Whether you’re Papa’s Car Lot sitting on 1 acre or a corporate mega-store spanning multiple lots, you can boost your bottom line with accessory sales. It’s that simple. Accessories are a multi-billion dollar industry, largely unaffected by the pandemic. Selling them at the point of sale is a proven method of increasing PNVR. The caveat is this: dealerships who pitch accessories chaotically will stumble into success on occasion and overall miss the mark. A successful accessory program requires a process catered to your store. The good news—dealerships are quite accustomed to a process. While the exact flow will vary from store to store, many best practice fundamentals remain the same.
The year was 2009, and I'd just moved to the big city for my first job out of college. Sporting a pink razor flip phone, I was ready to take on my first sales territory. The problem was, I didn't know how to get there. So a co-worker loaned me his TomTom navigation system, gave me a crash course in how to use it, and I set out into the world.
Fast forward a couple of decades, and we're projecting navigation onto our dash—after getting in a car that we started from inside. The kids are watching YouTube videos in the back seat, and we're holding a casual conversation with Alexa as we merge onto the freeway. Those are just the basics, of course.
There’s no customer more coveted than the repeat customer. Now, more than ever, dealerships must stand out in the crowd and maintain a good reputation. Loyal customers achieve both those ends. Practice these three strategies to keep your customers pleased. In turn, those loyal customers will refer their friends and utilize your store for all their automotive needs.
Who better to focus your efforts on than the prospect in your backyard? Local marketing is a form of both traditional and digital marketing that dealerships need to be heavily involved in, if they want to compete for the market share of the automotive industry, in 2021.
The year was 1997. Blockbuster looked down from its throne to scorn the new court jester. The jester danced with enthusiasm and grit, smiling warmly at the King of Video Rental. Blockbuster rolled its eyes and signed off on a late fee for Good Will Hunting. There are a few details to spare, but the King later died a tragic death. The jester took the throne, and quadrupled the kingdom. The jester is Netflix, and his legend is clear: don’t get too comfortable or the joke is on you.
The short answer is yes—in due time.
The need for more commonplace electric vehicles is growing. In some areas of the world, cutting down on carbon dioxide emissions is reaching critical importance. China and India are already visiting the need for electric buses, because air quality stays consistently in a dangerous range. Collectively, we're all concerned about global warming and increasingly so. Today, revamping the way the world drives isn't priority number one, and that’s not to say it isn’t in the back of everyone's mind.
The pandemic rocketed the automotive industry forward one to three years in accepting digital retailing. Years before COVID, we knew Carvana and Vroom were changing the way consumers bought cars. The option to buy online affected dealerships some, however we weren’t comparing apples to apples.
Consumers did, and still do, like to sit in a car before they buy it. With the majority of customers buying cars traditionally, online retailing was a secondary focus. Just one year ago, merely having a web inventory and an active social media presence made your store competitive in the digital space.
Well, now, everything’s changed.
Why Does Automotive Digital Retailing Matter?
Google published some astonishing statistics about online buyers. Their data showed that 84% of Americans are shopping for something in any 48-hour period. Additionally, 63% of all shopping began online. The research went further, examining trends when people buy specific products. Those in the market for a car took to Google to gather information. Said consumers ranged from 20 to 68 years old. Over time, these shoppers researched the best dealership, brand, and trade-in online. We can infer the end result. The consumer likely bought a car they chose from their research. The vehicle was likely purchased from a highly rated dealership, also found online.
If COVID-19 hasn’t convinced car dealers of the necessity of a vibrant online retail presence, maybe Cyber Monday 2020 will. Even before the pandemic, Cyber Monday was growing as the virtual twin (literally!) of Black Friday. Cyber Monday emerged as shoppers logged online the Monday after Thanksgiving to check store websites for any missed deals from Black Friday.
Adobe Analytics, a marketing data software company, is predicting—in spite of or due to the pandemic—that Cyber Monday 2020 (Nov. 30) will garner $12.7 billion in online sales, up from the $9.4 billion in e-commerce in 2019.
Don’t even try to spook anyone this Halloween. We’re all in a state of hyper-vigilance from 2020, and masks aren’t amusing anymore. When you greet your customers in October just give them some apple cider and a hug. We’ve all been through enough.
Instead, deliver a memorable car-buying experience by lavishing your people with sweet goodness. Vehicle Personalization is all treats and no tricks for everyone involved. From your customer to your General Manager, accessories give everyone just what they want.
It’s probably tempting to think end-of-year sales objectives are out the window at this point. After all, 2020 has thrown us for loops and there’s still a quarter left. Overcoming is our theme, and it’s not over till it’s over!
How can Insignia help you finish strong this late in the game? The answer is still accessories.
The OE brands that Insignia supports showed an average increase in order value of over 18% in 2020 compared to 2019!