The Chinese character for crisis is a combination of their characters for danger and opportunity. Right now we are in the middle of a crisis, and although there is plenty of danger there is also a lot of opportunity for those who are open to it.
A lot of small business owners have already taken advantage of the Cares Act and the associated loans, but very few car dealers have. You qualify! Right now we want to provide you a brief review of what’s out there, and what steps you should be taking.
First things First:
You need to keep your doors open, and your employees fed. The Paycheck Protect Program (PPP) allows businesses to get up to 10 million dollars in forgivable loans. Yes, FORGIVABLE! (So long as you spend that money on payroll or approved costs) All of these options are laid out on the Small Business Administration (SBA) website: https://www.sba.gov/ The PPP offers 2.5 times your monthly payroll as an incentive for you to keep your employees working.
The Economic Injury Disaster Loan Program (EIDL):
The EIDL offers up to 10 million in loans, but it also offers a 10 thousand dollar grant! This grant is a little more flexible than the PPP in terms of the expenses it covers. You can apply for all three of these programs simultaneously.
Although the programs have recently run out of funds they are going to be refunded. Contact your bank, the SBA, and keep your eyes out for the money on the table!
What to do during this Crisis:
Yes car sales are down, and yes a lot of dealerships have been forced to close their doors. But there is more than just bad news, there’s change, there’s modernization.
Our industry has been slow to adapt, even though we’ve seen advancements in our product, cars, most car dealers haven’t modernized their sales techniques.
Dealersgear specializes in building, and fully implementing the latest innovations in marketing, Search Engine Optimization (SEO), Sear Engine Marketing (SEM), social media management, and creating and maintaining innovative websites.
Right now the internet has seen its peak usage, and although people aren’t spending, they are searching. Your name recognition matters. It’s time to innovate, to virtualize, and to rethink your strategies. We’ve helped Dealerships grow, radically improve their lead generation, and adapt to a new time. After this crisis is over the car business won’t go back to normal, this is the new normal, and it’s time to evolve.