SVR Tracking’s Post

#AutoIndustryNews 2024 offers a glimmer of hope for auto dealers navigating the tricky terrain of used car sales, despite lingering market uncertainties and a notable vehicle shortage. https://lnkd.in/eCeZsAwg

Car Sales Evolution: A Roadmap for Dealerships’ Future The inception of car sales traces back to the late 1880s when Karl Benz, the founder of Mercedes Benz, introduced the Motorwagen, a groundbreaking gas-powered vehicle. This marked the advent of the automotive era, with Benz selling approximately 25 Motorwagens initially. However, by 1903, demand surged, and around 60,000 automobiles were produced annually. #cardealership #carsforsale #newcar #usedcars #carfinance #carleasing #carloan #carshopping #testdrive #carbuying #tradein #carinsurance #carwarranty #dealership #autodealer #carshowroom #carbuyers #cardealers #luxurycars #preownedcars #leads #leadgeneration #generalmanager #dealerprincipal #bdcmanager #internetmaking #crm #bdc #dealership #leaderresponse #leadmanagement

There are about 17,000 new car dealerships in America right now, and every single one of them is vying for more customers in a heavily-saturated market. Advances in vehicle manufacturing are extending car lifespans, and new car buying channels are emerging, further challenging dealerships in their quest to expand their customer base. . While traditional tactics like free test drives and warranty promotions once held sway, today's car buyers demand more. 𝗔 𝗿𝗲𝗰𝗲𝗻𝘁 𝗚𝗼𝗼𝗴𝗹𝗲 𝘀𝘂𝗿𝘃𝗲𝘆 𝗿𝗲𝘃𝗲𝗮𝗹𝘀 𝘁𝗵𝗮𝘁 𝗮 𝘀𝘁𝗮𝗴𝗴𝗲𝗿𝗶𝗻𝗴 𝟵𝟮% 𝗼𝗳 𝗰𝗮𝗿 𝗯𝘂𝘆𝗲𝗿𝘀 𝗿𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝘃𝗲𝗵𝗶𝗰𝗹𝗲𝘀 𝗼𝗻𝗹𝗶𝗻𝗲 𝗯𝗲𝗳𝗼𝗿𝗲 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗶𝗻𝗴. This means the majority of potential customers are well-informed before entering a dealership, often relying heavily on third-party platforms instead of the dealership's own website or catalog. . Today dealerships need a strategic edge. They need to stand out from the crowd and build trust with online shoppers. That's where Reputation Sensei comes in. We are a reputation management and marketing agency dedicated to helping car dealerships leverage their online presence and build genuine customer relationships. . Learn more here >>> https://bit.ly/3SM8mM8 . #reputationsensei #carsales

We are soon to launch our new Motor Dealerships Cross Market Monthly Benchmarking Report. This will provide those working within the automotive industry with a series of KPIs across a number of brands, which we will use to provide an analysis of trends, issues and best practice. Ahead of the release of the first report, our Head of Automotive, Steve Preston, recently put together an overview and recap of 2023 motor dealership KPIs. #motortrade #automotive #motordealers

Margin compression affects every department of a dealership, notably used car reconditioning and used car appraisals. How do you manage margin compression here? With a focus on predictable outcomes. Learn More: https://lnkd.in/eXmJbwnV Dennis McGinn Rapid Recon

Car Sales Evolution: A Roadmap for Dealerships’ Future The inception of car sales traces back to the late 1880s when Karl Benz, the founder of Mercedes Benz, introduced the Motorwagen, a groundbreaking gas-powered vehicle. This marked the advent of the automotive era, with Benz selling approximately 25 Motorwagens initially. However, by 1903, demand surged, and around 60,000 automobiles were produced annually. #cardealership #carsforsale #newcar #usedcars #carfinance #carleasing #carloan #carshopping #testdrive #carbuying #tradein #carinsurance #carwarranty #dealership #autodealer #carshowroom #carbuyers #cardealers #luxurycars #preownedcars #leads #leadgeneration #generalmanager #dealerprincipal #bdcmanager #internetmaking #crm #bdc #dealership #leaderresponse #leadmanagement

The used car department can be tricky. I love the freedom of it, though. Unlike with new car departments, dealers aren’t handcuffed by OEM-imposed rules, regulations, or rebate programs. They can write the operating manual for how things are done within their used car department... They decide how to source and acquire vehicles. They determine how to approach pricing. They choose it all. As we know, with great power comes great responsibility. When it comes to their used car departments, dealers are free to make decisions that determine whether they succeed or fail. To succeed, dealers must consult the data, try different strategies, study what works, and, ultimately, build a department that can be relied on as the backbone of the business. Dealers will have different ideas, strategies, and approaches for running their used car departments. However, the data is clear on this point: If you want to maximize your revenue, price cars to sell. Jasen Rice has worked with 1000s of dealerships over the years. Through his work, he has found that a dealer selling 40% over 40 days old or 30% over 60 days old is likely losing something like $200 a pop on average. The difference between successful dealers and those who struggle is how quickly (or slowly) they turn inventory. Realizing the significance of this, Jasen and his team devised “the first 30” strategy. The premise is simple: If you increase the number of cars you sell in the first 30 days they’re on your lot — the goal for dealers is to sell at least 60 to 70% of vehicles in the first 30 days, according to Jasen — you will increase your gross and net profit. As Jasen points out, the challenge is that dealers get a fresh car and want to give it a shot to sell at a higher price, so they jack up the price for a bit and kill their turnaround time, hoping to make a few extra bucks on that one car. Please don’t make this mistake. The data doesn’t lie. Price cars to sell. Sold > For Sale #dealers #usedcars #retailautomotive

How do Websites Benefit Car Dealerships? A robust online presence is essential for car dealerships in the competitive automotive industry. A well-designed website offers several benefits that attract buyers and increase sales: 👉 Vehicle Listings: Showcase your inventory with detailed descriptions and high-quality images to attract potential buyers. 👉 Customer Reviews: Build trust and credibility by displaying customer testimonials and reviews. 👉 Online Financing Options: Simplify the buying process with online financing options, making it easier for customers to purchase their dream car. By leveraging these features, car dealerships can enhance their online visibility, drive more traffic, and boost sales. #CarDealership #CarSales #AutoMarketing #VehicleListings #CustomerReviews #OnlineFinancing #CarBuying #DigitalMarketing #AutoIndustry #DealershipWebsite #CarInventory #CarDealers #AutomotiveMarketing #WebsiteDesign #OnlineCarSales #CarMarket #DealershipMarketing #CarAgency #DigitalAutoSales #AutomotiveSales #CarBusiness #CarMarketTrends #AutoSalesBoost #WebsiteForDealers #CarSelling #CarRenting #CarLeasing #OnlineCarMarketplace #SEOforDealers #AutoReviews #CarFinance #DealerMarketing #AutoWebsite #DigitalDealership #CarRetail #AutoDealers #DealershipGrowth #OnlineCarShopping #CarCustomerEngagement #VehicleShowcase #CarWebsiteDesign #AutomotiveBusiness #DealerVisibility #CarDealerSEO #AutoSelling #DigitalCarSales #CarSalesStrategy

Why Car Dealerships are Struggling to Remain Profitable Right Now?? Car dealerships are currently facing several significant challenges that are impacting their profitability: Supply Chain Disruptions: A parts shortage has cut vehicle production. This has led to fewer cars for sale. Rising Costs: Inflation and high energy prices have raised dealership expenses, squeezing profits. Shift to Electric Vehicles (EVs): We need to invest in new infrastructure and training for the shift to EVs. This adds financial strain on dealerships. Changing Consumer Behavior: More consumers are buying cars online, bypassing traditional dealerships. This trend forces dealerships to invest heavily in digital capabilities. Increased Competition: Online retailers like Carvana and Vroom offer easy car buying. This intensifies competition and pressures dealerships to improve their services and prices. Economic Uncertainty: Higher interest rates are reducing consumers' purchasing power. This is leading to lower car sales. To stay profitable, dealerships must adapt online, diversify revenue, invest in EV infrastructure, and excel in customer service. These strategies can help them face today's challenges and build a better future.

Whether an auto dealership is on team EV or team ICE, communicating with new prospects and existing customers in a clear, concise and correct manner is an important part of operating a business: https://bit.ly/49nGS62 #NADASHOW #DrivingtheFuture