Car dealerships face several challenges when trying to sell cars. A highly competitive market, changing consumer behaviour, and economic uncertainty are just a few of the obstacles they must overcome. However, with the right strategies and partnerships in place, dealerships can increase their sales and grow their business.
In this article, we’ll discuss five key tips for boosting car sales and why partnering with the right car finance lender is essential for success.
- Offer Competitive Pricing: Customers are often price-sensitive, and dealerships must offer competitive pricing to attract and retain customers. Offering attractive financing options, such as special promotions and discounts, can also help drive sales.
- Focus on Customer Experience: Providing excellent customer service and a positive customer experience is vital to building long-term customer relationships. This includes offering personalised attention, providing accurate information, and following up after the sale to ensure customer satisfaction.
- Utilise Digital Marketing: In today’s digital age, dealerships need to have an online presence and utilise digital marketing tools to reach potential customers. This includes having a user-friendly website, using social media platforms, and incorporating targeted advertising campaigns.
- Partner with the Right Car Finance Lender: Partnering with a trusted and experienced car finance lender can provide numerous benefits for dealerships, including quick turnarounds, help with operational efficiencies, application decisions and processing, great commission, and a number of finance tiers on a rate for risk basis.
- Offer Trade-Ins: Allowing customers to trade in their old vehicles for a new one can effectively boost sales. By offering competitive trade-in values, dealerships can incentivise customers to purchase a new car and increase their chances of closing the sale.
- Don’t be pushy: Providing a non-pushy experience for customers is crucial for car dealership sales executives. Customers dislike feeling pressured or coerced into making a purchase, which can lead to a negative impression of the dealership and a loss of trust in the sales executive. Instead of focusing on making a sale, sales executives should aim to provide an exceptional customer experience. This can be achieved by actively listening to the customer’s needs, offering personalised recommendations, and being transparent and honest about the dealership’s products and services. By creating a relaxed and supportive atmosphere, sales executives can build rapport with customers, address their concerns, and help them find the right vehicle that meets their needs. The goal should be to establish a relationship based on trust and mutual respect, which can lead to repeat business and positive word-of-mouth referrals.
Looking ahead to 2023, the automotive used car retail market is expected to grow as more consumers opt for pre-owned vehicles due to their affordability and reliability. Dealerships that focus on offering competitive pricing, excellent customer service, and utilising digital marketing tools will be best positioned to take advantage of this growth.
Boosting car sales at dealerships requires a combination of effective strategies and the right partnerships. By partnering with the right car finance lender, dealerships can gain access to the tools and resources they need to succeed in an ever-changing market.
Looking to extend your lending panel?
Partner with Marsh Finance, a leading provider of motor finance solutions based in Rochdale.
Marsh goes above and beyond for its partners; check out their key benefits:
- We’re big enough to deliver, yet small enough to care, providing personalised attention and support.
- Marsh Finance offers bespoke terms and packages, ensuring that each dealership’s needs are met.
- Marsh Finance dovetails nicely with manufacturers and prime lenders as their product is based on a true rate for risk, which provides greater flexibility for dealerships.
- Dealerships receive a fixed percentage of the advance commission, with no third parties involved, allowing them to maximise their finance income per retail unit.
- Marsh Finance is an AutoConvert Partner, providing market-leading technology that enables dealerships to streamline their operations and increase efficiencies.
- Marsh Valued Partnerships Service (MVP) is tailor-made to help car dealerships and introducers navigate the ever-changing compliance landscape, increasing sales and improving operational efficiencies. With a dedicated account manager and various levels of accreditation (Bronze, Silver & Gold), Marsh Finance’s MVP service is designed to build stronger relationships and reward partners for their success in achieving high compliance standards and improved operational efficiencies.
Ready to get started? Contact us today!