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Working The Facts

Working the facts with All Things Used Cars. 🧐
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Working The Facts

Last week, David Long's All Things Used Cars welcomed Jasen Rice to talk lead management. Jasen is the author of "Work the Facts: Have Both Gross and Volume in the Used Car Operation" and offered a collection of insights that invited Clubhouse members to rethink the way they work leads.

Listen to the full conversation here, or read a few of Jasen Rice's Key Insights on Lead and Inventory Management:

💼 Work the Facts (WTF) Method: Emphasizes the importance of actionable, factual data. Analyze patterns in inventory age vs. sales and adjust strategies accordingly.

💨 Leads on Sold Cars: Up to 70% of active leads might be on cars already sold. Rather than discarding these leads, guide customers to find alternative vehicles.

😵‍💫 Lead Conversion Metrics Can Be Misleading: A high percentage of leads on sold cars can make conversion rates appear higher. A lower percentage may signify a more efficient sales process.

⚖️ Switching to Alternative Cars: If a car a customer is interested in is gone, suggest similar alternatives within their budget.

✂️ Avoid Dropping the Price: Price drops shouldn't be the go-to strategy to promote a vehicle.

♟️ Lead Management Strategy: Leads should be managed based on specific situations, not merely on their age.

🍨 Lead Distribution: A disproportionate number of leads might be on a few cars. For instance, 50% of leads might be on just the top 10 cars in the inventory.

🧮 Inventory Management: Nearly half of a dealer's inventory might not have leads. Dealers need to consider cars that aren't garnering attention proactively.

🏃‍♀️ Lead Activities: Shift focus from tracking activities per lead to "activities per car." If a car is priced right but needs to be attracting leads, dealers should use their database to find potential buyers.

🐣 Early Inventory Movement: Strive to sell many cars within the first 30 days. Delays, like slow photo uploads, can impede this.

🛵 SRPs and VDPs: While they play a role in lead generation, dealers shouldn't be overly reliant on Search Results Pages and Vehicle Details Pages.

👨‍🍳 Major Takeaway: Blend inventory management with lead management. Ensure all cars, regardless of lead count, get adequate attention.

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