The Road to ROI with F&I

4 Ways to Demolish Your Dealership's Competition

Posted by Vanguard Dealer Services on Nov 4, 2019 12:27:35 PM

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COMPETITION IS FIERCE

With 2019's economy in full swing, consumers are out in force looking for great products and even better customer experiences. This is especially true for car dealerships as online markets pop up and offer the consumer the ease of car shopping from their couch.

So how do you stand apart from the competition and make your dealership something consumers will remember?

Below are 4 ways to trounce the competition and promote your dealership.

FOCUS ON CUSTOMER SERVICE

It is no exaggeration that positive customer experiences go a long way to bringing in business and creating repeat customers. To create excellent customer service:

  • Speed up your processes to get as close to the golden 90-minute start to finish timeframe customers want.
  • Make technology do the heavy lifting by promoting F&I products, financing pre-approval, and deals online.

Most customers are perfectly satisfied with the sales process until they hit F&I and all the time it takes to get through it. Posting information for customers to read before they arrive and streamlining internal processes will make for much happier customers who will be happy to spread the good news and give your dealership a leg up above your competition.

HAVE YOUR CUSTOMERS PROMOTE FOR YOU?

This doesn't mean slapping a hat on a recent buyer and sending them out into the field. But, the value of happy customers should not be overlooked. To get the most out of your valued customers:

  • Encourage customer feedback on multiple online sites through deals, coupons, and bonuses.
  • Ask customers where they heard about your dealership, so you know which sites are best to focus on.

By funneling positive 5-star experiences into the normally bleak outlook of the internet, your dealership will be able to reach more people and look far better than your competitors.

REMEMBER TO ENGAGE

With customer reviews flowing in, the next step is to make sure you respond!

  • Thank customers for positive reviews. This deepens the trust between buyer and dealership and encourages repeat business.
  • Address the concerns in negative reviews. Apologize for what made their experience unpleasant and offer to get in contact with them directly to help smooth out the problems. This will save a customer relationship and show prospective customers you care about them.

Devoting time and money to customer feedback online and in person is a surefire way to raise your business to a level far above the competition.

OFFER THE BEST

Of course, the best way to sell customers on your dealership is by offering the best products. But this applies to more than the cars on your lot. F&I products are an excellent way to bring revenue to your dealership and keep the customers coming back for repeat business. So, make sure your dealership:

  • Offers a variety of F&I packages for all types of customers, including leasers, buyers, and corporations looking for temporary fleets.
  • Displays all products and their value to the customer in an easy-to-find location on your dealership's website.
  • Sends F&I employees to yearly conferences for up-to-date products and expert advice.

Keeping a wide variety of F&I products available will ensure customers have what they need no matter what they're looking for. 

PUT IN THE EFFORT NOW

The most important thing to remember is to start now. The sooner you start improving your processes the sooner you'll have happy customers. And the sooner you get those happy customers leaving reviews online, the larger your pool of positive experiences will be for future customers to review and gain trust in your dealership.

In no time, your dealership will have a large, positive presence online, excellent products, and customers who know you stand apart from the competition.

For more tips and tricks on how to improve your dealership, check out our blog or twitter.

Or, to get expert advice on how best to get started or for information about the next F&I conference, contact us! We'd love to help.

Topics: Online Reputation, customer experience

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