• The 4 words that your manager will never utter again (1:07)
• Three ways to Increase Finance Profits (15:47)
• Where to find $60 in room to sell more finance product (17:53)
Well its happening. Covid19 has unleashed more than a mysterious, deadly virus. It’s forced us car people let loose the of a century old proverb shouted by sales managers from all around the world! Never again will a sales manager be able to say, Just Get ‘Em In! (1:07)
Of course with most of our nation on some sort of lock down right now, getting them in as fallen by the way side. You’re just trying to find a ways to grind out any deal. So far, I have to give a shout out to many dealers out there. You pivoted in late March and have found ways to make business without guests coming in your showroom whether it’s in store or completing the entire deal at customer’s homes.
Customers that are in the market are loving you for it. Now they can truly choose how they want to interact with you. For those who must see it & touch it in person there’s still the traditional showroom visit. But it’s the second option that has come out this nationwide lock down that the consumer has been craving. The same one that has been romanticized since the first dealer web site went up in 1994…a complete transaction online!
Driving Sales University did a digital retailing survey with a sample of people who bought cars online that asked, what is missing from the process? The top two answers were online financing & accessories are still missing from most car dealer’s digital retailing strategies. (2:17)
When we reflect back 20 years from now, will we mark this moment in time as the birth of the remote car deal & delivery became standard operating procedure.
If you believe the remote sale & home delivery will be our new normal why not become efficient by creating a new process for your store that allows for customers to choose how they want to buy a car. That means looking at either how to fit this remote sale & delivery option into your current process or re-structuring your sales team to fit into a new process. And I know there are a lot of questions on how the finance department will pivot for efficiency & profitability.
Let’s start at the place your customers begin to interact with your dealership, your web site. The first question to ask yourself is how do we want market our finance department online? (4:12)
Interestingly, a few days ago I was on a call listening to two auto industry experts’ question whether it was better to put all the digital marketing tools up on a website including a payment quote estimate alongside the vehicle’s price or to tastefully request the additional customer information needed to give them an exact payment quote.
If you look at the Pros & Cons you’ll find on the one hand an online payment quote’s biggest advantage is trust. (4:56) Which is really what they want from a dealership. It’s the transparency of giving your guests the tools need to answer all their questions that creates the trust.
However, by quoting a payment without knowing credit, payoff amount, deal structure, underwriting stipS, & total loan advance could lead to a big misunderstanding if the guest doesn’t qualify for the quoted payment. (5:21)
ELEND Solutions did a survey recently that showed 75% of payments quoted online had to be re-worked because they didn’t take the all the factors we just listed into account. (5:34)
I couldn’t help but think maybe there was a 3rd option. (5:54) What if you put all the finance digital sales tools on your site but instead of quoting a payment estimate in its place there’s a link that reads, “Want a Payment Quote?” The link takes you to a page that explains the difference between a payment quote estimate & exact payment quote then it asks how they would like to proceed? (6:16)
How do we create a remote sales & home delivery process that will get all the paperwork signed, sell F/I products, and make a new car home delivery without a guest stepping foot in your office? (6:44)
In this video we look at How to Create a Remote Sale & Home Delivery PROCESS? (11:10)
3 Remote Sales & Home Delivery Process Ideas:
Idea #1 Basic Survival (11:26)
Idea #2-The Band Aide Plan (11:50)
Idea #3-The Modern Day Sales Team (12:48)
Let’s say you’re a new & used dealer who sells 100 units per month. Currently you have a GMS, 2 Sales Managers, 2 finance managers, 10 sales people & 2 Business Development Agents.
You create 5 Internet Sales Managers (SISM) who handle their deals from beginning to end.
There are 5 Product & Delivery Agents (PDA) who do killer presentation & demonstrations of your new & used inventory either in store or at the customer’s home. Once vehicle P & D completed they are turned over to the SISM. They now work as a team and after the SISM consummates the transaction your PDA does a thorough new or used vehicle delivery. If the guest choses home delivery a video conference is scheduled.