It’s pretty much official; we live in a crazy economy. But we in the auto industry must not fret. Because, as people always say, if there’s a will, there’s always a way. Here are some ways on how to sell cars in this crazy economy.
The past two years have been challenging for car dealers and automakers. First, there’s the COVID-19 pandemic. The first few months of this health crisis created a domino effect that hit many businesses, especially car dealerships. And this also caused many car manufacturers to stop production or close their doors for a moment. As a result, the microchip shortage has slowed new car production, making car buyers opt for used cars instead. And just when you think the issues have stopped, here comes the crisis in Eastern Europe. The early 2020s were really something.
These world events negatively impacted virtually all industries, including the auto industry. And car dealerships, big and small, were not spared. The effects are universal, meaning these don’t happen in the US only. First, dealerships need a more manageable inventory, which turns away customers. Dealerships also need help finding cars to sell because of the used car shortage. And since there is a high demand and the supply is low, naturally, the prices of the used cars go up than usual. These effects alarm everyone in the auto industry, and we’re not surprised.
So, what can a dealership do to sell cars in this crazy economy? Many dealerships right now are looking at multiple lots to get a bargain. Some dealerships find success in this process, but most do not. Why is that so? This process is time-consuming, and it could be more cost-effective. In fact, experts are discouraging dealership owners from doing this because of the low inventory. In this crazy economy, they instead encourage the tips below on how to sell cars.
Expand Your Market Online
More and more consumers are researching and shopping online. Therefore, now is the time for car dealers to take advantage of this situation. Online marketing has become critical in every business, even car dealerships. Even today, some companies think that online marketing won’t work for businesses in the auto industry. But that thought is starting to become oblivious, especially during the start of the pandemic.
So, how do you expand your market online? Here are some no-brainer tips that virtually all businesses have done:
- Getting a website
- Being present on social media
- Posting your items on eBay and Craigslist, among other things
Although these actions really help, most businesses are already doing them. Getting your online presence feels more challenging each day because of the saturated state of the Internet. You must step up your online marketing game and depend on something other than your website and Facebook page.
One thing you can do to expand your market online to sell cars in this economy is to advertise in an online car marketplace. It’s similar to listing sites like eBay or Craigslist. However, online car marketplaces are more focused on attracting car buyers. This means most site visitors are there for one thing – to buy vehicles. There are a handful of car marketplaces around, but list your cars in a more legitimate one. You can check the car marketplace here by clicking on the link.
Consider Chat Support
Since more and more people are shopping online, they prefer live chats. For them, live chats are much better than contacting through email, phone, and even social media. And why is that? It all boils down to the speed, convenience, and efficiency of live chat support. And this is something that your car dealership should take advantage of to sell more cars in this crazy economy.
Apart from having real-time support for your customers online, you get plenty of benefits when you start providing chat support. One, it allows your sales agents to build rapport with as many customers as they want in a day. And when they do that, they attract customers who would be more than willing to buy cars from you. And when the support is more engaging and helpful, that will create a ripple effect that can multiply your sales in less time.
How do you start your chat support to sell more cars in this economy? Social media platforms like Facebook provide a chat support tool for businesses, so you can start there. And if you have a budget, you can use software to place a chatbox on your website. Some of them you can utilize for free but only with limited features. You can ask your salespeople to communicate with customers using chat support. Still, having a dedicated staff to monitor it is much better.
Know Where To Find Cars To Buy (And Sell Them)
Some of the sources used car dealerships have to get cars to sell are car auctions, fleets, and trade-ins, to name a few. But, as we’ve mentioned, the global problems everyone is facing depleted even the most abundant inventory lots. Therefore, one needs to look for other sources for dealerships to sell more cars.
Although the chances of getting cars to buy and sell through this platform are slim, you can still trust auction sites to provide something to sell. Car auction sites like Manheim still have hundreds of cars each week. And since they do online auctions, you can do the bidding right in your home or office. The only caveat is that more dealerships get cars from auctions instead of trade-ins. Therefore, the competition will be tight, and the best bidder will win.
Another way to buy cars to sell today is to hunt for cars for sale online and offer them a trade-in. Surprisingly (or not), many people you will find online are trying to sell their vehicles. Send them a message if they want to do a trade-in and negotiate. Talk to a seller within your city to save more money and time.
Help Customers On Financing
Since the pandemic started, most people have followed a strict, tight budget. Buying a vehicle most likely means that they have thought of it for a while. With that said, this might be something that you can tweak and offer to help attract buyers. After all, people trying to get the most bang for their buck might as well attract them with something they can save from.
People will most likely go through pre-arranged financing to save some money when pushing to buy a necessary purchase, like a car. And when they do, they need to figure out their budget first and then go to their bank or a credit union before heading out to any dealerships. This way, they can be confident about how much they will spend monthly on their supposed car purchase.
You don’t need to do some financing promos to sell cars in this crazy economy, although you can if you want to. However, you can also suggest pre-arranged financing to them if this is something that they still need to think about. This may not guarantee you a sale right away, but when you help your customers earn some extra cash, it will win you potential loyal patrons. And the results can be long-term.
Sell More Reliable Cars, Especially If Used Ones
And the last on this list of sane ways to sell cars in today’s crazy economy is to focus on selling reliable and popular vehicles. Again, this has something to do with the state of the global economy. Since people are trying to keep as much money as possible, they will always look for the most reliable ones. They are after functionality over form, a car they can use for the long haul.
Whether you sell new or used cars, you should focus on reliable yet popular ones. A pick-up truck will always be a good bet, but you can always sell other popular ones. This way, you can always have customers check out your inventory. Also, you will have more chances of closing a deal. To do this, you can do a little digging. Research on the Internet the most popular cars in your area or state. You can also check on your previous monthly sales and see what vehicles are the most popular with your customers.
Now, how can you do it when vehicles are scarce? You can sell more than those cars that can guarantee sales. It’s always good to have some variety in your inventory. But when you do have those best-selling cars, be mindful enough to highlight them in your marketing. Post them on your social media platforms and websites.
Hope These Tips On How To Sell Cars In This Crazy Economy Can Help You
We can only hope that all of these problems in the world will go away soon. But while we are still waiting for the dust to settle, car dealerships shouldn’t stop selling cars. These tips will allow you to wade through this tough time, which you can still do even after the pandemic and the world is on the verge of starting fresh.
When you run a used car dealership, making each process faster and smoother so that the business can sell more cars in less time is essential. Talk to one of our account executives here about how it can be done today.
