A car shopper was looking at a brand new Toyota Camry but he ended up buying a pre-owned Honda Civic. This kind of consumer behavior in the automotive industry should no longer be surprising to car dealers. However, many are still unaware of this phenomenon, boxing their offers and sales opportunity in what their car leads were first interested in.
The truth is, new car leads do not necessarily buy new cars anymore, neither do used car leads buy used cars only. The study conducted by The Cobalt Group in 2007 showed that 41% of the 90% of the new car leads they have surveyed were initially interested in buying a new vehicle but were later sold used cars. Meanwhile, 36% were also interested in new cars but purchased them from brands different from the ones they had been initially looking at. These results tell car dealers that car shoppers are open to other options and could shift to a different interest later on.
However, the results also showed that 10% of the new car leads bought from the dealership to which they have sent their information. The remaining 90% went to other dealerships to buy their desired car. The study said that this percentage represents the lost opportunity that dealers often experience. This means that dealers could have gotten the leads and converted them into sales if only they had been quicker and more aggressive.
Considering the facts stated above, how then would you take advantage of the fact that consumers are open to other options? The sad truth is, many car dealers do not know how to take advantage of this great opportunity to make more sales out of their new car leads. Here are some techniques you should learn.
First, respond immediately. You have to keep in mind that you are in a competition and your competitors are swift. When you receive a query, get back to it at once. That interested car shopper might be stolen by your competitors if you are too slow to respond. When you respond, answer all the questions of the prospect honestly.
Second, do not give up on following up your leads. Keep your communication with them. Update your blogs and website with fresh content regularly. Promote special offers, discounts and new models in your car lot by sending them emails. Remember that leads close after an average of 90 days. Be patient and don’t stop pursuing them until they make a decision.
Lastly, lay out other options to your leads. Again, it is possible for a car shopper to shift to a totally different interest. Even if they are looking for a new car, try suggesting good quality used cars, for instance. You can also discuss the pros and cons to help them make a decision.Tags: New Car Lead, new car leads