The chip shortage is not a secret. Consumers know it is a seller’s market. So, use that to your advantage. Pivoting your message to promote your dealership’s willingness to purchase their vehicle can drive inventory for your lot, even if it does not lead to an immediate sale. I recently spoke with an independent dealer who applied this strategy in Q3 2020 and leveraged their marketing to Active Shoppers® to drive trade-ins, stabilize inventory levels and keep their sales pipeline full. This led to three straight quarters of YoY sales gains of 23% and higher.
And over my 18 years partnering with dealers, I have helped clients in recent years use this messaging approach which utilizes data-driven precision to strategically garner inventory. On average, sales influenced by this approach has yielded 19% more trade-ins for our clients. If you are not already considering this tactic, make the pivot.
Not only can you promote your trade-in capabilities in your marketing, but also, this is an opportunity to promote other benefits of your dealership. For shoppers unwilling to “settle on just any vehicle” or those delaying their purchase, consider messages which feature service specials that can earn their business now or promote offerings that make their life easier for future purchases, such as online retailing, ease of financing or post-purchase service specials.