10 tips to help you sell more cars
“VIN-specific” marketing has become an increasingly popular and overused term. But the power of “VIN-specific” marketing boils down to one important thing: Do you know everything about your own inventory?
This checklist can help you answer YES or NO to that question once and for all.
If the answer is NO, use the checklist to fill in your strategy gaps and optimize your VIN-specific dealership operations.
Step 1) Know everything about the current state of the market
- The automotive industry is one-of-a-kind and ever-changing, and you should have your finger on the pulse of those changes. Not understanding the fluctuating market will have an effect on the success of your dealership’s operations.
Step 2) Understanding the ins and outs of your competition
- Much like understanding the market as a whole, understanding the unique business operations in your local market is essential to supporting your marketing outreach.
Step 3) Have a strategy for each and every VIN
- Every other department within your dealership is run at the VIN-level. Your finances, marketing, and operations should run that way too.
Step 4) Build your strategy around your goals
- You don’t run a one-size-fits-all business, so you shouldn’t promote your inventory that way either.
Step 5) Know everything about every car in the market – not just your own
- Having access to your competitors’ pricing and demand trends is a proactive tool when building your go-to market strategy.
Step 6) Price inventory to benefit your bottom line
- Understand market pricing trends to avoid costly price markdowns and instead boost your profit per vehicle.
Step 7) Know where you have waste and risk
- Identify areas of over- and underspend for every unit. Once these trends are identified, make budget-saving adjustments to your operations.
Step 8) Target the right buyers for your inventory
- Quantity does not equal quality, and high traffic does not equal sales. Understand the audience you should be targeting before you spend money trying to reach them.
Step 9) Know where your data comes from
- Track the metrics that make the most sense for your store and your goals. Don’t listen to third party vendors that aren’t transparent with their results.
Step 10) Let the numbers speak for themselves
- Let your sales results be evidence of your marketing and operational success. If you’re not happy with what you see, continue to optimiz
—
How do you currently stack up in these areas? Do you believe you have a truly VIN-specific marketing approach?
Lotlinx is a powerful Precision Retailing Platform built on the largest and most comprehensive proprietary market data set in the industry. Lotlinx leverages advanced Al decision-making to optimize dealership sales efficiency and profits. A free consultation is the first step to unlocking the power of Lotlinx technology and selling more cars.
Or, try gaining a deeper understanding of your inventory with the free VIN View Optimizer tool. Walk through your inventory with a Lotlinx retailing expert to make the most of your experience: Try Now.
Enjoyed this content? Subscribe to LotLinx News for weekly automotive industry-updates direct to your inbox.
Want more top headlines? Catch up on past editions of LotLinx News.