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Jared Hamilton
From: Jared Hamilton
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Bryant Gibby

Bryant Gibby Used car manager

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Benchmarks for internet leads

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We have been making some changes to our internet process lately. We are evaluating our closing percentages to make sure we are capturing enough deals during each phase of the buying cycle. We do a really good job tracking accurate data, so I feel like our closing percentages are close to accurate.

 

The problem that we are having is that it has been 5 years since we have done a complete overhaul of our internet process. We feel like the data for national averages that we collected back in 2006 is potentially less accurate than it once was. Here are the #'s that we have according to Polk reports:

 

  • 56% of new vehicle leads will purchase a new vehicle
  • 42% will purchase a vehicle in less than 30 days
  • 16% will buy between 31-60 days
  • 10% will buy between 61-90 days
  • 32 % will buy in 91 days or more

 

I was hoping you guys could clarify to see if those closing percentages are still accurate. Also, I had a few more questions:

 

At what point in the buying cycle to they eventually switch interest to a used vehicle?

What % of the leads actually buy the same make/model that they inquired about?

Do you guys offer any giveaways at any point of the internet process to entice them to make a decision sooner?

 
 
 

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