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Why Greed is Good for Auto Aftermarket Shops

Posted by Heather Brautman | Wed, Oct 16, 2013 @ 05:30 PM

Greed1Why should you listen to a slimy character named Gordon Gekko, of all things? Because in 1987, he proclaimed in the blockbuster "Wall Street" that greed was good. And now 26 years later, his famous words still hold strong.

As part of our 30th anniversary celebration, CrossCheck is looking back on events of the 1980s. Rake it in for yourself as we explain why Gekko’s greed could serve you well today behind your auto aftermarket counter.Supply is demand. The first part of greed you should understand is that the more you have, the more you can sell. This means your supply should be stocked and top-notch at all time. You don’t just lose a sale when you have to turn someone away because you don’t have his type of brake pads. He may go somewhere else, like it, and you lose him for life. Along with everyone else he refers. You need to have everything customers should want. This means staying on top of your inventory, new parts releases, and even polling customers about what they may be interested in buying in the future.

AutoPartsSales1Take, take, take. While it’s a nice thought to close service doors on Sundays and holidays to give employees off, consider what you’re leaving on the table. Lots and lots of money. Money you can use to pay for the salaries of people who want to work on those days. (There’ll always be people who’ll volunteer because they know those are some of the busiest days to sell. Customers work around their own schedules – not yours – and if you’re not open to take their money, you can be sure someone else is.) You know how croupiers in Las Vegas have those long sticks to scoop chips that are out of their reach? Your counter, service bays, and waiting room are your table. Rake it in.

Ask for it. No one’s ever going to accuse service managers and auto counter personnel of being overly polite. But you can make this greed for you, a la Gordon Gekko. No, you don’t have to wear a suit or soak your head in motor oil to copy Michael Douglas' slick look. But you do have to get greedy and ask for what you want. Do you want your customers to refer more people? Give them what they need (referral cards, fill-in forms on your website, oil change incentives). Do you want your counter personnel to up-sell certain items? Make sure they get the training, can touch and read the products, and are familiar enough with them to actually immerse the customer in what you want to make money off of.

WallSt1Roll in it. Had a good month? Exceeded your quota? Keep in mind WWGGD. What would Gordon Gekko do? He’d show off, that’s for sure. But he wouldn’t do it just to be flashy. Gekko used his successes as a way to put others in their places. Did you finally beat that auto aftermarket dealer down the road, someone you’ve competed with for years? Did one of your service personnel get a five star online review? Blanket the area with the news. This isn’t a time to be polite or care what the other shops might feel. Because guess what? If they beat you up next month, they’re sure going to revel in it too.

Feed the greed. There’s one thing to keep in mind about greed. It doesn’t go lightly. You’ve got to keep stoking the fire to keep it alive, and occasionally, you may get burned. Many aspiring Gekkos feel that it’s worth it. If you’re one, and you enjoy the success greed has brought your counter, don’t just rest on your achievements. Keep pushing. Always be the best – not just one month. Hire go-getting people, set high quotas, go after the biggest budgets and the best parts. Get a supply of things people will break down your door to be the first to add to their vehicles. Then you’ll understand exactly the “need for greed.” 

Check out this guides that give you the "insider" tips you need to nurture your greed in the most positive ways.

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Topics: Auto Aftermarket

Written by Heather Brautman