Implement these strategies now to boost dealership sales and thank us later.
A sketch of a person on the steps, moving towards a light bulb that shows progression and success.
Every business wants to grow more, succeed, and increase profit. Dealerships are no different when it comes to profitability. Yet, there is no simple formula to boost dealership sales. Your profitability depends on multiple factors, and identifying such factors is not as simple as it may sound. As they say, the road to success and the road to failure are almost exactly the same. The only difference is the road to success is much longer. Boost dealership retail and f&I sales by following these 4 steps:
1. Level up your employees’ skills
The process of improving a dealership’s profitability starts with the right person in the right role. To emphasize, hiring demotivated sales and service personnel can diminish customer relations and trust and influence your profits negatively. On the other hand, if you have the right people on your team, you could close the deals faster and build a strong relationship with the customer. Additionally, having skilled and adequately trained personnel would significantly grow the prospects of making a second sale.
Significantly, a dealership with well-trained employees is like an equipped handyman who has all the necessary tools and techniques to get their job done. To emphasize, employees do not come to work to fail. They either possess insufficient training, or they might be in the wrong role if they have been trained and are still underperforming. It requires a management decision. Therefore, personality and cognitive analyses to place the right person in the right role are critical for recruiting and retaining a strong workforce.
As the automotive industry insider for over three decades, we cannot point out the benefits of employee training enough. For example, well-trained personnel efficiently grow customer satisfaction. Consequently, a satisfied customer can become a brand advocate for your business. They cost less to serve and are typically willing to pay more than other customers. They often act as word-of-mouth marketers for your company and are highly likely to refer their friends, family, and acquaintances to your dealership.
2. Leverage technology and expand your market with AI-powered tool
What if we told you that you can get more than your fair share? What if we told you that you could have a bigger piece of the pie? You will never be asked to trade off your ethics or your moral standards. Instead, leveraging AI-based technology can provide you with data to get in front of your shoppers first and reach out with relevant offers and messaging.
Additionally, putting your highly trained people in front of highly qualified prospects—based on the data insights would create the perfect opportunity to get “more than your fair share.” In other words, instead of closing 2 out of 10, they can close 3 or 4 out of 10.
Furthermore, advanced tools can equip you with data to win more business and insights into what channels your shoppers are using, what are their motivation to buy, and ways to connect with your potential buyers before your competitors.
An AI-powered marketing tool can help skyrocket your sales and help you pave your way towards success. Reach out to us using this form to learn more or schedule a demo of this marketing tool. See for yourself how your dealerships could significantly benefit from advanced AI technology.
3. Introduce F&I with conviction to boost dealership sales
To grow your dealership profit, you need a strategy for your finance and insurance products and departments. Evidently, change in the customers’ driving habits, and behavior is influencing the purchasing decision now more than ever. As a result of the pandemic, people’s risk tolerance has shifted towards the conservative direction. In other words, people are less willing to take risks.
Therefore, it is an opportunity for the F&I staff to present useful products, help them understand the benefits, and reduce your customers’ distress. GAP coverage, vehicle service contract (VSC), and ancillary products such as Brake Plus and Forever Start could serve the unique needs of your customers and enhance their overall ownership experience.
For example, selling about three products per vehicle retailed equates to earning an average of $200 to $300 more PVR. Offering products that speak to what the manufacturer does not cover can close the deal faster and grow your profits.
4. Stay aware to stay ahead
Yes, you have been in the auto industry for a long time. Yes, you have gained good experience. Yet, there is always going to be more you can be aware of to beat your competition. Staying ahead of the industry trends, cutting-edge products, and beneficial services could make a huge difference. Knowledge of little details such as product features, benefits, and coverages could do the trick.
For example, do you know that you could offer GAP coverage of higher value—150% LTV, which has better coverage, and less risk at almost the same price as GAP 120% LTV? You can access the GAP 120% LTV vs. 150% LTV comparison here.
We can help you boost your dealership sales
You must have heard information is power? Staying in the know will not only increase your profit but also increase the trust of your customers. The PRO team specializes in identifying opportunities to make sure you stay ahead in the game. Contact us for the inside story on what makes a dealer more successful than the other and how you can claim your seat among the top dealerships.