Finding Additional Sales To Boost Numbers in the Current Automotive Market
- October 30, 2019
- Posted by: Josh Locke
- Category: Automotive Industry
This time of year always poses challenges to the motor trade. But there are a few ways that you can keep making a profit by making some extra sales.
Mind the Gap
Graham Filmer, Director at Rocket Performance Group says “91% of buyers buying a new car will put it on finance but that dips to around 20% in the used car market. Follow the lead – there is a huge opportunity in the used car market. Dealers have a huge opportunity in the used car finance space.”
By offering a range of finance options including a competitive low rate and subprime finance you could drastically close the gap on the new car markets finance offering.
Chase the Leads
Whether you use a lead-generation system or not, it’s still important to remember that it’s the human element managing the leads that will convert them to sales. Make sure your processes are efficient and whoever is in charge of making phone calls to your leads is dedicated to spend the time nurturing them and progressing the deal further by encouraging them to visit the dealership. Don’t let leads go cold, always jump on them while they’re hot – a can’t recall a customer ever complaining that they received a call-back too soon.
Calling the Shots
There is a reluctance to experience rejection. So naturally, we might not make as many phone calls as needed to generate enquiries. Instead, start the day by making some easier calls to existing customers and invite them in for a winter check. This gives you the chance to get them into the dealership for an hour, discuss their next car, service, maybe you’ll be able to sell them some winter tyres. But even if they leave without any extras, give them a hot drink and keep them talking and remind them of your customer service and any familiar faces.
Stretch the Deal
Mention extras to a customer when they’re paying cash and you’ll probably find it difficult to sell car mats for £100 when they’ve already seen some on eBay for £40. But when it comes to finance, you’ll see an increased willingness to have add-ons like GAP insurance and accessories when the cost is diluted over 36+ months. It effects the cost of the car so minutely the customer is much more willing to say yes. Don’t over stack a deal though. The car needs to be right for them and they need to be happy with it, but perhaps the key to that is making sure they can afford to pay for it every month.
Charging the Future
Electric cars cost more than similar-sized petrol and diesel counterparts. However, you need to sell these types of cars by focusing on the whole-life costs. Convince the customer that they’ll be saving money on fuel, reduced servicing, road tax and the car will be greener for the environment. Don’t avoid buying these types of cars because they are too expensive, their value is justified by their lower lifetime costs.