Last week’s episode of David Long’s All Things Used Cars was round two of Working The Facts. Some of the key questions and answers that were addressed:
❓: What should we be focusing on in the post-Covid era?
🅰️ : The industry is demanding a shift towards a more informed approach. It's vital to not only highlight the features, benefits, and advantages of your vehicles, but also transparently address customer concerns regarding affordability, durability, and safety.
Salesmanship remains critical, but it's now even more intertwined with effective lead management. This includes categorizing leads by interest level, segmenting them based on preferences, and ensuring prompt and personalized follow-ups. A lack of systematic lead management may lead potential customers toward competitors who are more attentive.
❓: Okay, but like, how?
🅰️ : The key here is going to be tracking the data. Think of it as trying to win a game without knowing the score – it just doesn't work. You've got to keep a close eye on what's happening, or you're essentially navigating in the dark.
When working with facts and data, it’s also important to be aware of biases that can mislead decision-making. Ensure that you consider a broad spectrum of facts and data to avoid making decisions solely based on skewed or incomplete information.
❓: How about used cars? What's the strategy there?
🅰️ : It's imperative to keep a finger on the pulse of both dealer-driven and consumer-driven demand. While dealer-driven demand reflects your dealership's supply and sales strategy, consumer-driven demand represents what your customers are seeking. These two indexes may not always align.
❓: What's the game plan when there's a curveball like a strike or something?
🅰️ : It's crucial to strike a balance between preparedness and panic. A good rule of thumb is to have an informed buy plan in place that matches your steady pace of sales. Regularly review and adjust this plan to maintain a healthy inventory balance.
❓: Any tips for effectively selling all that inventory?
🅰️ : While your sales team should be enthusiastic about each car in your inventory, you also need an analytical team dedicated to working with the cold, hard facts. Avoid being emotional and instead price your vehicles strategically based on factors such as market demand, time on the lot, and competitive pricing.
🎧🎙️ Listen to the full replay on Clubhouse here. 🎙️🎧