90% or more of the Used Car Dealers across America will relate to this story for sure!
I had 2 super interesting meetings this week with online educators & wanted to share those stories with my friends out there. Both online schools were sort of 1st in their industry or one of the 1st in the industry. And you guessed it, both had very large market shares at one time. Then over time, those market shares started to vanish and its sort of an interesting, although sad story. One of them is very close to this exact space, which is the California used car dealer industry. The other is in the California online education schooling system as well but not relevant to car dealerships.
Both small business owners had nearly identical input which was to say that 7 to 10 years ago, they were on top of the world and had years of success under their belt. They had built strong businesses and over time things just started changing slowly. Marketing changed! The universe started to expand in the online education industry.
Now I’m speaking to the car dealer school, there hasn’t been a whole lot of difference in terms of how many dealers there are now vs. how many dealers there were 10 years ago. Let’s say it’s roughly 10,000 then and now. So, their decrease wasn’t because the universe of potential clients had shrunk, it’s just that their competitors had become that much more aggressive. Had started spending money and time in areas that they were not. And in time, the new digital age passing them by a bit.
By the way, we were victims of this also! Not victims in the sense of somebody is out to get us, although our competition is always trying to steal our customers. But more so that we were victims of ourselves and of our own stubbornness in trying to avoid changing. Sometimes just learning 1 new concept can be overwhelming, much less an entirely new method of marketing your business!
Today your numbers are slipping, tomorrow it slips a bit more. Then you get busy, lose sight, and things have gotten much worse by the time you get back to reviewing it again. Before you know it, you are sliding down that pole and it’s really tough once you get grease on your hands to recover. Once you get up to a certain spot and start slowly but surely sliding down, it seems like only a miracle can save you. That’s the story here and if anybody out there has had a similar experience then you know exactly what I’m talking about.
I have seen it over the years, whether the used car dealer was a wholesaler with an auto broker endorsement and they were just banging. They had created relationships with some dealers that were getting some great vehicles that they were able to turn around. They were able to pinch themselves in the middle of some fantastic sales transactions and quite a few of them. Some used to do some great SEO work and, both online educators had mentioned that they’re at their websites at 1 time were great strengths.