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When More Leads is Not Necessary to Make Profit

Posted on: June 22nd, 2012 by credit

It is understood that dealerships like yours have to meet a particular quota of number of leads you should generate. There may be times when you have been acquiring enough, and perhaps sometimes even so much. However, you cannot expect that this will always be the case in your and other dealerships. There are times when you will only be acquiring fewer leads, especially if you are just relying on internet leads, depending on the season. There’s something that you have to know then: when and why do people not look for cars and car financing.

What should you do to make up in such seasons? A good solution could be making some adjustments in the sales process, which includes increasing the conversion rate. Here are some tips.

On your first contact with the auto loan lead, try to sound like you are excited to tell them that they are qualified for a loan. Tell them immediately what type of car and how much loan amount they are qualified for. In this way, you are creating a positive tone, making them feel that they are already approved. Moreover, keep in mind that on your first call, you are not to sell them a car or a financing program. Make it a point to convince the auto loan lead to come over to your dealership. In other words, he goal of the first call is to make an appointment with the lead.

Remember this: In order to avoid dilemmas in handling leads, never pull out a credit report or submit a loan application to lenders unless you were able to meet the lead in your dealership. Have them visit your site first before proceeding further with the loan application process.

Aside from increasing the conversion rate of your leads, you can also boost your marketing efforts. Promote competitive offers such as discounted car prices, lower interest rates, incentives, and promo deals. Use the available and timely resources to promote your dealership products. In the internet, use social media or email to spread the word about your dealership. You can also use traditional marketing efforts like direct mail marketing and auto sales events. These would not only generate you more leads but they can also turn into sales.

You should not lose hope when people seem to have not much interest in auto financing. In fact, subprime borrowers are resurfacing and are taking loans even if they are charged at premium. The reason is simple: With the economic crisis affecting household incomes, people need to secure their jobs, and in effect, their income. In order to do this, they’d need a car.

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