If you are just waking up into this thing called the 4th quarter,or are wondering how you can do more with less?
Then you NEED to read the following…
NADA cites that among the traffic coming to your dealership for the first time – you are only going to close 9% of these customers during their first visit. To everyone who has the ego that “you get me the traffic and we’ll do the rest” I want you to pay very close attention to the next few sentences.
NADA cites that you will close 67% of all prospects who return to your dealership for a second time. Wow, an amazing number but a true one. So why is it that the average closing rate according to the same source NADA has only been around 17% for the last decade? The reason is you are not getting the second time visits or B-Backs as we call them back into the store at a level even close to what you are seeing in first time traffic.
The job of an automotive advertising agency such as mine is to get you the traffic. I know that, this is not a sales tactic or method to dismiss low sales volume due to the market. But the job of a great automotive advertising agency in this day and age is to “inform” their dealers about how to get more with less.
My close friends and business partners who are running dealerships now are some of the best retail-oriented, and shrewd car guys I have ever had the please of working with. They understand just because a sales meeting is held that covers a broad range of topics that is not enough to make sure that the salesmen in their dealerships are covering all the bases and using the “road to a sale” mentality. Follow-up, Follow-up and follow-up some more can be the difference in your dealership taking over in this market or just barely surviving.
Put measures in place and then you yourself must follow-up daily to make sure that your sales people are constantly following up with their first time prospects. By doing this, you will sell more than you think you can sell this month and you will make more money.