All right people. “Tax Season” is done and gone – soooooooo…
What are your marketing strategies for your Summer Business?
Did you know, that as of January 1, 2019, the DMV reversed their interpretation of Referral Programs? Since 2008, we as Dealers were not allowed to have anywhere in our written materials that we paid a “bird-dog” (referral fee)!
Now that has changed – we can now openly market our “Referral Program”!!
Now for some house keeping; COMPLIANCE.
We can market ONLY to existing customers up to 3 years back!
Next is, if you are going to be sending an email campaign to all the customers you have had for the last 3 years regarding your new Referral Program, make sure that you have an “Opt-Out” button at the end of your email. This is a Federal Law on any advertising or mass mailing. I only know this because I have an Awesome team that works with me.
Now If I may; a few “suggestions” to make this season one of growth!
Firstly, how do you want to drive your Referral program? Think about how you are going to track the referrals. Then, how much are you willing to pay for each referral?
For the sake of your sanity, find a “Mailing Service” where you can send out all your emails with just a few clicks and meet the compliance rules.
Which brings me to our second “suggestion”
100% INVENTORY (allow me to give you MY definition).
100% = 10% “Fashion Vehicles” – Lifted Trucks/Convertibles (Trendy)
25% “Work Vehicles” – Quad cab Trucks/Vans (all sizes)
40% “Family Vehicles” – Sedans/ 3rd row SUV/ Minivans
25% “CASH Vehicles” – Small Sedans/ small to medium SUV/ Higher
The last category is usually an “afterthought” for most dealers, however, it can comprise (just like the figures say) up to 25% of your business!
The key to CASH sales – QUICK – mileage!!!!
Small SUV & Sedans =125k and DOWN
Mid size SUV = 135k and DOWN
Full size SUV = 150k and DOWN
Trucks (quad cab only) = 175k and DOWN
If your cash vehicles meet these parameters AND are $12,500 and DOWN – these units can roll in 21 days or LESS!
Cash sales will also lead inevitably to MORE financed sales ( Outside & In-House) – think about it! A client has $8000 – that will get almost ANYBODY financed regardless of credit!
Cash sales also keep “eyeballs” on your web-page (Hello!) and thus even more business!!!!!
Cash sales & Summertime go hand-in-hand!
Last suggestion. Are you ready for GRADUATION !?
How many cars do YOU have in inventory now? Graduation is next month and you might think about an advertising campaign – ummm, like yesterday!
Here is an idea to just start your advertising.
“ Mom & Dad buy your Grad’s vehicle from us – get a free GPS Security package” This program one of my Dealers implemented did amazing. His results were 96 units in 6.5 weeks.
On a side note, we carry the GPS’ (the only company out there) that you can “GIVE” your customers a GPS unit where they can have a separate account. Keeping you in COMPLIANCE and out of the HIPPA loop!
So to sum it all up!
GET IT IN GEAR – before the competition DOES!
After all there is ONLY 19,000 “+” dealers in Texas – what makes YOU different and makes YOUR DEALERSHIP stand out?