As we discussed in part one of this series, holding gross looks a little different in today’s economic climate. Shifts and pivots occur on a daily basis. Previous recipes for holding more gross may not be as effective anymore. In order to combat this, your dealership needs to rightsize the tools being used in a scalable fashion. Gone are the days of simple transactions. Consumers are armed with so much information that old tactics will no longer work. You need to provide transparency and insight for not only your customers, but your staff as well.
In my last post, we discussed how consumers are leveraging market conditions while out shopping for vehicles. Much in the same way, you need to have rich data that backs your pricing and stocking methodology. The appraisal and trade-in process has become more of a two-way street than ever before. With supply and demand constantly fluctuating, you need to stay proactive in how you acquire inventory. Appraisals and trade-ins operate in a different realm today. So, you need to be aggressive with software solutions to help you hold more gross.
Your goal is to raise closing rates, maximize earnings, and increase customer satisfaction on every transaction. Simply put, utilizing an advanced tool for the trade-in and appraisal process helps you hold more gross. On top of that, a proper solution helps you improve the transparency of your offer. Your customer gets insight into why you are valuing their vehicle at the price point you are. This will increase trust between both parties and lead to potential repeat business. Set yourself up for success and integrate a trade-in tool that works to help you hold more gross while delivering a heightened customer experience.
Especially in today’s market with inventory constantly fluctuating, you need to be aggressive on pricing without racing to the bottom. Customers will have an advanced knowledge base. Make sure your staff is prepared to appraise vehicles at a competitive rate. Equip your staff with a walk-around app that provides a 10-point scale for each category. At the end of the day, customer involvement increases the comfort level while driving up closing rates. MAX Digital clients saw an average of 47% increase in front-end gross post-launch.
Streamlining your processes doesn’t stop at the trade-in and appraisal level. After you have the customer’s vehicle properly assessed, you need to have your staff armed with the best data possible to increase the potential for a sale. If your sales staff isn’t prepared to have conversations about book value, features, and benefits, then you risk turning away possible revenue. A digital showroom is your key to elevating the knowledge base of your team.
That’s not all a digital showroom can do. A proper tool is a beacon for sales enablement. Stacking next-generation technologies brings you higher grosses, better educated staff, and elevated customer satisfaction. In order to achieve this, you need a partner capable of delivering advanced technology software. MAX Digital continues to provide dealers with solutions for everyday problems. The road to holding more gross isn’t something you have to travel alone.
With MAX Digital as a partner, you can realize your goals of making more money on each transaction while turning your staff into superstars. Schedule a free consultation today and find out just how far you can go with MAX Digital.
