Is your dealership converting a high percentage of trade leads?
A lead comes in. It provides a name, and information about the owner’s current vehicle. Maybe it includes a request for a new car, usually not. The prospect has either been on your website using your Trade-In tool, or on KBB.com, or on some other website sending you leads that generates a trade evaluation. Either way, it is apparent the prospect is looking for information about the value of the vehicle they currently have sitting in their driveway.
What is amazing is the way in which, when Mystery Shopped, dealership representatives handle these leads. Right in front of you is an opportunity to get a customer into your showroom. Trade leads have a high conversion rate when properly worked. Yet, these leads often go unanswered in a professional way because the Internet Salesperson is not sure what vehicle the prospect want to purchase, and therefore moves on to lower hanging fruit. We should be trying with every prospect to turn to the trade so we can get them in the door, yet here we have a person who’s primary focus is the trade, and we lose our ability to pick up the phone and work the customer toward a showroom visit.
The people looking for trade information want transparency, just like the new or used car buyer wants. Unlike the new or used car buyers, the trade-in prospect does not realize that they have become the seller, so we need to educate them to understand that we are the buyer. If we are going to buy their vehicle, we have got to have an opportunity to see it, touch it, drive it, and decide if we want to make an offer on it. “How much will you give me for my trade?” “Mr. Customer, the tool’s you have been using online provides a range between X and Y, I may be able to get you a little more, but since I will be the one to write you a check for your vehicle – whether you buy one of mine or not – I would like to take your car out for a test drive. I have time this afternoon, or tomorrow morning. Which is most convenient for you?”…
…There are other similar word tracks which can be used.
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If you would like to learn tactics for capitalizing on Trade-In leads, contact the author via the contact tab on www.dealerqb.com.