Merry Christmas, Auto Industry Pros Share Their Predictions About 2024 | Michael Cirillo

The Dealer Playbook

Ever get caught in the hustle, only to realize Christmas is knocking on the door? Yeah, I've been there, too, and what a year. I recently took to LinkedIn and Facebook to satisfy my curiosity about people's thoughts and predictions about what's coming in 2024 for us in the retail automotive realm.

I will be straight up with you.—it's a fascinating mix of outlooks. There are some doom and gloom thoughts, and there are then some positive thoughts. What caught my attention, though, was the disparity in responses between LinkedIn and Facebook.

Stick around as we unravel what the community says about the year ahead.

What We Discuss In This Episode:

As I dived deep into the predictions for 2024, it became clear that there was a mix of positive and negative outlooks for the industry. As I said, some expressed concerns about the harsh months ahead. However, others were more optimistic, highlighting the potential for a strong spring selling season and increased profitability. Let's take a closer look at some of these predictions.

There are so many ways 2024 can go wrong. We could experience another global pandemic or the ever-present threat of a massive weather disaster that is always there.

Dominic Scruggs, an automotive solutions provider, believes that 2024 will have its challenges but also sees the potential for a year similar to 2022, depending on the election results. Matthew Lasher, the Director of West Herr Automotive Group, predicts that dealers will have to work harder for the same or less money, leading to higher turnover and challenging morale. However, he also emphasizes that 2024 will still be a fantastic year for well-capitalized dealers compared to previous years.

But I'm feeling optimistic.

As I dive into these predictions, it is clear that the retail automotive industry is poised for both challenges and opportunities. While there are still concerns about the changing market conditions and dynamics, there is also a prevailing sense of optimism and potential for growth. Dealers who approach the year with a proactive mindset, adaptability, and a focus on talent acquisition and retention will be well-positioned to thrive.

The predictions for 2024 highlight the need for dealers to stay informed, agile, and prepared for potential changes in the market. By leveraging their resources, investing in talent, and embracing new sales strategies, dealers can navigate the challenges and seize the opportunities that lie ahead. Ultimately, success in 2024 will be determined by adapting, innovating, and delivering exceptional customer experiences in an evolving industry.

2024 awaits; take the positivity, the clarity of mindset, and the preparation needed to make it your biggest year yet.

Thanks for sticking with me through the whole year. Merry Christmas, and let's roll into the new year together. Your support means the world.

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