Don Romano, President & CEO of Hyundai Auto Canada
Don Romano, President & CEO of Hyundai Auto Canada told dealers at the CADEX 2017 event that their best days lie ahead, despite all the buzz in the industry about disruption and disintermediation. “It couldn’t be a better time to be in this industry,” said Romano, the opening keynote speaker at the 2017 CADEX event in Nova Scotia held by the Nova Scotia Automobile Dealers Association (NSADA) on Friday April 7.
The CADEX event bring together auto dealers from across the province for a jam-packed half day conference with keynote speakers, panel sessions and presentations, followed by the association’s President’s Dinner event.
During his keynote, Romano took straight aim at emerging trends such as ridesharing, autonomous vehicles, electric vehicles, new sales and distribution models offered by companies like Tesla, and connected vehicles.
Romano says there is a lot of talk in the mainstream media, industry publications and among his peers about how these emerging forces will reshape the auto retail landscape.
“It sounds like the world is coming to an end,” says Romano. “There is a lot more hype out in the market than there is reality. There is a lot of fear out there, but most of it is banter.”
Romano says he doesn’t dispute that change is coming, but it’s really a question of the pace of change and the scope. The company’s research, for example, shows that ridesharing works for only a small percentage of the population.
As for autonomous cars, there will be more safety technology in cars to make them safer, but it will be a while before we see fully autonomous cars on our roads. “We will be on Mars first,” says Romano, adding that besides the vehicle technology it will require coordination between insurers, regulators — and drivers. “We are not ready. Not yet.”
EVs not for everyone
Although his own company is about to unveil a new electric vehicle, he says there are still practical limitations in terms of range, charging infrastructure and pricing that will limit electric vehicles making a major impact in the market — at least in the short-term.
The best news Romano delivered for dealers, however, was his unflinching support for dealers and for the franchised dealer network. He says while dealers will need to work hard so that they don’t get transplanted by new market entrants, he says car dealers are well positioned. “Car dealers are local, and they are in the community,” says Romano, adding that is a big advantage. “You earn the trust of the people you do business with.”
Romano stressed that the goal for dealers is to help improve the lives of customers by making things faster, more enjoyable and more efficient. “Time is of the essence. Time is everything,” says Romano. “That’s an experience we need to focus on.”
Romano’s keynote was followed by an economic update by Michael Hatch, the CADA’s Chief Economist, a millennial panel moderated by Niel Hiscox, publisher of Canadian auto dealer featuring three Automotive Business School of Canada (ABSC) students, Daniel Montesanti, Laurence Desaulniers, and Maurie-Jordan Diegel, a presentation on dealership design trends from Monte Weis, President of Weis & Associates, a panel featuring local women working in the auto industry featuring Lisa Landry, Vice-President Landry Auto Group, Amanda Morvan, General Manager, O’Regan’s KIA, Dartmouth, Rikki Higgins, Director of Sales, Automotive Business Solutions, a presentation on electric vehicles and climate change from David Adams, President of the Global Automakers of Canada and an interactive chat between Niel Hiscox and John White, President and CEO of the Canadian Automobile Dealers Association.
Look for full exclusive CADEX 2017 event coverage in the next issue of Canadian auto dealer magazine. CADEX is also supported by TD Auto Finance.
