The consolidation and rationalization of channel activities to achieve economies of scale and eliminate inefficient operations. Large numbers of small competing dealerships impose significant cost penalties.
The good news is although there are hundreds of thousands of car sales professionals just like you I’d bet around 95% them are doing nothing to market themselves or utilizing incorrect practices for personal branding.
I bought a new car 6 months ago. now I’m getting a lot of flyers from the dealership to trade it in. is there a benefit for me to do that? I’ve read that dealers will make more money on the used car so they’ll give me incentives to trade my almost brand new car for an actual new car. I’m tempted because there’s a new model of the same car I have that just came out with a bigger engine, which I like more.
The way consumers make purchasing decisions is constantly changing, so it’s important to continually reevaluate your sales strategy with your staff. Selling any type of product or service can be a fine line to walk–you have to find that perfect balance between being persuasive but not arrogant or annoying.
While Tesla is starting with expensive vehicles, they clearly have mainstream ambitions. They are investing to build a big car company. How hard is it to build and sell cars in the USA? Look at it this way: Tesla is the second oldest publicly traded auto company in the United States behind Ford. GM went bankrupt and went public four months after Tesla. Chrysler remains private following its own reorganization.
Unless what you sell is a “one and done” type of product or service, learning how to build rapport with your customers is the most powerful closing tool you will ever enjoy using. The biggest danger in building solid relationships with your customers is that you may end up being uncomfortable building any profit in your deals.
Does the idea of “talking numbers” fill you with dread? It shouldn’t. Negotiating doesn’t have to be a drawn-out, traumatic experience. If you are reasonable and have a plan, chances are you can make a deal pretty quickly and easily:
Most importantly, LISTEN. Your customer will tell you what they want. Find their needs, sell to their needs, and you’ll always do fine. I find that the biggest mistake a new salesman/woman makes is they want to show off their product knowledge first, and lose sight of their customer’s interests/needs.
Should your dealership be on every social network available or concentrate on just a few? How can dealers find sales on social media without alienating their “friends?” What tools are available to help dealers manage their social media efforts? Is advertising on social networks a good idea? These are all great questions, for which there is no short answer. The truth is, it depends on your market demographics, location, and marketing strategy. We can, however, examine some of the different social networks and tools available and take a look at how they work and how they can work (or not) for your dealership.
There are other issues that rebranding automobiles fixes.. What does owning a GMC truck mean, especially when Ford’s F-Series leads the US automobile market and the Dodge Ram isn’t far behind? The top-selling GMC truck is the Sierra with its many versions, but trails far behind many other truck brands.
#1 Cochran, based in Monroeville with 21 dealerships generating $550 million annually, owned two Saturn dealerships and is betting that simplifying car buying will allow it to capitalize on volume sales instead of profit margin from any one car.
Don’t forget that it is important to understand you customer before you build your sales strategy. One place to start is by reviewing your customer’s annual report. Here’s a quick 20 minute guide on how to read an annual report for sales insights I found yesterday by Executive Conversation http://www.conversation.com/ideas-and-insights/post/how-to-read-an-annual-report-in-20-minutes/
“Since TradingPartners started working with IBISWorld, we have been able to build upon our category knowledge providing a deeper dive into all the interrelated factors that affect each market, especially regarding global impacts to the US market.”
So after hosting 3 of these conferences I haven’t been moved as much by any speaker as I was by Marcus Sheridan. Okay, that’s a lie. Theo Fleury was unreal last year but it’s pretty hard to compare those two topics.
One of the problems with supercars though, is that people don’t tend to buy them online, so McLaren had a challenge on their hands when it came to moving away from traditional car marketing channels and expanding their digital footprint.
2. The six separate businesses under the roof of the traditional dealership will be unbundled. The integrated model — new-car sales, used-vehicle sales, finance and insurance, service, parts, fieets — was established early on when automobile retailing was still a new industry. In today’s world it makes little sense. Different operational structures will be required to serve a variety of customer needs and economics.
When business processes were simpler, IT could analyze the process and improve it without input from the business. But today many processes are triggered on the fly by the customer, making a seamless customer experience more difficult to build without the benefit of a larger, multifunctional team. In a highly digitalized organization like Amazon, which releases thousands of new software programs each year, IT can no longer do it all.
I once sold a car to a man in his early 20s. He came in with a buddy of his and wanted to test drive an older Mustang we had, a Mustang that had been on our lot for quite some time. But he didn’t buy that day. He came back a few days later with the same friend, but I was busy with another customer at the time, so a friend of mine who is my “floor partner” helped him.
30. Don’t try to pick apart a used car in hopes the dealership will offer a dramatic discount. The dealership is likely aware of every scratch, ding or dent. Instead, ask the dealership to fix the problems, if possible. Remember, though, that all used cars will have signs of wear. They’re used.
Pricing is an important consideration in most customer’s decision making process. Consumers will also search for reviews and deals on a certain model that catches their eye. If your brand isn’t appearing on these searches, a user may get it into their heads that they can’t afford your car, even if that isn’t the case.
Ford has more equity in its brand than the other two. We associate it with the Ford family, starting with Henry Ford and his invention of the assembly line in 1913 and the Model T. (Note: Contrary to what many believe, Ford did not invent the automobile. Carl Benz invented it in Germany in 1886. It was Ford who invented the process that made cars available to the general public.)
Greet the customer with enthusiasm. When a customer enters your dealership, approach them with confidence, warmth and kindness. First impression is so important and the customer needs to feel like you are being authentic with them. Meet the customer in a way that doesn’t feel overwhelming or overbearing, but in a way that shows you are there to help.
Yes, the traditional way of selling a car still exists and thrives today. This includes buying a car at auction and selling it through tried and true advertising methods. However, there are more options our members utilize to generate even greater profits.
Typically, buyers negotiate for a discount from the manufacturer’s suggested retail price, the highest price for a car. Many buyers consider the negotiating process to be contentious, and often feel they’re in the dark about the true retail price for a car.
Similarly, MINI USA uses the power of social media to engage and share; however, the automotive company also sees it as an opportunity to do more with less. “Our competitors outspend us by five, 10, 15 times more in their marketing spend,” says Tom Salkowsky, marketing manager at MINI USA. “We need to be both clever and feisty in our tonality and in our media buys. digital affords us that flexibility and quickness.”
The car dealer CANNOT charge you for using the vehicle you purchased from them. For instance, it cannot charge you for the miles put on the car during the 10-day period. However, you are responsible for any physical damage to the car during the time it is in your possession.
I am reading all of these comments and there is just one thing missing. I am currently in the car business and I make over 6 figures a year. Here is the one thing that is missing, you have to build the value in the brand that you are selling, which means that you have to focus on what is important to the customer when it come to their next vehicle. It is really just that simple. I focus on how that vehicle will change their life and provide them with everything that they had hoped for in their next vehicle. And they get a well crafted presentation and demonstration all of the time!!! From their you get your good gross deals and your repeats and your referrals!!! People don’t mind paying a little more for something especially if they think that the sales person did a great job! Focus on value and what the customer perceives as value!
It’s rather simple….you just need to have a professional attitude, enthusiasm, and good product knowledge. In my book “Becoming an Automotive Sales Professional” I try to teach this with all it’s nuances of working in the career of a professional sales advisor.
As with all forms of digital advertising, this type of content must be useful and informative. Most importantly, drivers must not get distracted by the ads, which could present a serious safety hazard if not handled properly. When it comes to in-car marketing, relevancy and moderation is key.
May and June are prime time for high school and college graduation, and one of the most prized gifts a graduate could receive is a brand new car. Wouldn’t it be great if your dealership could make that happen for a local grad? The terms of the contest are obviously up to you, but when a car is up for grabs, word has a way of traveling fast and making your dealership look incredibly generous.
Yes and no. Cash in hand will offset the cost of the monthly payments. If you’re willing to part with $1000 to cut the payment by $20, then do it. Put $5000 down? Payment will be $100 less per month. Alternatively, pocket the money, go on vacation, and just pay the extra $20 a month, it’s completely up to you and what you want to do. Just accept that you’re going to have a payment, and you have to be comfortable with it every month. If you’re stretching to make it every month, it might not be wise to throw it all on credit.