Even the most experienced car dealership still needs to study their local economy and customer base to understand potential sales, according to Diamond Honda. When the Great Recession hit in 2008, many dealerships dropped out of existence because of almost negligible sales. However, 2014 saw a turnaround in consumer confidence as car sales exploded for both new and used sectors. Transitioning into 2015 has dealerships optimistic about sales, making emerging trends important for forecasting.
Customers Prepared with Recall Knowledge
Every vehicle should be perfect when it leaves the manufacturer, but defects and recalls do occur at times. As a salesperson, be upfront about any issues vehicles could have and their solution. Many customers are armed with substantial information found online and through other research outlets. They may be well-aware of possible recalls on previous car models, but are willing to negotiate on a repaired vehicle’s cost. With all the information out in the open, sales numbers increase with happy customers as a result.
Dropping Gas Prices Only Helping Large Vehicle Sales
According to Alex Taylor III at Fortune, auto executives were concerned about lower gas prices actually reducing car sales because of economic impacts in the employment sector. However, this economic backlash hasn’t been observed. In fact, large vehicles are seeing incredible sales numbers. These vehicles were shunned when the economy dipped because of gasoline issues, but they’re being embraced again for status and family convenience. The American ideal of “larger is better” is still ingrained throughout the nation.
Don’t Discount Small Vehicle Volume
It’s not just the big guys showing strong sales. Compact and midsize car sales are picking up steam too. As businesses see their sales numbers rise, they usually need several vehicles to expand the company. Bulk small car sales are rising as companies take advantage of low gasoline prices and smart mileage cars. With some vehicles reaching 50 miles a gallon or more, their fuel efficiency is worth the investment for both small- and medium-size businesses.
Consumers Want Versatile Fuel
Consumers are more concerned about their carbon footprint than ever before. Although large vehicles are making a comeback, consumers want a better fuel for any car purchase. Battery-powered and hybrid vehicles are still viable in the industry. More regions are integrating charging stations at malls and other parking areas to help customers feel at ease with their driving habits. Fuel-cell vehicles are slowly making their mark as long drives seem to require almost no gasoline at all. As a successful dealership, salespeople and executives should invest in different fuel selections to appease almost everyone who walks in the door.
Some of the most traditional sales pitches don’t work on today’s savvy consumer when they walk onto the dealer lot. Dealerships need to work with their sales team to cultivate a more friendly atmosphere while describing the best features on exciting vehicles. When dealers work with customers in a direct manner, they’re happy to invest their time and money in a car with current economical trends looking positive.