The sales results of the current business year will definitely be worse than anticipated. The pandemic, protests, and fires have forced each dealer center to made unforeseen adjustments. The latest data from NADA about sales inspires optimism and hints at recovery in-car retail. But the spread of COVID-19 is about to increase, which, despite what some analysts say about increased demand for personal transport, may still reduce the flow of buyers.
We offer ways to increase sales while reducing costs in order to stay afloat in this "perfect storm."
At the end of the year, many dealerships face the problem of unsold stock. When a new car model becomes available and the manufacturer starts to advertise it, customers tend to seek out the model at the dealership. That’s why dealerships often sell new models easier at first, even at a higher price. While we may not witness this situation this year, because during the pandemic car manufacturers were shut down, the stock still needs to be sold. For an effective reduction of the costs, you need a good inventory tracking system like Zurich Connected Cars.
What does the use of a connected car inventory management solution imply for cost reduction? First, instant reporting allows for the ability to quickly view your inventory data to easily plan sales and prevent you from ordering too many cars. Sorting by model year and mileage can help you prioritize the vehicles you need to sell so you can replace them with newer and more expensive ones.
Online shopping was, for a while, the only shopping available this year. Although buyers are more likely now to make a purchase at a dealer center, they are still likely to conduct extensive research on the internet before making a purchase. That's why you shouldn't miss an opportunity to promote yourself on the internet—use contextual advertising and advertising on social networks. Do not hesitate to shoot video; it’s in great demand. Tell your customers that all precautions are being taken at your dealership and that you don't make clients wait long thanks to your dealership management system, which means they won't be nervous about being in a closed room for a long time.
When the seller is looking for a car while the buyer sits in the showroom for 15–20 minutes, the buyer often loses interest and leaves. We've heard it directly from customers who manage inventories of 350 or more cars: they lose about a dozen sales every month just because they can't find the right car at the right time.
Dealers using Zurich Connected Cars can find and monitor cars in real-time so that nothing comes between your customers and a test drive or sale. The detailed geolocation status that the system provides allows you to find the right vehicle faster. The ability to track the location of each vehicle means that lost inventory is a thing of the past.
Dealer inventory management can play a key role in speeding up the process and ensuring that vehicles are ready for immediate viewing or test drives by your customers.
Reducing costs, promoting dealership services online, and providing fast and comfortable customer service will be critical for dealers who are looking to overcome the impending waves of demand reduction. At Zurich Connected Cars, we want to support you and offer a free analysis of how to boost your revenue by $500,000.
Simply fill out the form and you will see how you can increase your monthly profit margin.