Wednesday, December 24, 2008

Turn off the damn TV in the waiting room!

By: Dealers Edge

We are being bombarded with analysis - much of it trying to predict when we will bounce off of the bottom of this painful recession.

Earlier in December we hosted a Web Conference that featured seven of the brightest minds in dealership fixed operations. These seven experts spent 30 minutes each offering their best advice for how to cope with the recession as a service manager. Over 700 locations registered for this event and their post-Webinar comments were almost universally enthusiastic.

In his presentation, one of Ed Kovalchick's recommendations was for you to "Turn off the damn TV in the waiting room."

Ed went on to explain that most often the TV is tuned to a cable news channel and that could only depress your customers even more as they waited for their vehicle to be serviced. Great advice! (He further suggested that you play DVDs of classic movies instead.)

For most news outlets, it's not news, unless it's bad news. I am a "glass half-full" guy and while I like to be well-informed, I am also very skeptical when listening to pundits and other so-called experts as they attempt to predict what the most savvy economist will tell you cannot be predicted.

So it is with that caveat that I offer to you some economic analysis from one of my favorite economists- Brian Westbury is the Chief Economist with First Trust and is often seen on business news shows and quoted in newspapers and magazines. I like him because he is not always so negative and within my limited ability to understand what economists are saying, he makes sense to me.

But that is only my opinion - you make up your own mind. Westbury recently wrote and article entitled, "We Are the Catalyst," exploring the concept of an event or happening that will signal the reversal of the downward spiral the economy appears to be in.

It's an interesting take on the current state of affairs and I invite you to read it for yourself. Westbury's- "We Are the Catalyst" While you are on the First Trust Website, you might want to look at a couple of videos at "Westbury's 101." The first is dated from December 3rd and is entitled "Perspective on Recession."

Link to "Perspective on Recession" (You may have to click on the link by that title once on the page.) The second is from December 12th is titled "Retail Sales Show Bounce in Velocity."

Both short video clips offer some insight into our present down-turn that you are unlikely to here while watching the mainstream news shows. To view "Retail Sales Show Bounce in Velocity"

I know there are plenty of economists that will take the same data and project an opinion 180 degrees from Westbury's. But it is good to know that someone has a bright outlook.

And please take Ed Kovalchick's advice - "Turn off the damn TV" - at least until next Monday.

Merry Christmas to all and to all a good night.

Good Stuff.


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