AADA Convention and Expo
Melbourne  |  24-25 July 2024

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Navigating the New Normal: BDO Australia Feature Presentation at AADA 2024

Navigating the New Normal: BDO Australia Feature Presentation at AADA 2024

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As the automotive industry navigates a landscape marked by rapid changes and new challenges, the BDO Australia session at AADA 2024 is set to offer critical insights. In their highly anticipated presentation, “The Dealership Landscape: Top 5 Risks and Opportunities,” BDO Partners Mark Ward, Sam Venn, and Randall Bryson will delve into the complexities facing Australian dealerships today.

Here’s a preview of what attendees can expect from this must-see session.

Session Overview

The automotive industry is in a state of flux, driven by several key factors:
Rapid Return of Supply: The post-pandemic surge in supply is reshaping market dynamics.
Volatile Economic Conditions: Global and local economic instabilities are influencing consumer behavior and dealership operations.
Significant Government Policy: New regulations and incentives are creating both hurdles and opportunities.
Exploding Chinese New-Energy Vehicle Market: The rise of Chinese EVs is disrupting traditional market leaders and introducing new competition.

Mark Ward, Sam Venn, and Randall Bryson will share their extensive experience and offer actionable insights on how dealers can mitigate risks and seize opportunities in this evolving landscape.

Top 5 Risks Facing Australian Dealerships

Supply Chain Disruptions

Challenge: Although the rapid return of supply post-COVID is beneficial, it also brings the risk of overstocking and supply chain bottlenecks.
Mitigation: Dealers need to enhance their inventory management and forecasting capabilities to stay agile.

Economic Uncertainty

Challenge: Fluctuating interest rates, inflation, and changing consumer spending patterns can severely impact dealership profitability.
Mitigation: Adopting flexible business models and robust financial planning can help cushion against economic shocks.

Regulatory Changes

Challenge: New government policies on emissions, safety standards, and consumer rights require constant adaptation.
Mitigation: Staying informed and compliant with regulatory changes through continuous education and consultation with experts like BDO.

Technological Disruption

Challenge: The rapid pace of technological advancements, from EVs to autonomous vehicles, can render existing business models obsolete.
Mitigation: Investing in technology and training staff to handle new vehicle types and customer expectations is crucial.

Market Competition

Challenge: The influx of new competitors, especially from the Chinese EV market, can erode market share.
Mitigation: Differentiating through exceptional customer service, unique value propositions, and strategic partnerships can provide a competitive edge.

Top 5 Opportunities for Growth

Embracing Electric Vehicles (EVs)

Opportunity: Capitalising on the growing demand for EVs by expanding EV inventory and services.
Strategy: Partnering with EV manufacturers and investing in charging infrastructure can attract environmentally conscious customers.

Digital Transformation

Opportunity: Leveraging digital tools for sales, marketing, and customer service to enhance efficiency and customer experience.
Strategy: Implementing CRM systems, e-commerce platforms, and digital marketing strategies to reach a broader audience.

Enhanced Customer Experience

Opportunity: Focusing on personalised and exceptional customer service to build loyalty and repeat business.
Strategy: Training staff to provide a seamless and enjoyable customer journey from online inquiries to in-store visits.

Strategic Alliances

Opportunity: Forming alliances with financial institutions, tech companies, and other relevant stakeholders to offer bundled services.
Strategy: Collaborating with finance companies to offer attractive financing options and with tech firms to integrate advanced features into vehicles.

Sustainability Initiatives

Opportunity: Adopting sustainable practices to appeal to a growing segment of environmentally conscious consumers.
Strategy: Implementing green practices in dealership operations and promoting sustainable vehicle options.

About BDO Australia

BDO is a trusted adviser to a diverse range of clients, offering Audit, Tax, and Advisory services. With a deep understanding of the automotive industry, BDO assists franchised dealers, manufacturers, and industry associations in navigating financial and operational challenges. Established in 1975, BDO in Australia has grown to become one of the country’s largest associations of independently owned accounting practices, with a presence in major cities across the nation.

Meet the Experts

Mark Ward: Specialising in automotive services, Mark supports over 35 dealerships, offering a range of services from compliance to operational enhancement. His extensive experience and industry insights make him a valuable resource for dealers looking to optimise their operations.

Sam Venn: With a focus on the Victorian, South Australian, and Tasmanian markets, Sam is a trusted adviser to many of Australia’s leading dealership groups. His expertise spans the automotive industry as well as retail franchise and technology sectors.

Randall Bryson: Randall brings a wealth of experience from both the automotive sector and broader retail industries. His comprehensive understanding of dealership operations and statutory requirements helps clients achieve their business goals.

The BDO session at AADA 2024 is an invaluable opportunity for automotive dealers to gain deep insights into the current and future landscape of the industry. By understanding the top risks and opportunities, dealers can make informed decisions to navigate challenges and capitalise on growth potential.

Don’t miss out on this chance to learn from the experts and stay ahead in the rapidly evolving automotive market.

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