The most important three-letter word when selling used cars (Part 2 of 5)

The WOW factor.

That’s what car dealers must achieve in the used-car sales process.

Car shoppers today go through a lot of steps before deciding what they’re going to purchase, so grabbing and holding their attention are major challenges for dealerships.

Photo: thetimesweekly.com

Photo: thetimesweekly.com

“This implies that dealers have just a few opportunities to really wow potential buyers,” says CarStory, which conducted a three-week survey of used-car shoppers, and not much time to do it.

RELATED: The first commandment for turning used-car shoppers into buyers (Part 1 of 5)

“Today’s auto shoppers use 24 research touch points in their car-buying process,” says a CarStory, citing a Kelley Blue Book report, in a white paper, How to convert used car shoppers to buyers. “Every time a consumer leaves a dealer website to find more information, it is a lost opportunity.”

Following are the most common steps from CarStory’s own map of the buying process, in order, with the percentage of shoppers who referred to it in the survey (most frequent in boldface):

  1. Search for vehicles online, 86 percent
  2. Calculate the amount I can afford to spend, 68 percent
  3. Ask friends and family about purchasing a car, 36 percent
  4. Read online reviews, 53 percent
  5. Check vehicles’ market value, 59 percent
  6. Narrow down the search, 52 percent
  7. Consider other vehicles, 60 percent
  8. Sell or trade another vehicle, 31 percent
  9. Ask a dealer for recommendations, 14 percent
  10. Read auto magazines, 13 percent
  11. Check accident history, 59 percent
  12. Test drive a vehicle, 74 percent
  13. Call dealer to pre-negotiate, 20 percent
  14. Negotiate price at dealer, 56 percent
  15. Negotiating financing at dealer, 41 percent
  16. Drive the car home, 76 percent
  17. Share vehicle purchase on social networks, 7 percent

The process offers a key lesson to dealerships selling used cars, according to CarStory.

“The best way to capture most shoppers [is to] engage them in the online research phase,” says CarStory, referring to the most-typical first step by consumers in the used-car-purchase process. “But how long do dealers have to capture a buyer’s attention before that buyer moves from the online research phase to, say, Step No. 6, narrowing the search? Not long.”

“To better understand consumer attention span … we looked at the average number of search results pages (SRPs) and vehicle detail pages (VDPs) that consumers across our marketplaces view,” says CarStory. “And then we looked at how many leads, on average, consumers submit.”

The results show that out of 7.8 million unique consumers who viewed SRPs across 350 marketplaces, 4.1 million made it to at least one VDP, generating a total of 182,533 leads, says CarStory, which offers independent reports about the value of individual vehicles and features in specific markets.

That means eight visits to your website generate five VDP views and just one or two leads. So, go out and wow your prospects, then be prepared to make the most of those results.

NEXT: And now the most important number when selling used cars

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