Do You Have A Plan For 2019?
A recent study showed high levels of optimism for independent dealers. But optimism alone won’t help you sell more cars. Hopes without a plan will only lead to disappointment, so now is the time to chart your course for the upcoming year.
Equifax and NIADA combined to put together research regarding independent dealers’ optimism for the upcoming 2019 year. Much of the data released showed that independent dealers have high hopes for 2019, making it vitally important to have a plan of attack. With what many dealers believe to friendly market conditions on the horizon, being prepared will help you take advantage of an aggressive market.
With this in mind, let’s cover some of the statistics from the study and identify ways you can take action and capitalize on the opportunity that lies ahead.
47% of dealers expect economic conditions to improve. A strong economy means more buyers with more disposable income. If more customers are in the market for a vehicle purchase, you’ll need to capitalize on every lead you take in. How you communicate with these customers is vital. Integrating video communication with a tool like Covideo could revolutionize how you go about vehicle walkarounds, lead follow ups and more.
56% of dealers expect increased retail sales. If you expect more retail sales next year, now is the perfect time to master your F&I processes. Every retail sale when you don’t sell a vehicle service contract is a missed opportunity for additional profit. With more sales on your horizon, knowing how to overcome objections, upsell and increase penetration rates can help improve your profit on each sale. Exploring a virtual training resource is a great way to hone these skills from the comfort of your home or office.
25% of dealers think limited access to funding sources could make it difficult to secure loans. A fresh look at your lending sources could be in order heading into a year of big expectations. Having lenders in place that understand the value of a vehicle service contract on every deal not only removes the obstacle of getting a back-end advance, but also protects your customers and your reputation to foster repeat and referral business.