Business View Magazine | April/May 2022

83 BUSINESS VIEW MAGAZINE VOLUME 9, ISSUE 4 BOB PENKHUS MOTOR COMPANY back offers. Incentives for first responders and veterans remain today. The company grew its revenue by more than $1 million between 2020 and 2021 by maintaining staff during the early days of the pandemic and quickly adapting to consumer preferences for car buying that emphasize safety and convenience. Bob Penkhus Motor Company received a federal PPE loan in 2020 at 100 percent of its available funds and used that to support staffing and services. This financial stability has given all five dealerships the opportunity to invest back into the business and maintain the necessary staffing levels to exceed customer expectations. Employees lead the way Stryker credits his colleagues with ensuring revenue growth, noting that a secret to the company’s success is that it experiences less than 15 percent annual employee turnover, which is a very low figure for the vehicle retail industry. Company wages have remained at high levels within the industry as well. Perhaps the most noticeable proof of employee strength is the consistent internal promotions of loyal, hard- working professionals. According to Stryker, “The last the last several managers I’ve promoted have come from within the organization. We are a big proponent that when we hire someone for the first time, we’re not hiring them for a job but for a career path. We want to lay out a succession plan for all of our employees.” As a result, individuals who start out as porters and lot technicians frequently move up to management positions within the company. Not only do these internal promotions benefit employees but they help the company as a whole, because filling positions internally saves time and money. Plus, customers like being able to work with familiar faces who have significant dealership experience. “Employee turnover is very costly, so by hiring the promoting the right people, we keep our costs down,” Stryker adds. Overcoming industry challenges New vehicle inventory remains low and, as of March 2022, the average time to sell a new vehicle was just eight days. Team members are still addressing the needs of customers by knowing which cars, trucks, and SUVs will be delivered, and when, and selling those vehicles before they even are added to dealer inventory. Fortunately, most customers realize that new vehicles are at a premium. That being said, the company’s five dealerships have built strong, long-term relationships with the OEMs that help to secure as many new vehicles as they can spare.