It’s an understatement to say this year has been unpredictable. In the last few months, showroom traffic has recovered due to pent-up demand and stimulus checks, but there’s no guarantee these levels will stay consistent. Dealers are reporting higher volumes of internet and phone leads due to changes in customers’ daily lives, e.g. people working from home and resistance to going out unnecessarily. How is your dealership keeping up with these shifts in traffic?

During the…

You may be familiar with the saying, “Never let your emotions overpower your intelligence.”  This advice is smart and logical, but how many people follow it?

When it comes to car buying, not very many. Emotions often take center stage.  

Don’t get me wrong. There’s nothing inherently bad about putting emotions first. Consider a…

The saying, “Everything old is new again,” applies to your leads. Old leads can become new sales when you use the data in your CRM to re-start sales conversations with customers who are still in the market, or in the market again.

This strategy is especially helpful if you’re not getting the volume of high-quality new leads that you’d like from your website and marketing efforts.…

Truth be told: we’re all addicted to our smartphones. Nearly 80 percent of the U.S. population owns one, and adults spend an average of 3 hours and 35 minutes every day staring at that small screen. And it’s not just for millennials - even my 70-something parents are constantly on their phones, texting and going online.

This constant connection and easy access to information lead customers to expect…

We all know that a sale is just the beginning of a customer relationship. But how do you manage that relationship so customers not only come back for service but also repeat sales?

Right now, dealers are focused on the here and now. I get it. Everyone is scrambling for used vehicles to meet the surging consumer demand as OEMs rebound from the slowdown in manufacturing. Used car inventory is low and the value of a trade has never been higher. Everyone is worried about coming…

We all know that a sale is just the beginning of a customer relationship. But how do you manage that relationship so customers not only come back for service but also repeat sales?

Right now, dealers are focused on the here and now. I get it. Everyone is scrambling for used vehicles to meet the surging consumer demand as OEMs rebound from the slowdown in manufacturing. Used car inventory is low and the value of a trade has never been higher. Everyone is worried about coming…

Many dealers have seen their online shopping tools be used nearly twice as much over the past six months. With inbound calls also continuing to rise, it seems consumer behavior modification is a natural response to the current climate.

So, what’s interesting about this? Phone and online closing rates are not corresponding to lead volume and the vast majority of customers still want to come into the dealership to finish the buying process.

 …

If your CRM helped you nurture customer relationships, could you transform more leads into loyal customers?

The short answer is “yes,” and here’s why:

• Today, a great customer experience drives loyalty, not product and/or price.
• Consumers expect personalized, relevant information to help them make the best purchasing decisions.
• Self-educated consumers want a consultative experience, not a hard sell.

 …

As the weather heats up, sales traditionally tend to cool down in the dealership. We’ve all been there. This year, though pent-up demand has caused sales to soar for some, economic uncertainty still looms over many car buyers, and it will be prudent to focus on multiple revenue streams.

So, how can your dealership weather the uncertainty and…

How well do you retain sales staff?  The average annual turnover rate for salespeople in our business is 67 percent, according to Automotive News.

That’s an alarming statistic when you consider it can cost upwards of $10,000 to replace one salesperson. This figure accounts for recruiting fees, on-boarding costs and potential lost revenue from missed deals.

 …

You’ve decided to get a CRM or replace an existing one. Now what?

A CRM system should help your staff connect with customers, increase sales productivity and provide actionable insights to deliver the great experiences that create long-lasting customer relationships.

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As states continue to loosen stay-at-home restrictions, will people continue to shop online for vehicles?

What I’m hearing from dealers is that digital retailing tools are a great research platform and the majority of consumers prefer to complete some purchase steps online. But, many  consumers still prefer to complete deals in the traditional…

Are you ready for the glut of lease vehicles about to hit the market?

According to J.D. Power, nearly 2 million vehicles are coming off lease over the next five months. Attracting and selling to end-of-lease customers is a huge opportunity to emerge stronger from the current market downturn.

Competition for these buyers will be…

Your dealership likely spends a lot of money each month for internet leads. Are you responding to each lead within minutes? If not, you’re throwing money away.

Fast responses win business. According to a study from the Harvard Business Review, companies that respond to a lead within the first hour are 7X more likely to qualify that lead (defined as having a meaningful conversation with a decision maker) than those who respond even an hour later.

Those who…

Various industry studies show over 80 percent of customers want to start the car buying process online. So, it makes sense that more dealerships are implementing digital retailing tools.

Today’s customers expect an Amazon-like online shopping experience that is connected, seamless and easy. If your digital retailing tools and process don’t deliver, customers will choose another dealership that can accommodate their needs.

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In our digital world, it can be easy to discredit direct mail – but that’s a mistake.

According to the Direct Marketing Association, direct mail has a response rate of up to five percent versus just under one percent for digital.

That makes sense when you consider that it’s not unusual for the average person to receive 300 emails a day, half of which they delete without even opening. On the flip side, the average person may receive only three…

We all know new leads are important and you always want to keep that pipeline full. But attracting new customers is expensive, and making more money while spending less is something that every business wants to do.

What if I told you that you could save both time and money by nurturing the relationships you already have in your CRM?

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The vehicle sales forecast for 2020 looks strong, with S&P Global Ratings expect sales to hit a relatively healthy 16.8 million units. But earning your share of this market depends a lot on how well you manage your inventory: what you stock, when you stock it and how quickly you can get vehicles off your lot. The following inventory strategies will set you up for a profitable New Year.

 Clear out the old and bring in the new.

Don’t waste…

As 2019 draws to a close, all of us at Elead would like to thank you, our dealer partners and customers, for a wonderful year.

 As a token of our appreciation, we’ve compiled a list of our best blog articles on automotive retail from 2019. These insightful articles will give you all the tools you need to grow your dealership’s revenue to new heights in 2020.

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It costs most dealers about five times as much to acquire a new customer than to retain those they already have. Yet, increasing customer retention by as little as five percent can increase profits by up to 95 percent, according to the research group Bain & Company.

That’s because loyal customers and enthusiastic fans will keep coming back - and they’ll refer friends and family to your dealership. Loyal customers also tend to prioritize great customer…