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Equity Mining

vehicle_exchange_specialist

ELEAD1ONE’s innovative data mining technology Xchange Trade Up is featured in the June/July issue of Fixed Ops Journal’s profile on using a vehicle exchange specialist.  Mark Queen, fixed operations expert and Partner at ELEAD1ONE, shared his insights on using a dedicated vehicle exchange specialist in your service department to identify sales opportunities.

More than 2000 dealerships use the ELEAD1ONE’s Xchange Trade Up equity mining solution to create new sales opportunities from their existing customer base. “A service department writing 50+ repair orders a day needs a dedicated vehicle exchange specialist.”

While having an equity mining solution that integrates seamlessly with your sales CRM and service drive technology is critical, dealerships that successfully sell vehicles utilizing data-mining technology have systems in place to identify conquest opportunities before the customer arrives in the service lane.

To see how successful dealers are encouraging vehicle sales among their service customers the Fixed Ops Journal article Dealership Service Lanes Can Be A Great Place to Talk Vehicle Trade-Ins. 

Your_Certified_Pre-Owned_CPO_Program

Are the headaches associated with bringing vehicles up to certified pre-owned (CPO) program standards worth it? For dealers, there’s certainly more work, money and time involved with finding, reconditioning and certifying vehicles for CPO programs.

On the surface, it may seem like the higher margins don’t really justify the higher cost of reconditioning and manufacturer fees involved.

But the financial equation isn’t that simple. The fact is, CPO programs attract a certain type of customer that is willing to pay a bit more for a used vehicle in good condition, along with a warranty, roadside service and other perks. This is exactly the type of customer you want in your database, and you have to look at the long-term value of that customer. Read More

Vehicle_Exchange_Program

How many vehicles do you sell out of your service lane every month? What if you could double that amount?

These days you need all the sales opportunities you can get. Next to digital leads and inbound calls, the service department provides the most sales opportunities. For every opportunity that comes in on the sales side, you may have three, five or even nine opportunities in the service department.

This is the low-hanging fruit. All it takes is the right in-store process, commitment and technology to create a vehicle exchange or trade-up program. With this type of program, we have seen dealers boost their overall new and used vehicle sales by 10 percent or greater within the first six months.

Here are the steps involved in creating a vehicle exchange program: Read More

Connecting_with_your_customer

Connecting with your customer has moved from persuading a customer to purchase a vehicle with persuasive pitches to a more genuine exchange built on creating a connection. By the time customers enter your showroom, they are well beyond seeing what the market has to offer. Instead, they are looking for reasons not to do business with you.

In this episode of AutoSuccess Magazine’s weekly podcast, Bill Wittenmyer outlines the positive qualities your interactions can lead to the sale, rather than the high-intensity sales pitch.

Additional lessons learned include:

Read More

Bill_Wittenmyer_Connect_With_Leads

Ask a dealer what they need to sell more cars and a typical answer will be “more leads.” On the surface, this makes sense. But to get more leads, you need to spend more money. Even then, you’re never really in control of how many leads get generated.

Now that new car sales and lead volume are plateauing, a better solution for selling more cars is to increase your customer connection rates. This may require a shift in mindset and habits of your sales staff.

After all, your salespeople were probably trained in the art of persuasion. They know how to overcome objections and close the deal. But do they know how to get a potential customer to respond to an email or call them on the phone? Read More

How do you ensure your dealership sales forecasting efforts aren’t in vain? Most of the time we start by looking at last year’s numbers and increasing those numbers by whatever your desired growth rate is. However, coming up with an accurate sales forecast is not nearly that simple. One of the most effective ways of creating an accurate sales forecast is getting your sales team involved in the process. Review all the meaningful sales figures and data you have, set some realistic goals, and run the numbers. Above all else, provide meaningful guidance and hold everyone accountable.

To learn more about creating accurate sales forecasts and getting the most out of your sales team, read the full article by ELEAD1ONE Partner Bill Wittenmyer on CBT News.

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