The world is changing faster than ever before, and it's important for businesses to be able to adapt and evolve quickly in order to stay competitive. One key area where this is especially true is in the realm of digital transformation and technological innovation. Over the next three to five years, there will be a compounding of changes to the current retail business model. Changing customer expectations, new technology, and a changing competitive landscape are the main drivers of this change. Stephan Woessner from Blue Oceans Global Consulting, Brian Kramer from Cars.com and Ed Roberts, COO of Bozard Ford-Lincoln, discuss the opportunities and challenges that the car business will face in the next few years.

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What we discuss in this episode:

Stephan believes that the biggest challenges and opportunities for dealers in the next three to five years will be the increasing demand for convenience, economy, vehicle power sources, vehicle production, subscription services, autonomous vehicles, and the connected car vehicle service. He also believes that the speed at which these changes will happen will be faster than anything seen before.

Brian Kramer believes that growing the road count and technician base is a major opportunity for dealers in the next three to five years. He also believes that a strong service acquisition process is necessary to solve the problem of not having enough used car inventory. Additionally, he believes that a digital transformation strategy that involves culture, people change, process change, and total digital transformation in all aspects of the business is necessary. 

Ed Roberts agrees with Brian and adds that developing people, training them and retaining them is a major opportunity for dealers. He also challenges his employees to think about what they would do if they were to leave the company and go to work somewhere else, in order to ensure that they are always trying to improve and stay ahead of the competition.

The industry must adapt to changing customer expectations, new technology, and a changing competitive landscape in order to stay ahead of the game. Developing and retaining a skilled workforce, implementing a strong service acquisition process, and embracing digital transformation are some of the ways that dealers can take advantage of these opportunities and overcome these challenges.

Overall, the key to success in the current business environment is to embrace the acceleration of change and be willing to take risks and try new things. By keeping the customer's needs at the forefront and working to streamline processes and improve efficiency, businesses can stay competitive and thrive in the digital age.

Listen to the episode featuring our guests for even more insights!

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Thanks, Brian Kramer, Ed Roberts, Stephan Woessner

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