Looking for stats

Jeff White

Does anyone have stats for the internet lead process? Looking for response time stats, average length of time from the time the lead comes in to closing and any other stats you guys might find helpful or interesting. Thanks

Ed Borg

Some of it depends upon the brand (OEM).  By the time a customer creates a "lead" they are usually very close to the time to buy.  With some of our OEMs we get to see when their leads that are sent to the dealer body close and we do a very simple process of putting a hash mark on a whiteboard into an appropriate box for the time that the customer actually purchased the vehicle.  Those are generally pretty high quality leads and the closing rates may vary but time should remain pretty consistent for a "quality" lead.  Contrary to what some pundits and OEMs may say based upon information from companies like Shift Digital.  We find that more then 90% close within the first 30 days and close to 70% close within a week.  If you look at the cadence of most BDC providers and trainers you can see by the intensity of communications what is most likely, e.g. 7 calls and 7 emails within the first 7 days....  

Steve Roessler

It's NOT about speed as it is quality these days.   To give a "First Quality Response", some of the OEMs now say responding in  < 30 min is the target.
Closing - Most of the typical OEMs, close 75%  within the first 14 days.     If you have only 14 days, you better focus on the getting engagement first.    How do you do that?  Get to know the customer first.   People buy from People.  Talk to the customer and just get rid of the templates.  

Chris K Leslie

DealerSocket has a website that puts together all of their dealer data as a whole with lots of numbers and averages. Check it out and tell us what you think. 

 

http://weareautomotive.com/

 

Matt Lamberth

I agree with @Steve and @Chris.  However, the importance of contacting a customer immediately cannot be overstated.  We have a goal of making an initial contact attempt within 15 minutes of lead submission and we typically have about 90% of our leads responded to within this time frame (overnight/after hours leads excepted). Pick up the phone!

Craig Polito

Right on Steve..., Several years age Dealer socket ran an enterprise report on close rate, They found the dealers with the highest close rate response time was between 15 and 30 minutes. Matt I also agree 15 minutes is perfect if you can execute with quality,,, During business hours... I have been teaching for years, "The Quality of the response will determine the Quality of the Lead"  Not speed. The reason for 15 minutes is T.O.M.A.

That stands for Top of Mind Awareness.. you want to contact the customer in the moment of thinking about a vehicle,,,its not to beat the other dealer...

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