates, as they can utilize their understanding of the community to attract customers. Rawls affirms, “Nobody can do that bigger than these bigger conglomerates than somebody who lives there, who understands the community, the little league, the police department, all those things that make a difference in attracting customers.”
Building a Strong Culture: Retaining Employees and Attracting Customers
Rawls highlights the significance of building a strong culture within the dealership to retain talented employees and effectively promote the business. He emphasizes the importance of creating a work environment that values and supports the team, stating, “How do you have the culture to keep employees, and how do you promote yourself to attract the customers more than the person down the street?” By fostering a positive culture, dealers can retain their employees and attract customers who resonate with the organization’s values and commitment to the community.
A Winning Strategy: People, Capital, and Community Connection
In this ever-evolving car business, the conversation with Champ Rawls unveils a winning strategy that combines the power of people, capital, and community connection. By operating like a public company, focusing on efficient practices, and utilizing metrics, dealerships can maximize their performance and drive growth. Simultaneously, dealers can authentically attract and retain customers by promoting like a private company, leveraging the dealership’s private name, and fostering a deep connection with the local community.
Looking Ahead: Nurturing Success through People, Capital, and Community
The car business is constantly changing, and those who want to succeed must prioritize people, capital, and community connection. By adopting efficient practices, creating a strong culture, and actively engaging with the local community, dealerships can establish a brand that stands out from the competition and resonates with both employees and customers. With sustained efforts in these areas, dealers can pave the way for long-term success.
This conversation is a part of the discussion focused on Succession Planning and Strategic Considerations in Automotive Retail with Jason Stein from Flat Six Media, George Karolis of The Presidio Group, and Champ Rawls, a Succession Planner with The Rawls Group.