For the last ten years selling vehicles online has been about posting inventory and putting a low price on that inventory to get the attention of the prospective online auto shopper. Then came pop-up coupons on dealer websites offering a $200 or more discount to entice buyers to give up their contact information. These strategies focus on inventory and price, inventory and price, inventory and price. Aren't you getting tired of all that? Once you have trained the customer to focus on price it becomes difficult to change the topic to anything else.
Lets pause a minute to look at some industry stats from recent studies:
- Of one million car leads submitted 45% did not convert to a sale
- Of all the leads that converted to a sale, 90% of those leads closed at a dealer other than the one who got the lead initially
- Over 80% of customers who get a price quote will shop that price quote
What these stats say is that the customer is flexible on the dealership they buy from, the vehicle they want to purchase and they will shop any price given to them. When they change vehicles as many do, the price they pay changes too, and that gives sellers flexibility for profits.
We all know that the customers leaving dealerships the happiest are not always the ones who paid the lowest price. If that is the case, why aren't dealers focusing more on getting customers in the door with a different value proposition? That is exactly what the Synergy Sessions Event will address in New Orleans. |