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Keeping Pace With the Competition as the Automotive Industry Recovers

Posted on: June 13th, 2012 by credit

The latest National Automobile Dealers Association (NADA) report says that there are additional 66 dealerships in the US in the first quarter of the year. With this and the slowing growth of net losses of dealerships, NADA’s chief economist believes that an even “more vigorous competition (in the industry) is on the way.” The report also implies that the automotive industry is recovering from the downturn it had experienced some 2 years ago.

The question for dealers now is, are they aware of this trend in the industry and are they keeping pace? There are two of the most important aspects in making a dealership profitable that dealers need to look at to catch up with, and even rise above, the ever-tightening competition in the industry. These are dealership marketing and lead conversion.

Dealership marketing has to be customized with the current trend in society and in the industry. As a dealer, you should be able to know what are the effective strategies to employ in today’s context. Knowing that the competition in the automotive industry is becoming alive again, you should try to use every available, effective, and timely marketing strategies there are to promote your dealership. Perform marketing efforts in a different level. For example, maximize the power of the Internet which is capable of reaching billions of audiences and spreading the information rapidly in just a matter of seconds. Make competitive offers as well regardless of the medium you use. Offer financing at good deals, competing against other dealers and loan institutions who are now more willing to accommodate higher risk buyers.

Meanwhile, lead conversion is an important aspect in making your dealership grow. Lead conversion starts with lead generation. There are many ways now on how you can effectively acquire more automobile leads and quality ones. Remember that some of your dealership marketing efforts are in themselves lead generation techniques. You can also buy automobile leads from lead generation companies like Approved Auto Leads which have also become more aggressive in generating leads for their clients. When you have acquired enough leads, make sure you respond to them immediately and don’t let them go since then. Pursue them by doing follow-ups and persist. The market for car buyers and borrowers are still there and your automobile leads will eventually turn into sales, especially if your offers are competitive enough.

Lastly, build and always maintain a good reputation. Your customers will keep coming back to you and even recommend you if they see that you are a credible and efficient dealership. Do this by providing value to your every marketing effort. Show honesty and sincerity in helping out your prospects with their concerns. Do not resort to deceptive advertising and pull off marketing strategies appropriately and wisely instead.

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