Professional Community for Car Dealers, Marketing, Advertising and Sales Leaders
According to AutoMD.com, more than three-quarters of respondents to a 2012 car-buying attitude survey found that “78% now say that 10+ years (or until it dies) is the appropriate vehicle lifespan. Most telling is that over half say that a better economy would not change their habit of holding onto their vehicle longer.”
You may feel shackled by this reality, but in fact you have much control over how the buy cycle influences your dealership. I can make such a statement because this sales strategy sells cars to individuals that most sales associates never consider!
My unique sales idea is for your dealership to create its own buy cycle. Dealers doing this accomplish three important goals:
(1) They sell or lease another new unit
(2) They typically take in low-mileage, newer model trades they sold originally, and
(3) They keep the customer within the dealership family, improving retention and loyalty at substantially less cost than traditional marketing to new prospects!
Creating your own buy cycle may seem daunting, but there is help. In fact, most everything needed to create this more-frequent buy cycle most every dealership already possesses: the dealership customer database and telephones!
The first step is to conduct a deep customer profile analysis of the customer database. You can pursue these existing customers and specifically target those who bought new vehicles from the dealership within the last nine to 24 months. These are sales opportunities that few sales associates (or even their managers) would even consider to be in the market again so soon.
Many of these customers would like to be in the market for a new one – if the economics would work in their favor. That is, if they could move up into newer vehicles or different models, colors or options, for a similar payment to what they are making currently.
These customers frequently share these characteristics:
Because most people seek instant gratification, your ability to put them into a new or different model without causing them financial burden means most of them will entertain your offer. . Simply take them out of the model they’re now driving and put them into a newer model that better fits their wants and needs, today.
About the author: Jeff Cotton is Vice President and Co-Founder of AutoAlert, Inc., a leading customer database analysis and sales strategies company. He is a former sales professional with Fletcher Jones Motor Cars. Contact him at firstname.lastname@example.org and visit www.autoalert.com