Getting more leads is an obvious benefit of working with an auto dealer marketing service, but what are the other benefits? Growing your geographic scope through Dealertrack and protecting the rights of potential buyers are just a few of the benefits to look for. Read on to learn about the other benefits of working with a leading provider. After all, your business is more than just a car dealership anymore! It can also be a place where customers can get a wealth of information about vehicles and make a purchase.
Table of Contents
Getting more leads
In a world where the customer is more empowered than ever, the auto industry needs to adapt to stay ahead of the competition. A new generation of consumers has given more power to the car-buying process. As a result, dealerships need to shift from an outbound model to a personalized inbound one to stay ahead of the curve. By using CRM interfaces, dealerships can track workflows and track customer interactions. These benefits can result in lower marketing costs and better conversion rates.
Getting more leads with leading providers for auto dealers requires understanding how to differentiate between good and bad leads. Bad leads can lead to poor sales and employee turnover, eroding profitability. Sales staff turnover in automotive dealerships is at 80% annually, which is why dealerships should focus on quality over quantity. The best leads from third-party auto-dealership sites typically have a higher closing rate and gross-per-lead ratio than average.
Growing scope
As the industry continues to change, auto dealerships must find new ways to keep up and differentiate themselves from the competition. In the future, they will need to balance protecting their existing business with exploring growth opportunities in the disruptor market. Too much focus on new mobility models can be counterproductive, especially because the residual risk is hard to manage. Instead, dealerships should focus on expanding their share of wallets with customers, capturing new revenue streams in adjacent markets, streamlining operations, and digitizing traditional segments.
By leveraging new technology, dealerships can provide a seamless, digital experience, which will increase stickiness and tie shoppers to their brand. They could transition from a vehicle-based view to a customer-centric one, with personalized customer outreach. In addition, dealerships can also increase their presence in maintenance parts and collision services to strengthen their share of wallets and provide an all-in-one shopping experience. Ultimately, these new capabilities will allow auto dealerships to grow their business and become more profitable.
Protecting rights of potential buyers
When you’re running a car dealership, you probably have many rules and regulations to follow. These laws protect potential buyers and employees from abuse, but do you know what those rules and regulations mean? The GLBA consists of two parts: the Privacy Rule and the Safeguards Rule. The Privacy Rule covers how companies can share and protect customer data, and the Safeguards Rule is about information security. You could be fined $100,000 or more if you violate these laws. In addition, individuals in charge of dealerships who violate these laws can be sentenced to five years in prison.
Another law affecting auto dealerships is the Equal Credit Opportunity Act. This law requires that all car dealers protect the rights of potential buyers. Failing to do so can lead to civil liability and potential class-action lawsuits. In addition, dealerships must provide comprehensive training for salespeople to avoid customer complaints. Similarly, advertising should be truthful, and evidence must support claims. This act protects potential buyers and dealers alike.
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