When it became clear that COVID-19 would spark months of uncertainty across the auto industry, Boris Lopez knew he would need to get creative to weather the storm.
After all, Lopez, director at South Dade Toyota of Homestead, Fla., and South Dade Kia of Miami, said he has been thinking of contingency plans for major hits to the automotive business since the Great Recession.
"I always have in the back of my mind, what happens if we go back to 2008, 2009? What would be the worst-case scenario for us?" Lopez told Automotive News. "I always prepare for how fast can I reduce 30 percent of my expenses, because my expectation would be sales would drop 30 percent."
In March, Lopez began thinking of ways to tighten up spending, motivate and assure his employees and keep his stores afloat.
"We need to be ready," Lopez, 39, said. "Even in the worst time — 2008, 2009 — people buy cars. The difference is where. We need to make sure we are the one."