Overcoming Setbacks in the Automotive World
Dealers are still reeling from the effects of COVID 19. One of their biggest challenges is finding used cars while waiting extended periods of time for New inventory, so how can they thrive when inventory is low?
There are several ways dealerships can profitable during this time.
Focus on Used cars. Review past data to see which makes/models sold best at your dealership. Then, use your CRM to gather a list of customers who purchased similar vehicles in the past 2-3 years and invite them in for an appraisal.
Increase Sold and Show rates. One of the biggest ways to increase Sold and Show rates is to introduce customers to the manager. When an agent introduces the manager at the end of a call or a manager introduces themselves to a customer at the dealership, these metrics “can increase by more than 20%” according to Auto Dealer Today.
Review your processes. Make sure you’re asking the right qualifying questions the right way- and don’t be afraid to follow up with unsold customers.
Promote yourself. Have your sales team make enthusiastic walk-around videos and release them on your social media sites. Post them for free or create (a small) advertising budget to target customers in your area.
Look for new revenue streams. While you probably have an array of resources aimed at increasing PVR, now is a great time to add additional resources to help with a larger variety of inventory. Some of these resources include:
Companies that offer contracts and reinsurance on Used cars.
Products like a Dealer Branded App or Maintenance Reminders to drive Service traffic and gain customer retention.
Offering F&I products for both New and Used cars like Stolen Vehicle Recovery.
There are a vast amount of resources available and we are always happy to provide free content that can help your business grow.
What measures has your dealership taken to overcome difficult challenges?
We love hearing success stories and providing additional resources when we can. Drop a line to info@patriotassetmanagement.net or find us on LinkedIn.
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