Dealers saw enquiries for used vehicles jump by 5.6% in May, and overall sales from used operations increase by 4.2%, according to our latest research.
Finance sales increased by 1.4% against the same month in 2018, while Gap insurance sales fell by 8.9% and paint protection by 0.2%. Finance penetration for used vehicles declined from 46% to 45%.
Our data shows that dealers are pushing hard by chasing every enquiry to support new and used sales. The volume of prospecting calls increased by 20.1% and demos for used vehicles increased by 2.6% in May.
Used car operations continue to provide a valuable profit centre. An attractive, used car finance rate that can deliver a low monthly payment will generate more clicks and enquiries, and ultimately, more sales. There is potential to grow used car finance penetration, which sits at 45% in May compared to 75% for new vehicles. It is clear that online channels are growing in importance and it is vital that dealers capture these enquiries accurately and respond quickly.
Once the customer has enquired, they expect a quick response and data shows that a prompt response is crucial for sales conversions. Our research suggests that 25% of customers expect a reply to a web lead in under a half an hour and almost half within one hour.”
For over 15 years, Dealerweb has been supporting dealer groups, and independent retailers in maximising their sales performance through better lead & profit management and smarter customer communication. Find out how you can drive dealership success: Email firstname.lastname@example.org or call +44 (0)1392 247477.