In this inaugural 2024 edition of DealerCast, hosts Fred Lennart and Larry Bruce tackle the critical issues impacting car dealers today, including inflation and the challenges of inventory management. They dive into the repercussions of inflation on the stock market, interest rates, and operational costs for dealers. Emphasizing the urgency for dealers to scrutinize their spending and inventory strategies carefully, they offer innovative solutions for managing aged inventory without the need to resort to price drops initially. Highlighting the importance of proactive measures, they discuss utilizing incentives for sales teams, equitable inventory management, email marketing, and leveraging paid advertising budget towards aging stock to enhance sales and maintain profitability.

Episode Highlights:

• Prioritize customer experience over price: the significance of providing exceptional service and fostering positive interactions, which can outweigh considerations of pricing for many customers.
• Utilize technology effectively: Leveraging tools such as CRM systems and marketing automation can enhance communication, streamline processes, and improve customer engagement throughout the sales journey.
• Motivate sales staff with incentives: Offering incentives and rewards for achieving sales targets, such as spiffs and recognition, can boost morale, increase motivation, and drive better performance.
• Be proactive in sales strategies: Adopt proactive sales techniques, including equity mining and targeted marketing, to identify opportunities, engage potential customers, and move inventory more efficiently.
• Focus on training and staff development: Investing in training programs to equip sales staff with the skills and knowledge to handle leads effectively, communicate with customers, and provide exceptional service is crucial for success in the automotive industry.

Links:

https://psxdigital.com/

https://www.linkedin.com/company/psxdigital

https://www.facebook.com/PSXDigital/