Dealership inventory shortages
“We need more vehicles to sell!” Sound familiar? The current dealership inventory shortage is impacting auto retailers across the country. However, there is an effective strategy to win more trade opportunities, instead of losing them to competitors in your market.
Historically, these are the 3 steps dealers follow:
- Identify quality trade-in opportunities
- Communicate value proposition to the lead/customer
- Sell a vehicle and take the trade
You might be thinking that you already do this – and I’m sure you do. The question is: how is that any different from your competitors’ process and strategy?
The typical strategy for auto inventory levels
I reviewed 10 different websites from dealers across the country to find the answer. One thing is obvious: trades are critical in this market. To no surprise, all 10 dealerships had a trade-in tool. Predictably, every dealer also had a variation of a “Value Your Trade” CTA on their VDPs.
The unfortunate thing: each dealer has had the same trade-in experience on each website, no matter the brand or location. To this point, six of the dealers I reviewed had a tab on the home page browser with a variation of “Value Your Trade/Sell Your Vehicle.” Furthermore, half of the dealers had a static CTA above the fold that prompted customers to “Value Your Trade” on their websites. For example:
By now, you see where I am going with this: each dealer wants to acquire trades, but all dealers are going about it the same way. Calls to action, static banners, and home page tabs are not enough to distinguish yourself in the market.
So, what is the solution?
How to solve dealership inventory issues
The solution: take advantage of an automotive artificial intelligence engine. That A.I. should identify which visitors are highly engaged and which ones are not. That way, it does the heavy lifting for you and your team.
What is that heavy lifting? The AI should work to convert visitors into quality leads and appointments. When it identifies that a customer is interested in a trade-in opportunity, a mobile app will put your most qualified team members in direct contact with them. That means more opportunities for you and your team, no matter when or where you might be.
Think about it. Instead of having the same mundane experience, shoppers can become leads. Or they can be “up’d” by a sales manager and have a conversation about their trade while they’re still on the website. When dealers use a smart chat tool, they find that it creates a seamless customer experience on the website.
Every dealer has a trade tool and emphasizes acquiring trades. To stand out, you should find a platform that will work to connect those opportunities with your best team members.
If you want more quality trade opportunities, I’m more than happy to talk to you! Contact me to schedule a time.