The Silver Lining

Despite current challenges, there’s reason to be optimistic for the future.

We live in uncertain times. Inflation, high interest rates, political and economic uncertainty—all are front and centre in 2023. Not surprisingly, it’s been tough environment to do business, especially given labour shortages, vehicle shortages and ongoing supply chain disruptions.

Nonetheless, the automotive sector is a resilient one—as has been demonstrated time and again, notably through the Great Recession of 2008-09 and more recently during the COVID-19 global pandemic.

Solid blueprint

As the latter recedes further into the rear-view mirror, we have an opportunity to create a solid blueprint for the future. While there’s been a lot of discussion and talk over the last few years about EV adoption, as an industry, we also need to be cognizant of the fact that traditional cars and trucks still have a very prominent place and will do for years to come. We also need to ensure we are taking steps to leverage the power of modern technology at our fingertips, including vehicle connectivity, digital retailing assets, as well as advanced tools and solutions that ensure vehicles are properly maintained and repaired.

Exceeding expectations

While the road ahead is paved with unpredictability, one thing is certain, those businesses that succeed are the ones that continue to meet and exceed the needs of their customers.

And while things may seem challenging at present, as the saying goes, every cloud has a silver lining. John Fanjoy perhaps sums it up in his Economic Insight column this month—”while serial shocks (aka volatility) have become the new normal, there are reasons to be positive for the future.” Indeed.