How Independent Dealers Can Grow Their Car Business
The Lot Blog
When it comes to running a used-car business, independent car dealers usually have two things in mind: 1) having sufficient capital and access to quality inventory, and 2) selling more cars to grow their business. Having a strong web presence, mobile technology, quality customer service and a good finance program can help independent dealers succeed in their market.
Strong Web Presence
According to Deloitte, car buyers spend an average of 10 hours doing research online before visiting a dealership. Creating valuable digital content (i.e. social media, blogs, videos, etc.) that consumers can digest from any device (i.e. desktop, phone, tablet, etc.) helps establish your dealership as a trusted resource, thus driving researchers to your website and, ultimately, your showroom.
Keeping this in mind, you also want to make sure your website is:
- Easy to navigate
- Mobile-friendly and search engine optimized (SEO)
- Visually clean yet appealing (professional photography, comprehensive listings, etc.)
- Clear and easy-to-understand
- Informative, welcoming and engaging
Use of Mobile Technology
According to J.D. Power, the use of mobile technology (mobile phones and tablets) during the transaction process improves customer satisfaction ratings significantly, while negotiations that involve handwritten figures and verbal quotes receive negative customer satisfaction ratings. Since consumers need to feel engaged throughout the car-buying process, managing the entire transaction using mobile technology reduces the need for the dealer to have to step away from the customer to privately negotiate with a manager, thus increasing efficiency, transparency and trust.
Quality Customer Service
Creating a seamless, quality customer experience is another way independent dealers can become top of mind with car buyers. A few ways independent dealers can do this are:
- Building a positive customer relationship by helping them purchase a car that meets their needs and budget
- Following up with your customers in a timely manner
- Using technology to streamline the car-buying process
Financing for Used Car Dealers
Working with the right auto financing program can also help position your dealership to be a leader in your market. Credit Acceptance is an indirect subprime auto finance company that helps independent dealers like you obtain the funding and technology you need to successfully run your car business.
With our proprietary Credit Approval Processing System (CAPS®), dealers can receive an approval on every customer entered into our system within 30 seconds, saving you considerable time on the application process. We also offer same-day funding with eContracting, empowering you to sell more cars and generate more money to buy inventory.
More than 12,000 car dealers across the nation are thriving in the subprime market with the help of our program. Last year, we paid enrolled dealers nearly $4 billion in total funding and $180 million in Portfolio Profit.
If your independent dealership is looking to increase its bottom line and market share in used-car sales, fill out the form on our Become a Dealer page to learn more about the benefits of joining our program.