7:20 am, December 4, 2021
The pandemic has in some way affected every industry, company, job and person.
Some of the side-effects, such as the semiconductor shortage for example, have had a huge impact on the new car market, which has severely affected valuations of cars and impacted on the used car market.
After discussing some of these issues with quite a few new and used car and motorcycle dealers, some of this negativity has turned into fear.
However, it’s not all bad news – we work in a vibrant and agile industry that knows how to sell, and we have overcome many obstacles before.
Rather than focus on what we can’t control, it’s always a good idea to focus on the positives and what we can control. I spoke with our external business development managers and here are a few pointers that they said would be worth considering:
Buying Stock – Using private customers or even ‘employing’ family members and friends to search for private stock online for you.
Some dealers have incentivised their followers on social media to search for stock for them and are offering a monetary reward per car they find.
It’s also worth looking back through your previous customers who bought a car from you two to three years ago and contacting them to see if they’re in the buying cycle again.
Here at First Response Finance, we’re flexible on age and mileage so we can finance vehicles that many dealers wouldn’t previously have thought possible, especially with older models.
Lender Direct – Use finance companies directly so you maintain control of your finance customers and get those finance companies involved with your business, too.
Here at First Response Finance for example, we have dedicated account managers available on the phone or face to face who can discuss different strategies with you on how to increase your dealership’s online visibility, conversion and finance penetration.
Don’t Stop Advertising – You can look at previous advertising media that you may have dropped.
Maybe consider some additional on-site advertising and messages. Review your website – do you have a clear, understandable and compliant finance message on your website and across all platforms, including social media?
Times have been tough and will more than likely continue to be challenging.
What we should all be focused on is what we can control and how we can apply positive changes to what we do, ensuring that we maximise the business that we process.
You are not alone, and First Response Finance will be there with you every step of the way.
If you want to discuss any of these options, please give us a call on 0115 946 6365 or email us on [email protected].
This column appears in issue 165 of Car Dealer, which is packed with news, views, reviews, interviews and much more. You can read and download the magazine free via this link.
Richard Pygott is digital marketer and LinkedIn outreach specialist for First Response Finance. Call him on 0115 946 6365 or email [email protected].
