4 Ways to Source More Trade-Ins
Accelerating trade cycles is an effective way to generate profit. And AutoLoop Quote™, an advanced equity mining and real-time quote generation tool, is a powerful partner to have. Quote continuously analyzes your DMS, Black Book®, and Edmunds® data to produce quick in-drive quotes matched to your actual inventory. But today, competition for trade-in leads is fierce, and customers can find a lot of what they’re looking for online without having to come in to determine their vehicle’s value.
One way to be sure you’re getting your piece of the pie is by proactively seeking new technologies and trade-up strategies. Quote is filling that need with additional products designed to expand your reach and response rates.
Here are four tips to help you collect and close more trade-in leads.
1. Online Quote Transparency
Online quotes can be misleading. Car shoppers expect to obtain a quote once they click on the offer – they’re inconvenienced if then prompted to speak with a salesperson to book an appointment. Transparency wins trust and increases customer satisfaction. In fact, according to a study* that analyzed 19,507 lease and retail sales records over a six-month period, providing consumers with realistic trade-in values early in the buying process increased total gross profit per car by $785!
Many dealerships use third-party services to provide instant, highly accurate quotes. And because the quotes come from a third party, customers trust the offer even more.
2. Direct Mail and Email Campaigns
Quote becomes an even more powerful tool when paired with Essentials™, AutoLoop’s best-in-class, multi-channel marketing platform. By turning Quote leads into equity campaigns, Essentials expands your reach and response rates. To launch an equity campaign, simply choose from dozens of event and seasonal Quote templates in our email template gallery. These communications automatically populate with the targeted upgrade offer for each customer upon sending.
Another way to further increase your response rate is to engage your customers with multimedia delivery, sending both email and direct mail simultaneously. AutoLoop Quote communications are available for both.
3. Phone/Voice Mail Campaigns
Phone campaigns are another great way to reach customers with equity in their vehicles – or to follow up on a direct mail or email campaign. Engage™, AutoLoop’s full-service call center, is fully integrated with both Quote and Essentials. Our adept call professionals can help drive a stronger response by making calls on your batch of Quote leads or targeted equity campaigns.
4. Service Drive Appraisals
Dealerships that get the most trade-in leads from their service drive have their Service Advisors ask every customer if they want an obligation-free appraisal. The process is consistent, plus the offers are both relevant and transparent. And when the customer receives a personalized one-sheet that includes a Black Book® valuation and offer with incentives, interest rates, payments and other factors, it's very compelling.
When you're dealing with a potential trade-in customer, it's not only about offering the best price. The customer wants information and they want to be able to trust the dealership. If you are aggressive about pursuing these leads, while offering complete transparency and relevant offers, you will soon start reaping the benefits of trade-in leads.
For more information about Quote campaigns or other trade-in sources, contact AutoLoop today.
*Study of 21 dealerships across the country over a 6 month period; 19,507 lease and retail sale records analyzed.