It is no secret automotive businesses are currently facing low inventory. Supply chain delays are going on all over the world. This current dilemma continues to impact sales. Due to these impacts on the industry some automotive companies have turned away buyers because they do not have enough cars, trucks, and SUVs on their lots. This is why it is important right now to pivot your marketing strategy and grow your profitability, especially if you are a car dealership. That being said, we are here to provide three ways you can have strong auto sales when inventory is as low as it is now.
Open to a new type of audience
When your regular audience may not be financially capable to purchase a car at the time of your sale, it may be time to try a different audience of right buyers. Open the back door through your service department to new, future sales opportunities.
To reiterate, people are using their cars more, which is increasing the wear and tear on their vehicles, which drives increased demand for more service appointments and new vehicles. Target the right people by messaging people who need a service appointment for their car or after the service appointment realizes they want a new car. This will help you as a business find another way to become profitable, leading to future sales opportunities.
Fill up sales pipeline & start a sales dialogue
Ever thought about capitalizing on the opportunity to market your service department? Everyone who owns a car eventually needs some kind of service or part for their car during its lifetime. Creating opportunities to market in your service department can boost sales in an already known profit center, while inventory is low.
When customers are in a service bay, start a sales dialogue for them to stay engaged until inventory returns to normal. Below are a few ideas to consider when working on a sales dialogue and keeping your customers engaged:
- Ask candid questions and make notes about their preferences.
- Inquire about their purchase timeline.
- Expose them to new vehicles on your lot.
- Confirm contact information during each service appointment.
- Reframe the mindset of service department employees. Motivate them to build relationships with customers.
By considering some of the above ideas, you can enrich your sales pipeline. During this time when there is low inventory, customers will most likely appreciate your efforts and continue their loyalty when you continue to build a relationship with them.
Pinpoint potential buyers
Target audiences who have the interest and financial ability to purchase a vehicle. At Equifax, we help automotive marketers pinpoint potential buyers based on:
- Real-time income & employment data
- Financial capacity to afford a new vehicle
- Estimates of credit availability, household income, & discretionary spending
- Propensity to buy a new vehicle
Prospects who are more likely to mature into high-quality sales prospects can grow your service sales and vehicle sales at the same time.
For more on how our premium automotive data and analytics can deliver the insights you need to grow your business, visit us at Automotive Dealers | Business | Equifax.