Here we are again–ready to say goodbye to one year and welcome a new one. A year that holds new opportunities, new approaches, and new vision. BCP is here to help guide you through all the new, while revisiting best practices that have remained tried and true.
That is what our Industry Updates are all about. We hope that we have provided knowledge and skills to guide dealerships through new and uncharted territories as well as set you up for future success.
Here are the Top 5 Industry Updates from 2022 that will help you not only navigate new processes but also provide a game plan for 2023 and beyond!
- Importance of a Fast Lead Response in the Automotive Industry
- 3 Ways to Keep Automotive Service Customers Coming Back: Even the Silent Ones
- The Automotive Digital Transformation Has Occurred. Are You Keeping Up?
- 3 Ways to Give Your BDC a Holiday Boost
- 2023 Dealership Playbook: State of the Industry and Path for Success
#5: Importance of a Fast Lead Response in the Automotive Industry
As inventory slowly gets more robust, and we have cars on the ground to sell, managing leads and lead response is more important than ever. With 40% of your leads coming in after-hours, it is critical to winning not only your daytime shoppers but shoppers 24-7.
This article gives you the most important elements to focus on, and tips on how to do it. It focuses on everything from the need to respond quickly, to how to choose the engagement method for the customer.
If you are looking for a quick read that will give you the information you need to mobilize your BDC or Sales Team, this is it.
#4: 3 Ways to Keep Automotive Service Customers Coming Back: Even the Silent Ones
Service continues to not only contribute to the overall profitability of the dealership, but it is also a major revenue stream that keeps the lights on and the business running. According to NADA, 49.6% of the dealership's gross profit comes from the Service/ Parts department. This volume is critical to the success of the dealership, and there should be constant communication with not only loyal customers but also dormant service customers.
This article discusses how to re-engage past service customers and customers who are in your market area who are not servicing with you. Gaining market penetration will ensure your profitability and success, and it is not as hard as you think.
#3: The Automotive Digital Transformation Has Occurred. Are You Keeping Up?
As technology continues to advance, it will be increasingly important for dealerships to keep up with consumer shopping trends. This has led to an increase in competition as well as a blurring of traditional boundaries between vehicles, parts and accessories, used cars and service departments.
Consumer expectations are higher than ever before—they want more information on their phones while they shop; they want a seamless experience across multiple touchpoints such as traditional showrooms or online; and they expect to be able to research information without leaving home or office (which means that any company that doesn't invest in digital transformation risks alienating customers).
By incorporating digital retailing into your business strategy, you can ensure that your brand is at the forefront of technological innovation in this space.
#2: 3 Ways to Give Your BDC a Holiday Boost
Even though we are at the tail end of the holiday season, these tried and true approaches to increasing opportunity at the dealership are still effective.
2022 can still end strong, and dealerships can hit both their volume and gross numbers, but there are three elements that must be a focus to ensure you set yourself up for success-- and they revolve around leads and your BDC.
If you find yourself struggling with staffing, Better Car People has three ways to help ensure you are covered for the influx of leads as well as challenging human capital issues.
#1: 2023 Dealership Playbook: State of the Industry and Path for Success
Automotive Sales have definitely changed in the past decade, but these past few years brought some quick pivots. Many of the changes are ones that were already underway for quite some time but were made more prominent with the changes in the sales process.
This Playbook for 2023 focuses on things we may have put in the rearview mirror: Marketing, Speed of Engagement, and the power of Digital Transactions. This playbook will help you prepare for 2023 and beyond.
There are many more informational blogs, podcasts, and posts on our site. If you like what you have read, make sure to check out some more here.
Happy New Year, and here is to a strong, profitable, and successful 2023!