Three Tips to Get the Most from Your 20 Group
- What is the real reason for 20 Groups?
- How can your 20 Group help you?
Do you know who invented the 20 Group concept? You might be surprised to hear it was Ben Franklin. In 1727, he and twelve friends formed the Junto Society to help each other improve both personally and professionally. That idea has continued and evolved for dealership management.
20 Groups equip you with best practices, new ideas, and financial comparisons to improve performance and profitability. They are limited to 20 participants and are ran by a variety of companies, including NCM and NADA and they happen all across the country, three to four times a year. According to this Automotive News article, the focus of the group is to improve dealership profitability and they’re valuable because they can help a dealership evaluate weaknesses and strengths in a safe environment.
Here are three ways you can get more out of your 20 Group session:
- Be open to new ideas. To maximize your visit, consider some strategies that are working for other dealerships. They may not work for you exactly the same, but with that many dealers in one place, you’re bound to find some ideas that work for you.
- Share your own ideas. The great thing about 20 Groups is they are made up of non-competing dealerships. So if you’ve found a process or solution that’s really working for you, share the wealth. On the other hand, if you have experience with a solution or product that didn’t work for you, share that too. Remember the goal of the group is to improve the group as a whole.
- Come prepared. Before the meeting, make sure you’re ready. A majority of the meeting will focus around financials so you’ll want to have those handy. Be ready to answer questions and have a conversation about your dealership processes. Consider using a reporting tool that gathers real-time information directly from your DMS so you’ll have the most up-to-date information to share.
20 Groups are vital to the success of your dealership. If you’re still wondering if you need a 20 Group or if you’re hoping to improve your dealership performance consider using a consulting team to help maximize your dealership performance and your 20 Group visits.
Automotive News recently published an article discussing why dealerships are sourcing lower-grade used vehicles to fill their lots.