Netflix is one of the most successful disruptors of the digital age. How did they do it? By developing a business model built on customer obsession and personalization at scale. So take note of their strategy: here are three takeaways from Netflix’s meteoric rise that you can use at your dealership.
As of mid-year 2018, used vehicle sales by new vehicle dealerships had exceeded $750M, according to NADA. The average dealership picked up a fraction of this amount—$9.6M, to be precise. Industry leader CarMax sold 721,512 used vehicles, taking home $14.3B in sales during its fiscal 2018 year. An added 409,000 vehicles were sold at CarMax wholesale auctions.
Messaging, relevancy, timing and method of delivery are all critical elements in both sales and service conquest campaigns. Successful marketing requires more than just the acquisition of data; you have to know what to do with it.
If your dealership is like most, the sales and service side of the house feel like two disconnected islands most of the time. The teams rarely come together unless handling reconditioning or aftermarket accessory installation.
With the auto industry facing a shortage of technicians, it’s important to do what we can to attract young technicians and keep them. After all, when the front end of the business slows down, it’s the back end that can keep your store afloat and profitable.
n order to rise to evolving customer expectations set forth by online companies such as Amazon, dealerships should shift their primary focus from sales to fixed ops. But beyond that, dealers should also do their best to adopt easy-to-use online scheduling and multi-point inspection software that streamlines and simplifies the entire service process—for both staff and customers.
Whether coupons are right for your store is a question only you can answer. Whatever you decide is right for your Service Department, there are a variety of ways you can draw customers to your store that will enhance their experience and drive more business.
Today’s consumers are asking significantly more of all retailers. And automotive dealers have the unique responsibility of shaping the majority of the vehicle ownership experience—so they should do their best to tilt that experience in their favor.