How To Run A Successful Car Dealership
Car dealerships that sell expensive new cars in particular, are among the few businesses yet to be substituted by an ecommerce website. In a digital world, there’s still something about the good old-fashioned car-buying experiences that people crave. After all, many people love the chance to kick the tires and take a test drive. If you own or manage a car dealership, people want to know more about their vehicles, try those engines, and experience top-notch service. So, how can you make this happen in your car dealership? Below are four top tips to help you run your dealership successfully.
- Know your turf
Where you’re selling your cars makes all the difference in your business. Think about it: running a car dealership in sunny Fairfield, Connecticut, is not the same as Detroit, Michigan, home of the Motor City. So, your first move is to know your turf. Dive into the details and figure out who your neighbors are, what they’re into, and when they’re most likely to buy a vehicle. Take a look at the seasons, too. For instance, winter might be your golden ticket to load up on trucks and rugged 4-wheel-drive machines for a killer winter sale if you’re in a chilly spot.
- Know who is buying from you and what they want
Knowing the people who walk through your dealership’s door is something not to take lightly. It’s about understanding your customers, who are your top priority. So, who are they? Are they the blue-collar heroes or the white-collar professionals? Are they Gen Zs or seasoned buyers? Understanding the people driving off your lot can be a goldmine of information because it tells you what kind of wheels to stock, what services to dish out, and how to target them in your marketing tactics. Plus, if they’re all about peace of mind, you should check out some transportation surety services to keep everything on the up and up. These bonds protect your clients by ensuring you stick to the rules and meet all the legal requirements.
- Set specific sales goals
Although you’re in business to sell cars and make money, this is not enough if you want to run a successful car dealership. It’s time to get specific with your targets, and the best way to achieve this is to keep your goals S.M.A.R.T.: Specific, Measurable, Attainable, Realistic, and Time-based. For instance, a S.M.A.R.T. goal may be increasing the number of sales made between 1st and 31st January by 7% compared to December. Such a specific and time-bound goal will help keep you sharp and focused.
- Find your most effective advertising strategy
Advertising is a big deal and constantly evolves, so don't stick to the same old thing because it's comfortable. Take a good, hard look at what’s happening with your ads, whether on T.V., radio, in the papers, or digital stuff like pay-per-click and Facebook ads. Determine if those dollars you’re shelling out for monthly ads bring in the crowd. If your coupons are gathering dust, and no one’s asking about your hot deals, it’s time to steer that money into something that will get people through your dealership doors.