I have attended a few motorcycle shows recently and I ran into an old friend I hadn’t seen for a while. He has been in the powersports industry for several years and his business takes him to most of the major motorcycle shows and into many dealerships. While getting caught up and letting him know I was management consulting, he looked at me and said “You should really hire yourself out as a hired gun for unpaid warranty claims”. He went on to state that he knows of so many dealers who have not followed up on claims or let them lapse, costing them thousands of dollars.
Long before I got involved with management consulting, I started my career as a field auditor for a floorplan finance company. For those who haven’t had the experience, a field auditor for a floorplan finance company is a person who performs inventory audits on inventory financed by the dealer. When a dealer sells inventory that is financed, the amount financed must be paid back to the finance company. Field auditors make sure that happens.
I truly enjoy retail management consulting. It’s exciting and satisfying to be part of a solution process and there is something to be said about leaving an organization in a better place than what you found it in. Some companies embrace the concept of a fresh set of eyes that offer solutions and the assistance to implement them while other companies refuse to “pull the trigger” to resolve issues that inhibit or prevent growth and profits. Why is that?
As a blogger, I not only get to offer my perspective as a Management Consultant on issues that affect dealerships in the RV/Marine and Powersports industries but it also encourages me to review a number of current news items on a daily basis. Recently, there were a couple of reports that caught my eye and made me think about something I’ve had to deal with throughout my career and that is, inventory management.
We have now reached mid-November. The days are getting shorter and for dealerships in the RV, Marine and Powersports industries, there are less door swings that bring opportunity for business.
Winterizations have been completed throughout Canada and most mid to northern states (where required) and other than our friends in Colorado who recently experienced a snow storm, we have experienced a reasonably mild Fall. For many dealerships, now is the time for winter projects, hopefully, that will keep your service dept. busy but that doesn’t always pay all the bills throughout the next 4-5 months. Welcome to the season of the cash flow crunch.