How to Improve Car Dealer ROI

11 April 2019

New car buyers these days have several avenues to do research online, and they can even take the first steps in the buying cycle online as well. Yet, an actual dealership is still a very fundamental part of the vehicle buying journey.
This gives car dealers plenty of opportunities to persuade buyers during every step of their vehicle buying process, right from early online research to the critical point when they walk in to the dealership.

How to Improve Car Dealer ROI
Car Dealer Website Development
The best automotive website design templates are centered around data, so as to target potential buyers with appropriate and well timed messages across any channel that they may be using.  The starting point of this is with knowing who your prospective customers are and understanding them well.
Take the internal data that your automotive website has and add the other demographic insights or dedicated sources of vehicle data to it. This may even comprise of insights gleaned from internal data such as anything stored in your CRM, data warehouses or other sources of information. This will give you a clear picture of your web marketing profile.
VIN Data
Another crucial piece of data that can work in boosting sales figures extensively is VIN auto data. It can give vehicle dealers a lot of helpful details relating to the current vehicle of a potential customer, such as the make and model, vehicle body style, garage and service data, vehicle history, and so on.
With more accurate information about your target buyers, your dealership can be sure of the fact that it is targeting just the right people with rich and appropriately timed messaging. This practice can avoid the wastage of your dealership’s hard earned marketing budget on unnecessary campaigns that is likely to end up being ineffective.
Product Expertise
Research conducted by consulting firms has shown that well over 40% of potential customers consider product expertise as the leading element when deciding which dealer to choose. 
While most auto dealer sales staff are quite knowledgeable about the vehicles they are responsible for selling, a possible area of improvement for the majority will be the customers themselves. Aggregated data sets including demographic details such as income bracket, age group, gender and so on can be analyzed using data analytics, to give your sales staff greater visibility into customer priorities. 
Info from Different Sources
Multiple sources of data can be used to detail your prospect lists, including public records, consumer surveys, census data, and phone directories. 
Once these details are available, car dealers can then make better informed decisions and be more prepared when closing  deals.
Be Smart With Pricing and Stocking
It is our recommendation that auto dealers must perform market comparisons on a periodic basis. You need to know how your rival car dealers are pricing their deals, so that you don’t overprice yours and scare off prospective buyers. Real estate agents do this practice all the time, and it’s for the same tried and tested reason. 
This is especially important as the vast majority of interested buyers do price comparisons as one of their very first steps, when setting out on their car buying journey.
In addition to keeping a close watch on prices being offered by competing auto dealerships, you need to also keep an eye on the vehicles in your inventory. Track the vehicle models that potential customers inquire the most about, and see if these are the vehicles that also sell the most.
For more information on improving sales and profitability of your car dealership,Contact Us.

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