On a quarterly basis, Baker Tilly conducts a benchmarking study of auto dealerships analyzing key data for new and used vehicles sales, as well as F&I, service, parts and body shop departments. This whitepaper summarizes key data as of and for the three quarters ended September 30, 2020 (Q3 2020), with comparisons to the same period in 2019 (Q3 2019) and to the two quarters ended June 30, 2020 (Q2 2020).
A few key findings from 2020 Q3’s whitepaper include:
- With the outbreak of the pandemic, auto dealerships were forced to operate differently and focus on processes to make their operations more efficient
- Although dealerships in many states were able to remain open and were selling automobiles during the pandemic, new car sales are down year over year due to a lack of available inventory
- Proper management of personnel, advertising and floor plan interest costs attributed to a higher net income as a percentage of sales (2.22 percent) as compared to last year