The last several years the auto industry has witnessed a big and not so surprising shift in the gender of car buyers.
There are now more women drivers on the road than men, according to The Wall Street Journal.
This leaves many dealerships shifting their paradigms in terms of how to re-strategize their business and marketing plan to truly optimize sales to women.
And, it’s leaving other dealers unsure as to exactly how to do that.
The cost of women walkouts
The average franchised dealer selling 1,440 vehicles (new and used) doesn’t even know that he/she can increase sales around $4 million dollars a year, because most walk 10-15 women out their door each month, 120 to 180 annually, according to an estimate by Women-Drivers.com.
Business remains strong. But many “ups” leave and go unnoticed or unaccounted for, even though the industry climate is getting more competitive and fierce.
By paying more attention to women and providing critical respect and trust the whole way through the sales engagement process, those browsers can be converted to buyers. Double-check your automatic response, “That doesn’t happen here, we treat everyone the same,” because an unhappy potential car shopper walking out of your store costs you a fortune – literally.
You lose a big opportunity
Losing the loyalty that this woman and family and friends bring – not to mention, her many referrals – is a huge miss. Women buy or lease an average of eight cars in their lifetime. At today’s average price of $32,500 that money adds up [to more than a quarter-million dollars]. Plus service drive visits over the long haul. That is a huge chunk of gross profit and sales, too.
You lose more potential buyers
Women are influential. This can work in your favor or against you. So, whether she is just looking around and browsing or shopping seriously, you need to offer the ultimate experience so that she walks out your door feeling content. If that happens, she’ll spread the word and – return to buy. If it doesn’t, she will walk and talk. It’s a pretty simple formula.
When a woman walks out of your store dissatisfied without making a purchase, it’s a matter of concern, because if she isn’t buying from you then she IS going to buy from your competitor.
So, which side of the $4 million divide will your dealership be on? In today’s hyper-competitive market, it’s time to pay close attention.
* Santander Consumer USA does not endorse Anne Fleming or the content of Women-Drivers.com in any way. This blog’s opinions are not Santander Consumer USA’s opinions and Santander Consumer USA shall not be responsible for its accuracy, completeness or integrity.
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