According to a LinkedIn study, sales teams who received 3 hours of coaching per month had a 17% higher closing rate than teams who received only 2 hours.
Negotiation time and the time to complete purchase remains the number one complaint of car shoppers.
According to a recent study that polled recent car buyers, the amount of time it takes to complete a car purchase continues to grind customers' gears.
In a previous blog post we discussed Convenience as a Pricing Strategy. In that post we talked about how instead of discounting your services you can actually charge premiums by making your dealership more convenient for customers.
One of the most common questions we get from dealers (especially in response to that post), is whether or not they should be using coupons to incentivize customers with cheap oil changes and other services they offer. In the previous post we were not saying that coupons or discounts are a bad thing. Coupons can be extremely effective when used the right way.
Today I want to try and give a little food for thought about your pricing and sales strategy by talking about one of my favorite subjects: pricing psychology. A good understanding of pricing psychology is a powerful tool for dealers because it shows that in the end it’s not the price that drives the customers behavior, it’s the perception of the price. In a sense, every pricing manager is also a perception manager.
In 2017, a total of 22.2 million U.S. adults ditched their cable, satellite or telco TV service. Subscriber-based services like Netflix, Hulu and YouTube are now the primary “TV” sources for an increasing number of households.
Picking up on our discussion of convenience as a pricing strategy let’s examine the results of the convenience audit we provided and address one of the major issues it most likely revealed.
If you did not complete the audit or read part one, you can find those here:
Most likely your audit revealed long wait times to get into the F&I office, as this is a common complaint among customers.
We’ve seen huge changes in the industry in the last 15 or so years that have forever changed how customers shop for cars, and in turn how dealers should be engaging and selling to them.
Now more than ever it is important to have a Marketing Strategy.
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