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3 Ways Auto Dealerships Can Increase their Number of Closed Sales
Louane Dumont
Are your marketing strategies bringing plenty of potential customers into your auto dealership, yet only ending up closing sales with a small percentage of them? It's important to understand that no matter what you do, there are always going to be customers who come in to shop and take test drives with no intention of actually purchasing a vehicle. However, there are also a good number of customers who are shopping seriously and will buy a car from you if the circumstances are right. By focusing on these customers and making a few changes to the way you do business, you can increase your number of closed sales.
Pre-Qualify Buyers for Credit While They're Still Shopping
Instead of having customers shop around, decide what car they're interested in, and then sit down to fill out their credit information, start doing things in the opposite order. Have buyers fill out their credit information so you can run a credit report and pre-qualify them for a loan while they're beginning to shop.
If you wait until after your customers have chosen cars to approve them for loans, you'll have a certain number of customers who, upon finding out what loans they qualify for, find out they cannot actually afford the car they want. Disheartened, they are likely to walk away rather than spend time shopping for another car. If you pre-qualify customers, they'll know up front what they can afford, and they'll only look at cars within that range, so you won't lose those sales at the last minute.
To expedite the process even further, work with a company that pulls auto reports to set up your website so that customers can fill in their information and get approved before they even shop for cars on your website. With the popularity of online shopping these days, this should help you greatly increase your sales percentage.
Offer Short-Term "Deals."
If customers think that the price offer they have is only good for a few days, they'll be more likely to make their purchase then and there, rather than "going home to think about it" and never returning. Thus, it's helpful to run multiple short-term sales, rather than a one month-long sale. This gives customers a sense of urgency regarding their purchase.
Advertise to customers that you're offering $1,000 of the manufacturer's suggested retail price just for the weekend, for instance. That way, customers who come in and get quotes for vehicles with the sales discount will be aware that if they wait to make the purchase, they'll pay a lot more. This will increase their chances of making a purchase then and there, rather than overthinking it and backing out.
Be Clear With Customers on What They're Being Offered.
A lot of customers are suspicious of car dealerships. They're worried they'll be taken advantage of or given an offer that's not as good of a deal as it initially appears. This can cause them to back out of a sale if they are not given what they think is enough information about the deal they're being offered. If the way your salesperson presents the deal is anything but completely clear and transparent, you're going to lose a percentage of your sales to these wary customers.
Make sure that the way sales deals are being presented to your customers is clear and concise, and that all of the customers' questions are being answered. You may wish to have mystery shoppers attempt to purchase a car from each of your salespeople and then report back to you as to how the experience went. It can also help to given customers printed versions of the proposed sales deals, so they can see everything on paper.
Getting customers in to your shop is important, but ensuring that they actually make a purchase can be more of a challenge. Follow the three strategies above, and you'll find that your number of closed sales increases. For more assistance, consult resources like NCC Direct, Inc.
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