Is your dealership experiencing new vehicle inventory shortages? Are used car wholesale prices skyrocketing, in addition to a wave of vehicles coming off lease?
With the many challenges in today’s ever-changing marketplace, dealers are left with figuring out what needs to be done to keep business afloat. Understandably, the natural instinct is to make decisions that will help manage your dealership inventory ecosystem. The options are endless — You may consider selling the new inventory on your lot to prospects who have never done business with you. You may find it advantageous to identify existing customers to ensure they get their pick of your best inventory available. Your sales team may even go about exploring customers who are in-equity position to purchase a newer used vehicle or CPO instead of having them upgrade to a new vehicle.
The truth is, any of those options are valid in today’s market. Your team is learning to adapt and focus on balancing multiple marketing efforts to remain competitive and in front of your customers. The automotive industry is very much a people business, relying heavily upon personal connection. Whether your customer comes in through your door in-person or digitally, your team of experts must be ready and prepared to meet the customer’s needs. Are the messages you’re sending relevant to their needs? Sending poorly-timed or irrelevant information will have an adverse impact on customer loyalty more than it ever has before. Not only is demand high for pre-owned vehicles, but shoppers can also be driven by positive consumer experience. This pandemic prompted many dealers to explore digital retailing avenues, resulting in ultimate convenience for customers. Those customers will continue to look for those conveniences when weighing their options.
Know your customers, and what they need. Know your inventory to be strategic about the vehicles you’re buying. Check out the demand in your local market. Low inventory counts don’t have to be a complete deterrent if planned properly for what consumers are hoping to find in that moment. Despite these challenging times, this can be a chance for your dealership to set itself apart from the rest.
Communicate with your customer on their terms and care for their vehicle needs to close out a sale successfully. The market may change, but the commitment to your customer shouldn’t. It is crucial that your dealership remains flexible. After all, the only constant is change.
About Activator Dealer Solutions
Dominate dealership sales and service in the showroom and online, by tapping into multiple data sources beyond the DMS. Leverage smart technology to cleanse data, identify targets, and, reach customers and conquest opportunities that are actively looking to buy or service. Market effortlessly across key dealership touchpoints within Activator, an award-winning customer intel platform.