• Be prepared when the customer gets to the showroom
• Price competitively using condition, mileage, demand and convenience
• Leverage sales payplans
• Work the entire deal price, trade, accessories & F&I
• Understand that there are going to be different kinds of buyers but that all buyers want the same thing they just want it in different ways
• “Your enemy is not the customer, it’s the competition” I love this quote from Ed
• Leverage all bullets to get on the customers short list
• Understand its not just about the sale there is a ongoing service relationship here that has more profit potential than the sale
• Fear & Trust – all customer have fears, transparency breaks down fears and builds trust. This comes through sales training and good supporting documentation.
I’m pretty sure I just summed up the comments to this discussion in 9 bullet points. What does all this mean? Well if you ask me it means that you can’t just be good at one thing you're gonna have to be good at all of it.
In the past I knew dealerships that specialized in special finance, some that specialized in price negotiation some that specialized in the dreaded 4 square, some that had great advertising, some that were just willing to outspend everyone else in the market. The point I am trying to make is that these dealerships found one thing and drove it home and it worked. It worked because the customers shopping experience was extremely limited. In a recent tweet I saw a stat from AutoTrader I agree with the number of dealerships visited has dropped from 3.6 in 2006 to 1.8 in 2010. I have no doubt that is a true stat, but if you take into account the number of website visits as a dealership visit then I believe that stat is off by multiples.
Those who follow me here have heard this 1000 times and I apologize for being redundant but I think we need to drive this in our heads.
We will have to give the customer “what they want, when they want it, the way they want it” and to make gross doing that you will need to bring you “A” game, all 9 bullet point above and always be testing new ideas to get more.
I think your 9 bullet points nailed it Larry. I agree that's it's tough to just do a thing or two right it in this market as well. The successful dealers are doing lot's of things right and bringing their A Game to everything they do!
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