We are considering make a couple of changes to the way we handle our internet leads. First I will explain a little bit about what we have done with our leads in the past vs. now and explain our logic.

     When we got a lead in the past, we would make an attempt to call the customer and set an appointment first. If we failed to make contact over the phone with the customer, we would then send out a price quote with 2 quotes on a new vehicle and 1 quote on a used vehicle the same day we got the lead.

     For the last 2 years or so, we have done the exact same process with the exception that we switched to sending the 3 price quotes after 5 days. The reason why we made the switch is because we partnered with a company called Travor and they recommended doing the quotes after 5 days to give us some time to build rapport with the customer and identify what they were actually looking for.

     We have averaged an 11% closing percentage on our internet leads this year but we have a goal at 15%. We feel like we are losing some deals by not doing a price quote up front but that is purely speculation. Also, we haven't closed our leads from Ford at a very high % lately. We feel like if we make the switch back to sending the quote the first day, that we will be able to push that percentage closer to where we want to be. Any thoughts???

     We are considering make a couple of changes to the way we handle our internet leads. First I will explain a little bit about what we have done with our leads in the past vs. now and explain our logic.

     When we got a lead in the past, we would make an attempt to call the customer and set an appointment first. If we failed to make contact over the phone with the customer, we would then send out a price quote with 2 quotes on a new vehicle and 1 quote on a used vehicle the same day we got the lead.

     For the last 2 years or so, we have done the exact same process with the exception that we switched to sending the 3 price quotes after 5 days. The reason why we made the switch is because we partnered with a company called Travor and they recommended doing the quotes after 5 days to give us some time to build rapport with the customer and identify what they were actually looking for.

     We have averaged an 11% closing percentage on our internet leads this year but we have a goal at 15%. We feel like we are losing some deals by not doing a price quote up front but that is purely speculation. Also, we haven't closed our leads from Ford at a very high % lately. We feel like if we make the switch back to sending the quote the first day, that we will be able to push that percentage closer to where we want to be. Any thoughts???

     As I mentioned a few weeks ago, we are in the process of making some changes to our new car pricing strategy. Thanks to a lot of feedback, it looks like we are going to move forward with implementing a completely different strategy for pricing cars online.

     As we have been ironing out the details with these changes, we have questioned whether or not it is a good idea to keep our prices for our new inventory on the dealership's website. Being a bottom-line-price store, it has always seemed like the logical thing to post your best price on our website along with photos and info on the car. We now feel like our competition is using our prices from our website to determine where we have certain lines priced and they are using those prices in order to one-up us with their internet pricing. We are pretty sure we want to take our pricing off our website so we can keep them guessing but we are reluctant because we know having that information posted is a big deal to most consumers. Another reason why we think it is the best route to go, is because one of the biggest online dealerships in the state ( different manufacturer ) don't price their cars on their website either. But who's to say we will see the same success.

     So.... What is the best solution? I know that most local dealers keep their prices posted but I would be curious to hear about any success stories on the contrary. Let me know what you guys think.

     As I mentioned a few weeks ago, we are in the process of making some changes to our new car pricing strategy. Thanks to a lot of feedback, it looks like we are going to move forward with implementing a completely different strategy for pricing cars online.

     As we have been ironing out the details with these changes, we have questioned whether or not it is a good idea to keep our prices for our new inventory on the dealership's website. Being a bottom-line-price store, it has always seemed like the logical thing to post your best price on our website along with photos and info on the car. We now feel like our competition is using our prices from our website to determine where we have certain lines priced and they are using those prices in order to one-up us with their internet pricing. We are pretty sure we want to take our pricing off our website so we can keep them guessing but we are reluctant because we know having that information posted is a big deal to most consumers. Another reason why we think it is the best route to go, is because one of the biggest online dealerships in the state ( different manufacturer ) don't price their cars on their website either. But who's to say we will see the same success.

     So.... What is the best solution? I know that most local dealers keep their prices posted but I would be curious to hear about any success stories on the contrary. Let me know what you guys think.

     Our store has always been a bottom line price store. It has worked out very well for us in the past and continues to work well with the exception of one thing, internet pricing. 

     We have always used the exact same price when we do price quotes for internet leads as we have our bottom line price for a walk-in customer. Our strategy has always worked on used cars because we price our cars so aggressively. Our strategy should work on new cars because we also price everything aggressively but it seems like we are losing the pricing war online.  We are still pretty competitive on most cars, but we seem to be getting killed on pricing when it comes to the expensive stuff ( F-150's, Superduty's, etc ).

     We are considering of implementing a totally different pricing strategy and starting an internet pricing matrix aside from our current pricing matrix. We are nervous to do it because this is definitely unchartered waters for us, but at the same time realize it is the only way we can keep our competitive edge. I was just wondering if most dealers have special internet pricing like we are considering doing? If so, what is your internet pricing like relative to invoice on the more expensive vehicles? 

     Our store has always been a bottom line price store. It has worked out very well for us in the past and continues to work well with the exception of one thing, internet pricing. 

     We have always used the exact same price when we do price quotes for internet leads as we have our bottom line price for a walk-in customer. Our strategy has always worked on used cars because we price our cars so aggressively. Our strategy should work on new cars because we also price everything aggressively but it seems like we are losing the pricing war online.  We are still pretty competitive on most cars, but we seem to be getting killed on pricing when it comes to the expensive stuff ( F-150's, Superduty's, etc ).

     We are considering of implementing a totally different pricing strategy and starting an internet pricing matrix aside from our current pricing matrix. We are nervous to do it because this is definitely unchartered waters for us, but at the same time realize it is the only way we can keep our competitive edge. I was just wondering if most dealers have special internet pricing like we are considering doing? If so, what is your internet pricing like relative to invoice on the more expensive vehicles? 

     We are currently doing some mystery shopping to compare several things at our dealership to other dealerships. The main intent of the mystery shopping is to compare processes, level of training in sales people, and pricing. As we have done this we have found that, although we are really aggressive on pricing and trade allowances, we are definitely on the high side when it comes to fees.

     The 2 fees I'm referring to are probably standard fees at the majority of dealerships. We charge a documentation fee and an additional fee for vehicle theft registration (VTR) or "etching". I'm not going to tell you what we charge for those for the fact that I want to see where everyone else comes in at and I don't want anyone judging us :). We are a large Ford franchise, so I want to make sure we are comparing apples to apples. If you respond back to my post, let me know what you charge for both fees or if you even have both fees. Also, if you don't have VTR or etching, what do you charge and what is the product? It would be great if you mention the size of the store that you work at and whether or not it is a new franchise. Hope to hear some good feedback.......

     We are currently doing some mystery shopping to compare several things at our dealership to other dealerships. The main intent of the mystery shopping is to compare processes, level of training in sales people, and pricing. As we have done this we have found that, although we are really aggressive on pricing and trade allowances, we are definitely on the high side when it comes to fees.

     The 2 fees I'm referring to are probably standard fees at the majority of dealerships. We charge a documentation fee and an additional fee for vehicle theft registration (VTR) or "etching". I'm not going to tell you what we charge for those for the fact that I want to see where everyone else comes in at and I don't want anyone judging us :). We are a large Ford franchise, so I want to make sure we are comparing apples to apples. If you respond back to my post, let me know what you charge for both fees or if you even have both fees. Also, if you don't have VTR or etching, what do you charge and what is the product? It would be great if you mention the size of the store that you work at and whether or not it is a new franchise. Hope to hear some good feedback.......

    We are having a tent sale that we started over Labor Day weekend and runs through the next couple of weeks. The purpose of the tent event is to stir things up a little bit around here and get the sales guys excited about something. We have kind of felt like things had been really dead and boring around here lately, so we decided to put together this used tent event.

     Here's what we have done to liven the place up so far: We put a huge tent on our used car lot with banners and balloons, we bought tons of food and drinks for both customers and our sales guys, we created a "wheel of love" that every customer that purchases a used car gets to spin, and we put together a pretty aggressive spiff program for the sales guys. The wheel pays out tons of prizes that are paid for against the gross of the deal so there is technically no cost attached to each prize. Our goal is to do this whole thing for a relatively cheap cost but still make it fun at the same time.

     The only issue is that I still feel like things aren't near as exciting around here as I was hoping. Does anyone have any ideas above and beyond the ones that I mentioned that would help liven this place up over the next 2 weeks? Keep in mind that I don't have tons of money to throw at this promotion): Let me know what you guys think...

    We are having a tent sale that we started over Labor Day weekend and runs through the next couple of weeks. The purpose of the tent event is to stir things up a little bit around here and get the sales guys excited about something. We have kind of felt like things had been really dead and boring around here lately, so we decided to put together this used tent event.

     Here's what we have done to liven the place up so far: We put a huge tent on our used car lot with banners and balloons, we bought tons of food and drinks for both customers and our sales guys, we created a "wheel of love" that every customer that purchases a used car gets to spin, and we put together a pretty aggressive spiff program for the sales guys. The wheel pays out tons of prizes that are paid for against the gross of the deal so there is technically no cost attached to each prize. Our goal is to do this whole thing for a relatively cheap cost but still make it fun at the same time.

     The only issue is that I still feel like things aren't near as exciting around here as I was hoping. Does anyone have any ideas above and beyond the ones that I mentioned that would help liven this place up over the next 2 weeks? Keep in mind that I don't have tons of money to throw at this promotion): Let me know what you guys think...