EP 8:24 The Future is Female: How to Tap into 87% Buying Power

Kicking off Women’s History Month, the Millionaire Car Salesman podcast is bringing you an enlightening episode that takes a deep dive into the underrepresentation of women in the automotive industry! Sean V. Bradley, the show's host, along with co-host Tianna Mick aka T Got Your Keys, engages with Stephanie May from the Women Automotive Network to uncover the challenges and opportunities for women in automotive sectors globally!

The episode kicks off with Sean highlighting the disproportionate ratio of women to men on car sales floors and management positions, despite women having significant purchasing power in the automotive market. The discussion navigates the nuances of recruiting and retaining women in automotive roles, focusing on the need for change in dealership culture and practices. With a universal theme of gender diversity, the talk underscores that understanding your customer base leads to a more successful dealership - a rule of thumb that transcends geographical boundaries.

Stephanie elaborates on the mission of the Women Automotive Network, emphasizing the importance of including men in the conversation to truly effect change. From London to Detroit, the discussion sheds light on the similarities of challenges faced by women across the automotive industry, regardless of location. Listen in as the episode progresses, and we are introduced to the various initiatives by the Women Automotive Network!

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Key Takeaways

There is a significant gap in the representation of women in the automotive industry, despite their substantial purchasing power.

The Women Automotive Network seeks to support and empower women globally in the automotive sector, emphasizing the inclusion of men in the conversation.

Cultivating a diverse and inclusive dealership culture can be beneficial from both a business and employee satisfaction perspective.

Mentorship programs offered by the network play a crucial role in connecting and supporting women's growth in the industry.

The Women Automotive Network is organizing their first physical event in Detroit in June, focused on diversity, empowerment, and community building in automotive.

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About Stephanie May

Stephanie May, a visionary in the automotive industry, has been a driving force in fostering inclusivity and collaboration. Since 2016, she has spearheaded initiatives that have transformed the landscape, culminating in the establishment of the Women Automotive Network – a global community with a staggering 34,000+ members.

In 2016, Stephanie took the reins, initiating panels, breakfasts, and workshops at regional automotive events. However, her true mark was made with the launch of the inaugural Women Automotive Summit in Stuttgart, Germany, in June 2019. The event drew 176 attendees and laid the foundation for something far more expansive.

When the pandemic forced events to migrate online, Stephanie seized the opportunity to redefine their purpose. The Women Automotive Network emerged, transcending the confines of a traditional event series. As of January 2024, it stands as a global force, boasting a myriad of activities. From a monthly newsletter to a bi-annual mentorship program, a leadership interview series, a job vacancy platform, and both online and in-person events in Detroit and Germany, Stephanie has curated a thriving community.

Stephanie reflects with pride on the connections facilitated within this global network. Mentors and mentees evolving into global friends, executives from top OEMs and Suppliers learning from shared experiences, and tangible outcomes like direct job placements, promotions, and advancements in diversity, equity, and inclusion initiatives.

What sets Stephanie's approach apart is her commitment to unity and adaptability. Understanding that everyone shares a common mission, she emphasizes collaboration over competition. As a mother of two young girls, Stephanie is fueled by a desire to create a more inclusive world for the generations to come. Her philosophy is simple but powerful: diversity makes business sense.

In her own words, Stephanie sheds light on the network's success: "It's about listening to our community and implementing what they ask for… 'IF' we can." The journey has been marked by constant improvement, flexibility, and a keen responsiveness to industry and global demands. From introducing a mentorship program in 2021 to launching a job platform in 2022, awards in 2023, and expanding to Detroit in 2024, Stephanie's leadership embodies a commitment to evolution and growth.

As she looks to the future, Stephanie envisions further expansion, with plans underway to launch into Mexico and Asia in 2025. Her dedication to fostering a supportive and collaborative environment within the automotive industry has not only created a network but a movement towards lasting change. Stephanie May stands as a beacon of inspiration, steering the automotive world towards a future defined by diversity, unity, and collective success.

Resources

Dealer Synergy & Bradley On Demand: The automotive industry’s #1 training, tracking, testing, and certification platform and consulting & accountability firm.

The Millionaire Car Salesman Podcast: is the #1 resource for automotive sales professionals, managers, and owners.  Also, join The Millionaire Car Salesman Facebook Group today!

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Harnessing Female Power in the Automotive Industry: A Pivotal Shift Towards Inclusivity and Profitability

The automotive industry, traditionally viewed as a bastion of male dominance, is undergoing a transformative reassessment of its demographic strategy. With the dawning realization that women wield significant control over buying decisions, the push to understand and integrate this powerful segment into the workforce has never been more critical. Bringing the discussion to the forefront are dynamic figures such as Sean V. Bradley, President of Dealer Synergy, and Tianna Chanel Mick, alongside influential voices from the Women Automotive Network represented by Stephanie May. This article delves into the seismic shift needed to unlock the full potential of female involvement in the automotive sector, both as consumers and as part of the workforce.

Key Takeaways:

Women's Influence: Women hold over 87% of the buying power in automotive purchases, highlighting the urgent need for greater female representation in dealership roles.

Cultural and Structural Shifts: Adjusting dealership culture and structure, such as job titles and working hours, is paramount for attracting and retaining female talent.

Global Connection: Challenges and strategies for integrating women into automotive roles share considerable commonality across geographical borders, suggesting a global movement.

Understanding the Untapped Market: Female Buying Power

The colossal buying power wielded by women in the car-buying process is undeniable. With an estimated 87% control in automotive purchase decisions, the disparity between the influence women hold and their representation in dealership roles is stark. Sean V. Bradley encapsulates the situation by asserting, "If females have over 87% buying power and I don't have one or I've only have one on my floor, maybe I want to properly recruit and hire some amazing females to the team so they could be a catalyst to be able to engage female prospects at a higher, better level."

But it's not just about profit maximization. The conversation extends to appreciating the unique qualities that women bring to the workforce. Within car sales, traditionally a "man's world," the addition of females is seen to diversify teams and arguably improve operations through increased attention to detail and customer care, a sentiment echoed in the transcript by both Bradley and the Women Automotive Network's Stephanie May.

Transforming Dealership Culture: More Than Just Flex Hours

A major roadblock to attracting female talent to dealerships is the prescribed work culture, particularly the exhaustive 'bell-to-bell' shifts. The Women Automotive Network suggests models such as 'flexi working hours', as practiced in the UK, which allow employees to meet their targeted hours with flexibility. This can cater to individuals' needs while enhancing morale and productivity.

Tianna Mick emphasizes the importance of creating an environment that is attractive to all genders. She notes that even small adjustments, like job titles on applications switching from "car salesman" to "car salesperson," can foster a more inclusive atmosphere. When dealerships evaluate their workspaces from the perspective of different demographics, they begin to unravel the structural biases that have historically barred diverse talent pools from entering the automotive workforce.

The Ripple Effect of Global Networking and Mentorship

A key component to bolstering female participation in automotive roles is the support and mentorship from networks that span across international boundaries. The Women Automotive Network, boasting a membership of 34,000, illustrates how mentorship programs and events have fostered connections and career growth for women worldwide. "The connections that you make...are seriously lifelong," shares Stephanie May, underscoring the enduring impact of such initiatives.

Tianna's upcoming speaking engagement at the organization's Detroit conference is a testament to the power of such networks in propelling women's careers forward. These platforms not only promote professional development but also deliver strategies for individuals and businesses to capitalize on the diversity of their communities for increased sales and market presence.

Sustainability in the automotive industry is no longer just about eco-friendly cars or lean manufacturing processes. It's about creating an ecosystem that values all contributors equally. The discussions and strategies shared by Bradley, Mick, and May shed light on the glaring inequities that persist and offer pathways to correct them. With every adjusted job title, flexible hour, and international summit, a new chapter in the automotive industry begins—one that promises profitability and equity for those willing to drive the change.