2016 National Dealership Succession Planning Survey Results
About the Study
The National Alliance of Auto Dealer Advisors (NAADA) conducted the first Nationwide Survey of its members and other dealers on Succession Planning for Auto Dealership owners. NAADA is a nationwide network of accounting firms who specialize in working with auto dealers and their ownership teams. Collectively they represent more than 1,000 dealerships throughout the country from single point stores to multi-state enterprises.
Different from studies you may find in the market, the Succession Planning survey focused on the state of mind of the owners responding, rather than some of the hard metrics on the number of retiring dealership owners.
This study includes results that represent more than 285 dealerships nationwide. Nearly 80% of the respondents were owners.
- Dealers, like other owners, are pushing off succession by 5+ years.
- Number one inhibitor to succession planning is timing and the current owner’s willingness to step back
As with other professions, Auto Dealers are still struggling with succession planning. The owners face many of the same challenges as other professions, as well as some unique ones.
Stay tuned as we explore more findings from this study in the coming months. Our articles will suggest several solutions to these issues. For more information, please contact NAADA or one of our member firms.