Dealers have been through a lot the past 4 years. Between high equipment costs, elevated interest rates and now an election year, economic forecasts for the year ahead indicate some degree of a slowdown.
The industry has learned a lot, however, and the situation isn’t as bad as some might think. The results of the 2024 Rural Lifestyle Dealer Business Trends & Outlook report (which will appear in the March 2024 issue of Farm Equipment) show the majority of rural lifestyle dealers are forecasting both parts and service revenue up this year. 19.3% of dealers are even forecasting service revenue up 8% or more for 2024.
Wholegoods revenue forecasts, however, are negative for the majority of dealers, meaning the aftermarket business will continue to play a crucial role over the next 12 months.
For dealers looking to upgrade their tactics, one of the best ways remains peer-to-peer learning from other dealers. Hearing what they’ve accomplished and how they did it can be the first step to overcoming these hurdles.
Enter the Dealer Success Academy
In what will be its 7th installment, the Dealer Success Academy is back by popular demand on March 7-8, 2024, with a batch of fresh topics and new dealers to learn from. This online event will bring the top minds in the industry together for 2 days of virtual learning — allowing dealers to gain new strategies and takeaways to elevate their business in 2024 and beyond.
Registration is completely free. And for entering your name and email address, you get exclusive presentations from dealers (and a few other players in the industry), telling the stories of how they faced these issues and more and came out on top.
Additionally, for only $49, you can receive extended 12-month access to all the 2024 Dealer Success Academy sessions, plus exclusive access to 41 additional presentations from previous Dealer Success Academy events.
Here’s a taste of what you’ll get for your time:
Turning Your Web Traffic into Sales. As a new generation of consumers enters the market, dealers are facing a new dilemma: how to connect with virtual customers wanting to shop completely online.
Returning after speaking at Farm Equipment’s 2023 Dealership Minds Summit, Federico Lamas, vice president at 6-store John Deere dealer Virginia Tractor, will share some of his insights into handling this new segment of customers, connecting with online inquiries for rural lifestyle equipment, getting virtual customers in the door and directing web traffic to the sales team.
The Art of Valuing (& Selling) Your Dealership in Uncertain Times
Selling a dealership is a complicated and intricate transaction that involves both art and science. On the one hand, there are specific financial and operational metrics that must be considered in order to determine the value of the dealership and how to maximize that value. On the other hand, there are more subjective factors that must be taken into account as well. For example, deal structure, the key negotiated terms and the impact on the after-tax walkaway proceeds.
To dig into these details and answer common questions about the process, Senior Partners Pat Albero and Dan Argiro at Performance Brokerage Systems will share their insights and practical tips on how to prepare your dealership for sale, maximize its value and streamline the selling process.
Dealers Discuss Forecasts for 2024
In a live session to kick off day 1 of this year’s event, dealer executives Michael Gillum (Gillum’s Service & Repair, Ashland, Ky.), Doug Vahrenberg (Vahrenberg Implement, Higginsville, Mo.) and Mac Payne (Berry Companies, Little Elm, Texas) will have a “state of the industry” discussion for the year ahead. You’ll hear their candid thoughts on how 2023 went, what they’re most concerned about for 2024 and what’s got them the most excited.
How to Measure Inventory Breadth & Why You Should
With the aftermarket side of the business set to play a major role in dealer financials this year, implementing parts department best practices is crucial. Former CNH Industrial Channel Manager and founder of parts professional training program Parts Academy Dean Devore will be returning to discuss inventory breadth. Spoiler alert: inventory breadth is a leading indicator of your parts fill rate.
We hope you’ll join us this year on March 7-8 to learn how you can prepare your rural lifestyle business for success in 2024.
Click here to register!
This year’s Dealer Success Academy is brought to you with the support of Echo USA.
