Jeff Lupient MN, How Technology Helps Dealers
Jeff Lupient: MN Car Dealerships, Then and Now
Jeff Lupient of MN graduated with a degree in political science from Hamline University in St. Paul. He now resides in the Twin Cities area and supports his alma mater, Hamline University, as well as several local charities.
Car dealerships have come a long way, not just for buyers, but for business owners as well. Back then, shares Jeff Lupient, MN dealerships still saw plenty of customers come in the store and do their shopping right there and then. This was before the internet swept the business landscape. Now, buyers are as savvy as ever, doing most of their shopping online and visiting the store only when they were absolutely sure of their choice already. Car dealerships have had to adjust to such buying behavior and trends.
The Role of Technology
People have a general idea of how dealerships work and how they make a profit. Yet it might surprise you that car dealerships have very tight margins.
“The widespread use of the internet was definitely pro-customer,” shares Jeff Lupient. “In MN or anywhere for the matter, car buyers can easily cross-shop among inventories from different dealers. Back then, they had to face the dilemma of agreeing to a deal or risk losing the car of their dreams if they walk away to visit another dealer. Of course, that fear that the car might not be there anymore when they come back served dealerships well, enabling sales to close faster. But the internet, or should I say technology, also brought positive changes to how dealerships work.”
“For instance, car dealerships have come to rely on software to dictate the prices of inventory,” says Jeff Lupient. “A lot of factors go into pricing. For one, cars that come in through a trade or via auction will be priced differently from that has been sitting in the inventory for some time. Age, model, mileage, all these variables or numbers are crunched by the software for you so you can make decisions faster.”
Jeff Lupient advises anyone looking to start a car dealership to study how the software can make operations more efficient. For a dealership that wants to focus on auctioned cars, there is software available that show the auction history of a certain car, or how many similar cars were sold in a specific time frame. Analyzing this data may bring insight into trends and what’s high in demand in the market.
Despite the shrinking profit margins and tight competition in the industry, Jeff Lupient believes that this is an exciting business. At the end of the day, it’s a great feeling to be of assistance to someone who has worked hard to finally be able to drive the car of their dreams.
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