Reviving Dealership Basics and Navigating the EV Market
In the ever-evolving automotive industry, Ernie Norcross, the Owner and Dealer Principal of Volvo Cars Memphis and Norcross Mazda of Memphis, shares insights on how his dealerships are addressing today’s business challenges and preparing for the future.
Norcross emphasizes the importance of returning to fundamental sales practices, such as value selling, demo drives, and comprehensive finance and insurance (F&I) presentations. This “back to basics” approach aims to re-engage customers and enhance the overall buying experience, as the industry navigates through the disruptions caused by the pandemic.
Regarding electric vehicles (EVs), Norcross observes differing strategies between his two brands. Volvo is fully committed to EVs, reflecting a robust push towards electric mobility, while Mazda is adopting a more cautious approach, focusing on consumer readiness and infrastructure challenges. This divergence highlights the varied strategies brands are employing to address the growing EV market.
Furthermore, Norcross’s dealerships have adapted to the shifts in the used car market by hiring a dedicated acquisition specialist. This role utilizes data-driven approaches to manage inventory and enhance the efficiency of car acquisitions. The focus on Certified Pre-Owned (CPO) and used cars is seen as a growth area, leveraging both dealership and OEM resources. As vehicle prices rise, leasing is becoming increasingly important, providing customers with a flexible option, especially with the uncertainties surrounding EVs.
