The Lot Blog
The fourth quarter is coming to a close. You’ve gone over your dealership’s year-end car sales, inventory and staff performance. Now you’re shifting gears to prepare for another year.
As with any other business, there are always opportunities to improve your car dealership business. As you’re mapping out your car sales strategy for 2020, here are five ideas that may help lead your car dealership to even greater success in the New Year:
- Know your top-selling vehicles
As you’re reviewing your dealership’s performance for the current year, you’re most likely keeping a note of which types of new or used vehicles are your most popular sellers. Knowing this information can help you decide which makes and models to place on your lot next year.
- Research your market
The most effective way of selling in your market is researching car-buying trends in your area. For instance, car dealerships that are located in colder regions might find that the wintertime is prime time for selling larger trucks and four-wheel-drive vehicles.
- Set clear, defined sales goals
Every dealership’s primary goal is to sell cars. To help increase your chances for success, try setting goals that are specific, measurable, attainable, realistic and time-based (SMART).
- Monitor sales performance
Keeping track of your sales team performance will give you a better grasp on what to improve. For instance, if several people on your sales team are consistently underperforming, it may be time to re-evaluate your sales training program.
- Prioritize customer service
Getting people in the door is only half the battle — the other half is keeping them there. One of the keys to turning a prospect into a customer is good customer service. You can also keep customers engaged by communicating with them via e-newsletters and offering promotional deals through customer referral programs.
At Credit Acceptance, we offer a range of resources and tools to help enrolled dealers succeed in their car business. To learn more about the benefits of enrolling in the Credit Acceptance auto finance program, fill out the Become a Dealer form on our website.