Raymond on GM Talent Strategy, Strosnider on Buying Used Inventory | Daily Dealer Live
About this episode
Sam Dark hosts a dynamic discussion with automotive leaders Jerry Raymond and Kevin Strohniter, focusing on the challenges and strategies in today's dealership landscape. Raymond shares insights on growing his dealership group and the importance of hiring the right people, while Strohniter discusses the complexities of used car acquisition and the shift towards proactive outreach. The episode also touches on industry trends, including the impact of interest rates and the need for disciplined operations amidst tighter margins. Both guests emphasize the significance of culture and accountability in achieving success.
MSRP
"...with many buyers no longer paying over MSRP. Higher income households are still doing most of the heavy lifting in this automotive economy..."
MSRP is the price that car makers suggest dealers sell their cars for. It's like a starting point for how much a car should cost.
MSRP stands for Manufacturer's Suggested Retail Price, which is the price that the manufacturer recommends for the vehicle. It's often used as a benchmark for car pricing in the market.
luxury segment
"...especially in the luxury segment or loyalty remains strong and repeat buyers continue to cycle back..."
The luxury segment includes expensive cars that have lots of features and comforts, like nicer interiors and better technology. Brands like BMW and Mercedes-Benz make these kinds of cars.
The luxury segment refers to a category of vehicles that are higher-end and typically offer more features, performance, and comfort compared to standard vehicles. Brands like Mercedes-Benz, BMW, and Audi are often associated with this segment.
Chevy
"...So you've had Chevy stores. You had a Stilana store, bought and sold."
Chevy is short for Chevrolet, a popular car brand in the United States that makes many types of vehicles.
Chevy is a common abbreviation for Chevrolet, an American automobile manufacturer known for producing a wide range of vehicles, including cars, trucks, and SUVs.
Ford
"Yeah, we actually were able to get another one. We closed on a Ford store, which is pretty cool because that's where I first started selling cars."
Ford is a popular car brand in America, known for making many types of vehicles, including trucks and sports cars.
Ford is a well-known American automotive manufacturer, famous for its trucks, SUVs, and cars, including the iconic Ford Mustang and the best-selling Ford F-Series trucks.
Renault Latitude
"Colin Kubik says your attitude determines your latitude, great point, Jerry. And then Kevin pops back up."
The Renault Latitude is a type of car that is bigger than a small car but smaller than a full-size car. It was made to be comfortable and has a lot of space inside, which makes it nice for families or long drives.
The Renault Latitude is a mid-size sedan that was produced by the French automaker Renault from 2010 to 2015. It was designed to offer a comfortable ride with a focus on spaciousness and luxury features, making it a notable option in the European market during its production years.
Jeep Recon
"... get at the price, I wanna get it and I want less recon and the path to that is trade-ins"
The Jeep Recon is a new type of Jeep that runs on electricity instead of gas. It's built for people who love to go off-road and explore nature, but it also helps the environment by not using fossil fuels.
The Jeep Recon is an all-electric SUV designed for off-road capability and adventure, reflecting Jeep's commitment to sustainability while maintaining its rugged heritage. It is part of Jeep's strategy to expand its electric vehicle lineup, appealing to both traditional Jeep enthusiasts and new eco-conscious consumers.
KBB
"Now they've gone on the KBB and they've gone on the NADA, they go on these different sites"
KBB is a website that helps you find out how much your car is worth. It gives you an idea of the price you can expect when selling or trading in your vehicle.
KBB stands for Kelley Blue Book, a well-known vehicle valuation and automotive research company that provides information on car prices, including trade-in values and market trends.
NADA
"...they've gone on the KBB and they've gone on the NADA, they go on these different sites"
NADA is another resource like KBB that helps you find out how much cars are worth, especially for buying and selling.
NADA stands for the National Automobile Dealers Association, which provides vehicle pricing information and resources for both consumers and dealers, helping to establish fair market values for cars.
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