Auto-related theft is on the rise. In Denver alone, car thefts have doubled over the last two years and auto-related theft now accounts for nearly half of all crime statistics in the area. Auto-related theft comprises everything from theft of entire vehicles to vehicle parts and even items left inside.
Post-pandemic supply issues continue to plague most car dealers, causing extreme shortages of inventory across the country. In many cases, cars are completed, but sit on manufacturing lots, waiting for microchips, leaving showroom floors and car lots with little inventory to choose from. Of course, customers could try to custom order a new model, but those weight times are extraordinary, with some brands and models taking up to one year to be delivered to dealers.
The car buying and selling business is a paper-heavy process. From test drive documentation to deal files, job cards, trade forms, and invoices not to mention marketing materials, the average car dealership can plow through a mountain of paper every year. In fact, if the processes surrounding this paper mountain were digitized in just one dealership, owners could expect to save over $275,000 in just a handful of years.
Like many industries, the automotive repair business has seen a definitive slump in the wake of the coronavirus pandemic. During the year-long lockdowns, driving was down, leading to a reduction in the need for repairs and a slump in routine maintenance work as well. In some areas, a decline in estimates and repairs reached at least 50% — and potentially even higher.
The news is full of disasters in recent years. From the ongoing pandemic to natural disasters like floods, fires, and hurricanes, not to mention the threat of data breaches are affecting small businesses across the nation.
For several years, the automotive industry news has become flooded with arguments about companies developing unfair transaction strategies.
Tesla recently battled major lawsuits because of their direct-market approach to selling their vehicles. Robert Bird, a professor of business law, said, “The controversy is that Tesla’s entry into the automotive market threatens to upend established relationships between manufacturers and dealers.”