Trucks and SUVs – An Equity Mining Opportunity

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There are two kinds of vehicle owners in this country, those that drive a truck (SUVs included) and those that want a truck. In the latest 2018 May sales recap, trucks commanded 62 percent of new vehicle sales. This paradigm change in the market is so complete that Ford will quit producing cars in 2020.

This presents a tremendous opportunity for equity mining. Every “car” in the service lane presents an opportunity. It’s not that people just want trucks – they need trucks.

American culture, both young and old, is increasingly focusing on wellness. Trucks and SUV’s are now crucial for hauling gear. Paddleboards, kayaks, biking, hiking – you name it – are all facilitated by owning a truck. Previously, those who owned a pickup truck also had a car in the driveway. But now, that second vehicle is an SUV.

Equity mining

The desire for trucks and SUVs is an opportunity to create incremental sales, shorten the customer trading cycle, and to establish a significant profit center for a dealership. These opportunities turn into success when equity mining their database and equity mining the service lane are married to the right process and the right tools. Dealerships that set up a full-time department/team and have them focus on equity mining for service lane sales can convert from 2 percent to 4 percent of their total customer pay and warranty repair orders into new vehicle sales. Additionally, they can convert 3–5 percent of the eligible database equity mining contacts into sales monthly.

A little push

Make no mistake about it, a new vehicle purchase is still an impulse item. Very rarely does anyone have to have a new vehicle. A truck or SUV is an impulse buy for very rational reasons: “It’s so handy for chores around the house.” “It provides greater visibility and safety.” “It allows us to haul paddleboards and kayaks.” And so on.

Place an SUV or Crossover equipped with a bike rack, paddleboards, or kayak in the service drive next to the customer lounge entrance. Have artwork on the customer lounge walls featuring trucks, SUV, and crossovers in lifestyle settings. We have always said that two of the most influential factors in sales are social acceptability and a compelling reason to buy. Trucks and SUVs give you both.

Another tactic is to incentivize buying with YETI giveaways. Try displaying these coolers near the truck, and advertise that they come free with vehicle purchase. These coolers are known for their high quality and cool factor – pardon the pun. Leveraging the outdoor and adventure lifestyle associated with the YETI brand will help you connect this image with the purchase of a truck.

You might also like: 4 Unique Skills Your Employees Possess that Can Help You Sell More Cars

Prepare to win

Create an atmosphere for equity mining to be successful. We have all heard the quote, “The key is not the will to win… everybody has that. It is the will to prepare to win that is important.”

Taking time to stage the service lane can give an extra push to your equity mining and provide a leg up for your salespeople.

4 Unique Skills Your Employees Possess that Can Help You Sell More Cars

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All employees are different. They come from different backgrounds, have different past experiences, and possess different skill sets. While you probably already know about certain skills that make them great in their position, you may not know about others that are completely unrelated to their job titles.

By discovering the strengths your employees aren’t currently putting to use, you can find ways to utilize them around the dealership. Not only will this benefit the company as a whole, but letting them do something they’re good at can make them more engaged and happier in their day-to-day role.

While uncovering these unique skill sets can be extremely easy with some employees, it can be a little harder with others. The easy way is, of course, just asking the employee about their hobbies, interest, likes, and dislikes. On the other hand, it may take you watching them as they work to get a better idea of their strengths and unique skills.

So what type of skills should you be on the lookout for? We have a few unique skills below that one or more of your current employees is likely to possess, plus how you can utilize them to sell more cars.

Social Media Skills

You know the guy or girl that checks their Facebook page at every possible chance and stays up-to-date on all the new social media trends? This is the employee you want helping with your social media. Whether or not you have an agency in charge of your social platforms, this employee has an inside look at the dealership and can provide valuable insight on what you should be sharing with your audience. While they can help write posts, they may also be great for creating interaction and engaging with potential customers on social media.

Photography Skills

In today’s online world, images are so important, and with just about everyone owning a smartphone with a quality camera, you don’t have to have an expensive photographer at all times. From snapping inventory shots of your new vehicles to capturing the fun at dealership events, there are a number of ways you can make use of an employee’s love of photography.

Organization Skills

You likely have some employees who can’t keep up with deadlines and often misplace important papers, but you probably have others with impeccable organization skills. These are the ones that would be great for helping you plan events or assisting you in other projects that you just can’t seem to keep your head above. Letting them take the lead on these tasks won’t only help you keep your sanity, but also get them more involved in the dealership.

Fundraising Skills

Being part of the community is something most dealerships strive to do. But often, it gets left to the wayside when things get busy. If you really want to get your dealership involved in charitable causes and fundraisers for various organizations in your area, leave it to the employees that genuinely enjoy helping others and have a knack for getting other people excited about charitable causes. While this will obviously benefit the dealership, this employee is sure to find even more fulfillment in their position.

It may sound tricky at first, but by simply taking the time to learn more about your employees and uncovering their unique skills, you can find countless ways to make them a more valuable employee, plus make your dealership more successful at the same time.