By Steve Bender
February 27, 2022
It’s been an important part of the human condition since people first appeared on earth. And while it differs from culture to culture, conventional wisdom is usually about one generation or group passing along universally accepted knowledge to the next.
- “Have enough common sense to come out of the rain!”
- “Feed a cold, starve a fever.”
- “Don’t just stand there, do something!”
- Conventional wisdom has always been a part of the business world as well.
- The customer is always right.
- The law of supply and demand.
But, while conventional wisdom is usually focused on doing what just seems natural, the truth is, doing what everyone else thinks is best isn’t always the best choice for a given situation. In fact, it can be quite dangerous to blindly follow the crowd, especially at a time when our world has been turned completely upside down by a series of events none of us could have predicted.
In the fleet space, accepted norms and “conventional wisdom” have been a part of the industry for years, especially when it comes to remarketing.
And while many of the “tried and true” practices we all seem to adhere to have value, the tumultuous nature of the last few years suggests that rather than follow in lockstep, it might make sense to slow down. Take a deep breath. And then carefully consider what makes the most sense rather than what satisfies tradition.
After all, not only has the pandemic turned accepted norms on their collective heads, but so many of the things fleets have taken for granted are not what they once seemed. From an inability to purchase new vehicles, to the shuttering of auto plants due to chip shortages. To the challenge of employing a “business as usual” mentality when the supply chain is in tatters, people have left or been cut from their jobs, and so much has changed about our industry.
At Fleet Street, we are keenly aware of the challenges facing not just the world in general, but the fleet space specifically. And we’re equally aware that simply employing traditional ways of thinking – i.e., conventional wisdom – won’t necessarily be the best course of action for fleets that want to dominate in the months and years ahead.
Even more relevant to our corner of the industry – remarketing – does it really make sense to march aimlessly in lock step with practices that may have originated decades ago?
Well, the simple fact is, it doesn’t. And, perhaps even more importantly, it shouldn’t.
So as our management team sat down to start mapping our plans for the coming year, one thing became very evident:
That in today’s challenging environment, a fresh approach, deep dive thinking and new ways of doing things are going to be what propels both our customers – and our company – into a successful future in this brave new world where we find ourselves.
Confident in that knowledge, we’ve rolled up our sleeves and are embracing new, exciting, and innovative ways of doing things.
For one thing, we’re certainly not going to be following the crowd. Instead, we’re going to forge a new vision for the future, one that doesn’t simply mimic what everyone else is doing. And we’re going to apply critical thinking and real-world tactics that go beyond accepted norms.
For example, we’ve had customers tell us for years that remarketing salvage vehicles isn’t worth their time or effort. And while that may have been true a few short years ago, we’ve recently made some adjustments that allow us to sell salvage vehicles for an average of 300% more than our customers say they were getting through traditional remarketing outlets.
Or, that we’ve been helping customers secure better remarketing outcomes by optimally managing when they sell their vehicles rather than simply rushing them into the system when they come off lease.
Radical perhaps, but these are just a few of the ways we are employing “out of the box thinking” to solve new age problems, while at the same time maximizing ROI, and creating real value for our customers.
Over the next few months, we’d humbly ask that you keep an eye on our marketing campaign and follow along as we offer real world examples of the ways we’re helping customers navigate our rapidly evolving space, while saving time and money; avoiding unnecessary hassles; and meeting more of their most important goals.
Steve Bender is CEO and President of Fleet Street Remarketing, one of the fleet space’s oldest and most trusted remarketing providers for over three decades. He is also Vice President and Rising President of the Automotive Fleet Leasing Association, one of fleet’s most prominent trade organizations. To reach him, email [email protected].