Its been awhile since I have been able to post so I have some catching up to do. I recently returned from the 8th annual Digital Dealer Conference in Orlando Florida as a guest of Reynolds Web Solutions. I am glad to have them on our team. They are the best! I will post more about them soon. I have also been taking on line courses to improve my skills for html. As our Internet Department grows I am finding myself having to learn more on a daily basis just to keep up. I am excited about whats in store concerning Internet Marketing, Website maintenance, and our Internet process.
Below are our stats for March & April 2010...
For March 2010, we had 75 internet deals close.
- 55 directly through email as 1st contact
- 5 as phone 1st contact
- 15 as walk in 1st contact with coupon
Of the 55 closed email leads
- 39 where sold within 5 days of lead submission.
- 2 closed within 6 to 10 days.
- 10 from 10 to 15 days.
- 4 Took from 31 - 60 days.
For April 2010 we had 70 internet deals closed
28 of the closed deals came from walk in with Internet ad, Internet coupon or Internet phone calls.
- Of the 42 closed email leads
- 37 where sold within 5 days of lead submission.
- 3 closed within 6 to 10 days.
- 2 closed within 6 to 10 days.
- none took over 60 days
A great deal of our success at Toyota is that Bryan, Charles, Damaris & the entire Management. They works to make sure the internet customer is treated as a top priority. They work with the sales staff help listen and respond to customers questions and concerns. Timely & relevant response is a must. It only takes one click to turn us off.
This is not an advertisement for Vann York Toyota, but only an example that it takes everyone in management and sales to establish an effective internet department.
The first 5 days of follow up emails coupled with phone calls to the customer are critical to our internet strategy.
According to J.D Powers, Cobalt and R.L Polk between
1. 76% - 83% of New Car buyers use the Internet when shopping for a new car
2. 79% used the internet to research the dealership.
3. Most people researched and determined which vehicles they would buy from 6 weeks to 3 months before they submitted their first online lead.
The point is that by the time they submitted their 1st lead to a dealership, many where already past the research phase and close to the purchasing stage
According to Cobalt’s 2008 automotive eShopper Experience Study: Results showed of the leads that closed:
24% Within 10 days of lead submission
43% Within 30 days of lead submission
25% 31 - 90 days
32% 91 - 120 days
· The longer a lead remains unsold, the more likely it is to convert to a used vehicle.
Southeast Toyota did a PLS Survey to tell us about where they shopped (in addition to where they bought) and how far down the purchase funnel they got before rejecting and going somewhere else.
Location and Availability where among the top 2 reasons they chose or rejected the dealership. Honda & Mitsubishi reported from their research that 80% of internet shoppers purchase from with in a 20 mile radius of the dealership. According to SET...Other reasons customers did not purchase from a particular dealership that THEY SELECTED TO SHOP WHERE AS FOLLOWS...
Rejecters who contact by email (2,298 customers):
#3 reason for rejecting: Didn’t follow up with me (13%)
#4 reason for rejecting: Poor use of my time (10%)
#5 reason for rejecting: Wouldn’t provide a price (7%)
I am sending this information to each Internet Manager as well as every General & New & Used Sales Manager to help make sure our response (Quality of Response & Time) and follow up are at the top of everyone's priority for internet clients. It will take more than just relying on the Internet Managers to bring a deal to the desk. Follow - up & our process is the key to our growth.
Look forward to our next post,
Rick Campbell
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