What are dealer owners doing to manage succession planning? Have your plans been discussed with your family, management, executors or power of attorney holders? At a time when Canada’s automotive industry has recently undergone major changes, legacy costs and decline in sales have forced automakers, part suppliers and dealers to reassess their business’ longevity. Uncertain economic indicators, now more than ever, are placing a greater importance on succession planningand will planning for the future of the business. The 16th annual Dealer Trendsetter Survey provides valuable and alarming insight for dealers looking to retire in the next five years.
The data for the survey, which was emailed to all dealers in Canada, was collected in November 2011, to see how many dealer owners had a formal will and how (and if) they were handling succession planning. The report was published in the Canadian Automobile Dealers Association’s annual magazine, (“Year in Review”), in partnership with PwC and Desrosiers Automotive Consultants Inc. The survey received a great response from Canadian dealers.