Professional Community for Car Dealers, Marketing, Advertising and Sales Leaders
You know about the elephant, that “topic” nobody seems to want to recognize and talk about. There’s a big elephant in the middle of most sales floors. This elephant is called missed sales opportunities.
These missed opportunities are ups that flow in and out of our showrooms:
Sales people thirst for the fresh up, but their opportunity is the elephant. This elephant is made up of be-back, repeat and referral ups that statistically are the big missed opportunities in car sales. Here’s what I mean. CAR-Research statistics tell us something very different from the industry rule-of-thumb rate of 18 percent fresh up closing rates. In fact, of 100 fresh ups who come into your store, just nine will buy -- just 9 percent of fresh ups buy!
This is the opportunity we chase in closing percentages and gross; when the elephant is easier to catch and more profitable. Our research also shows:
Yet we so often fail to follow up with customers:
Our elephant of missed opportunity is a big one – closing rates with five to six times greater closing opportunity than the daily up that crosses our curbs every day.
Think about this math for a minute... If you have 100 fresh ups:
We must work daily ups to keep the customer base fresh. But we do more damage to the long-term health of the dealership and to individual sales careers when we neglect to continue important relationships with customers and fail to ask them for referral business.
Is the elephant eating your sales career one bite at a time?
Let me know if you have any questions. Thanks!