RSS

Tag Archives: sales

“The formula for MAXIMUM R.O.I. in Social Media!”

There is a rather simple formula when it comes to getting the MAXIMUM return on your investment in Social Media.

It’s so simple…..it might overwhelm you!

And while the formula is simple…..the actual implementation is the hardest part!

The formula???????…………….”Embrace it”…….

That’s the ENTIRE formula…..”embrace it”

That’s right!!…….go ahead and “embrace” social media!

Most Dealers and dealerships are scared to death to go ahead and try!

BUT…go ahead…..”Embrace it”!!!

Let’s start with the Sales Department.

We would ALL love to have an entire showroom floor filled with salespeople that could sell 20-25 units a month without EVER having to take any floor traffic.

Some dealerships have these salespeople already! Salespeople that have their own book of business and continue to sell their 20-25 units in good times and bad.

How do these salespeople accomplish this month after month??

These salespeople do an excellent job of calling their customers, following up, sending birthday cards, holiday cards and keeping them abreast of all the latest incentives, deals and new models that are coming out!

These salespeople become the customers “friend” in the car business!

Now what if you could get your ENTIRE sales team to do all of that every day??

It’s easy by utilizing Social Media!

Engaging your customers on Social Media sites such as Facebook, allows you to constantly update your customer with your latest incentives, your latest specials and article that pertain to the vehicle that they purchased from you, thus reinforcing that the customer made the correct decision in purchasing from you!

You can also update your customers on any “new” models that may be coming out! Everyone LOVES “spy” pictures of future product!

You can engage your customers to any special events that you may have upcoming.

You can send your customer the latest pictures or video of any accessories that you may have added to another vehicle that they might be interested in.

Did you make a note of the customer’s interests or hobbies in your CRM? You can send them interesting articles on their favorite sports team or television show.

What about the servicing of the customers car?

Wouldn’t it be great to send your customers information regarding any “Service Specials?”

How about some articles or video explaining tire wear or battery life?

Send your customer articles on preparing their vehicle for any seasonal changes, i.e…..snow tires, coolant checks, safety checks before a long vacation drive….etc…..

The amount of information we can send our customers via Social Media is non-stop!

But first…….you have to “embrace” Social Media!

The whole idea of Social Media is that it is a FUN way to interact with your customer!

People have FUN with their friends. And EVERYONE wants a friend in the car business! Friends take care of friends….You can be comfortable DEALING with a friend….a friend will always treat you right….friends always recommend their friends to other friends…..

You see, by “embracing” social media, you become more than just “that salesperson” at the car dealership. You become their friend!

Every dealership wants to have a great relationship with all of their customers. They would love all of their customers to endorse them and support them! They would want their customers to refer all of their family and friends to them!

You can do ALL of this by “embracing” Social Media!

So if you are trying to figure out the pros and cons of social media, what the investment is and how much of a return on your investment will be….. know this…..You will receive ZERO return on your investment if you DON’T embrace social media.

The saying goes….”you will miss 100% of the shots that you never take”….

Go ahead…..take the shot….embrace social media TODAY!!!

This article originally appeared in the November 2011 issue of “The Social Dealership”

Here is the link:

http://socialdealershipmagazine.com/the-social-dealership/november-2011-issue/

 

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
Leave a comment

Posted by on November 3, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , , , ,

Armed with ALL the knowledge; customers are still SCARED!

Today’s customers have access to an abundance of knowledge.

They can get on their computer or smart phone and see what the cost of a New Vehicle is.

They can appraise their own trade.

They can see what the lowest interest rates are.

They can do side by side comparisons with vehicles they are looking at.

They can check for the vehicles safety and reliability.

They can check how much insurance costs will be.

They can pretty much check on ANYTHING and EVERYTHING about the transaction!

Customers CAN, and in most cases DO, come armed with a LOT of knowledge before they enter the showroom floor.

BUT………they are still scared!

What are they scared of?

They are scared that they will still pay too much for the vehicle, not get enough for their trade, pay too high a payment, pay too high of an interest rate and most of all…….they are scared that they bought the wrong vehicle!

You see, even armed with ALL of the knowledge, there will always be some doubt by the customer that they are making the correct decision.

THIS is where YOU, the Sales Professional, can make a difference!

As a Sales Professional, you have to sell the product, the Dealership and YOU!!!!

“YOU”, make the difference in the sales transaction!!

Customers want to deal with someone that is knowledgeable, professional, and courteous…… and most of all……LIKE-ABLE!!!

So how do you get to become, “like-able”??

The formula is rather simple.

Ready???

Ask questions…….

That’s it……ask questions…and a lot of them!

LISTENING to the customer!!!!

You see the art of building rapport and knowing what a customer REALLY wants is the key to closing more deals!

The best closers do one thing better than everyone else! They ask the MOST questions.

When you ask questions, you get a better perspective of what the customer’s wants and needs are.

You get a better perspective of how they are going to use the vehicle.

You get a better perspective of what they “have to have’ and what they would “like to have”.

You get a better perspective of the information that the customer already has.

This is where, “YOU”, can make the difference!

YOU have to have extensive product knowledge of not just your own product, but the competitions product.

YOU have to have the ability to sell the advantages of your product over the competition.

YOU have to be able to know all of the 3rd party websites that are giving these customers their information! Websites such as, Edmunds, Truecar, NADA, KBB, NHTSA, IIHS, Consumer Reports, TheCarConnection, CarData, CarInfo, DealerNet…..the list goes on and on…..

YOU have to have the confidence and conviction of knowing HOW to overcome your customer’s objections with the correct knowledge and information to help them make the correct decision.

YOU can give the customer confidence that they are making the correct decision by purchasing your product!!!

The NUMBER ONE complaint of all customers in regards to the Sales experience is;

“The Salesperson wasted my time!”

The reason the customer feels that the Salesperson wasted their time was that the Salesperson didn’t listen to the customers wants and needs.

The Salesperson didn’t know their product.

The Salesperson didn’t give a good demonstration.

The Salesperson was not trustworthy.

As a Sales Professional, you have to make the customer feel comfortable and confident about their purchase!

The ONLY way you can make the customer feel this way is by becoming the very best at what you do!

Product knowledge, competitions products, comparisons, selling your products advantages, demonstrating, building value, practicing, drilling rehearsing….and……asking a LOT of questions!

Customers are armed with a lot of knowledge, yet they are still scared!

YOU can make the difference by putting all of the customer’s fears aside and making sure you give them the most professional presentation they will ever see!

If “YOU” can put the customers fears aside…..YOU will make the sale!!!

 

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
Leave a comment

Posted by on October 13, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , , ,

Customers “wear” their vehicle!

Have you ever noticed that the type of vehicle that a person buys reflects their character or lifestyle?

People buy certain vehicles for a reason!

People buy pickup trucks for work or play….and maybe a little of both!

People buy minivans mostly because they have children.

People buy sports cars mostly because they like the image it portrays.

People buy high-line luxury vehicles for a status symbol.

People buy “green” vehicles mostly because they are concerned for the environment.

In ALL cases, people simply “wear” their vehicle. Their vehicle is an extension of themselves.

Like the clothes you wear, a vehicle becomes that new suit or that beautiful new dress. Maybe the vehicle becomes that sporty jacket you just bought or maybe the vehicle is that pair of sweat pants you just bought to run around and do errands with!

So if customers “wear” their vehicle, they also accessorize what they wear.

Customers will buy an incredible amount of accessories for their vehicle; just like they buy a new tie to go with the suit or a sparkling piece of jewelry to go with the new dress.

We all need to find every single opportunity to maximize our profits and give the customer a reason to be loyal to the dealership!

By making your store a “one-stop” shopping experience for those people that would like to accessorize their vehicle, you create one more reason for customers to frequent your dealership!

  • Are YOU as a dealer getting your fair share of accessory sales?
  • Are you even offering the customer accessory options?
  • Are you pricing the accessories to make it attractive for the customer to purchase from you?
  • Is your sales team involved in presenting these options?
  • Do you have 10-15% of your “in-stock” vehicles equipped with these accessories so that the customer can see them?
  • Do you have a dedicated area of the dealership to highlight accessories?

I encourage all of you to go to the SEMA show inLas Vegas!

http://www.semashow.com/

SEMA is short for Specialty Equipment Market Association, which was formed in 1963. The SEMA Show is the most excellent trade event for automotive specialty products in the world. It is consists of 6,764 companies worldwide and products in this $27.8 billion-a-year industry.

The first time I went to SEMA, I spent 2 entire days and STILL did not see the entire exhibit! It covers every square inch of the Las Vegas convention center!

Maximize your profit by checking out this show!

It is WELL worth your time!

 

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
1 Comment

Posted by on October 3, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , ,

Pre-Owned R.O.I. – Assess them – Find them – Fix them – Sell them (Part 4 of 4)

(Part 4 – Sell them)

In the first part of this 4 part blog, we reviewed how to “assess” what would be your “perfect Pre-owned inventory mix”.

In the second part of this 4 part blog, we reviewed how to “find” your “perfect Pre-owned inventory mix”.

In the third part of this 4 part blog, we reviewed how to “fix” or recondition your vehicles for maximum R.O.I.

Now that we know what vehicles we are looking for and how to find them and how to fix them, the next step is how to sell them!

Properly marketing and pricing your vehicle for sale is the key to a fast sale with maximum gross profit!

Let’s talk about “on-line” marketing and pricing first.

Once your vehicle is properly cleaned and reconditioned for sale, you have to take multiple pictures of the vehicle both inside and outside. Your perspective customer wants to see a LOT of pictures if they are viewing the vehicle on the internet. Make sure you include pictures of the mileage, tire tread depth and all angles of the vehicle inside and out! You should take a minimum of 20 pictures for each vehicle. Pay special attention to any upgraded factory accessories on the vehicle such as wheels, spoilers, roof racks…etc…..

The first two or three sentences of the vehicle description on-line are very important! Customers do NOT want to read a general list of the vehicles specifications and options! You MUST write the first few sentences as if you were writing a headline of a newspaper! You need to get the perspective customers attention! Sentences that start off with;

“ONE OWNER”,

“EXTREMELY LOW MILES”,

“UNBELIEVABLY CLEAN”,

“ORIGINALLY BOUGHT AND SERVICED HERE”

Get the perspective customers attention with a solid and well written description!

Produce a 60 second video of the vehicle! It not only provides a great marketing piece to help sell the vehicle, it also provides great SEO, (search engine optimization) for your vehicles on the internet! If you “tag” the video with the correct words it will show up in the search engines more easily and frequently!

You can market your vehicles on a vast number of Automotive Pre-owned websites. First, pay attention to marketing them on your own dealership website! Once you get your dealership website set, get the vehicle out to as many automotive Pre-owned websites as possible! The more exposure you have, the quicker and easier it will be to sell the vehicle!

Pricing the vehicle on the internet AND on the showroom floor should be the same! One sure way to upset a customer is to give them a price in the showroom that is higher than what they saw on-line! Seamless and transparent pricing policies need to be adhered to!

Price your Pre-owned vehicles “to market”! Don’t just “add” $ ”X” to the cost of the vehicle to set your pricing. There are many software tools to help you understand what the average retail price of a similar vehicle is in your market. Whether you use “V-Auto, AAX, First Look…..etc….the information is very similar.

The two most important pieces of criteria that a perspective customer is looking for in a Pre-owned vehicle are, price and mileage. Make sure that your pricing is in line with similar vehicles with the same mileage.

Once the customer gets to your dealership to look at your pre-owned inventory, make sure your sales staff knows all about the different makes models and trim levels that you have available!

When the customer walks into the showroom and asks, “What do you have in a 4 door import vehicle for under $12000.00?” you need to have a staff that is trained to give the customer a couple of different options within the first 60 seconds!

Your staff needs to have an overall knowledge of what pre-owned vehicles you have available and at what price points they are available at!

Marketing, pricing, knowledge of inventory and professionalism are important keys to selling a pre-owned vehicle!

Assessing, finding, fixing and selling your pre-owned vehicles for MAXIMUM R.O.I. is essential to the overall success of the dealership!

 

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
Leave a comment

Posted by on September 26, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , , ,

Pre-Owned R.O.I. – Assess them – Find them – Fix them – Sell them (Part 3 of 4)

(Part 3 – Fix them)

In the first part of this 4 part blog, we reviewed how to “assess” what would be your “perfect Pre-owned inventory mix”.

In the second part of this 4 part blog, we reviewed how to “find” your “perfect Pre-owned inventory mix”.

Now that we know what vehicles we are looking for and how to find them, the next step is to “fix” them.

The art of reconditioning a vehicle for re-sale is essential to achieve maximum R.O.I. for the dealership!

You have to use common sense when it comes to reconditioning a vehicle.

You want to make the vehicle as presentable and sellable as possible.

You want to make sure that your perception of what the costs are to properly recondition the vehicle fall into line with what the reality of the costs are.

If you have figured that it would cost a certain amount of money to recondition the vehicle when you obtained it and it is costing you more than what you originally thought, you need to adjust your thinking when you are appraising vehicles! That being said, you don’t want to take “shortcuts’ or not recondition the vehicle correctly to compensate for a vehicle that may have been “over appraised”!

I believe proper reconditioning of a vehicle comes down to just two simple elements.

Does the vehicle LOOK GREAT and is it MECHANICALLY SOUND?

Let’s talk about the physical appearance of the vehicle first.

I believe a great looking vehicle is much easier to sell than one that doesn’t look its best!

Have you removed all of the body dings, dents and scratches? Little dings and dents are the first thing a perspective buyer looks at before they even get in the vehicle. Did you re-paint the bumper covers to take away the scratches and scuffs?

How about the interior? Have you cleaned and shampooed the entire interior? Did you remove all of the stains from the seats and carpets? How about a new set of floor mats? New floor mats are an inexpensive way to make the interior look its best!

Was the former owner a smoker? Did the former owner have pets in the vehicle? Removing ALL odors completely is essential to making it presentable to the next buyer!

Is the vehicle properly detailed for re-sale? You have to constantly monitor the cleanliness of the vehicle when it sits on the lot! Is it washed, waxed and vacuumed properly AND daily? Are the wheels clean of brake dust and polished to look good? Did the vehicle go out on a demonstration drive and get dirty by going through puddles or by having dirt brought into the inside by dirty shoes?

Are the proper warranty stickers/paperwork properly displayed in a clean and neat fashion without damage?

Did you take off any of the competitions “badges” or dealership information and affix your own?

Is your license plate bracket affixed to the vehicle properly?

All of these little details are NOT missed by your customers! Make sure you are proactive in making sure you vehicle looks its best!

Now let’s talk about the mechanical aspect of reconditioning.

The obvious part is to make sure that the vehicle is going to pass any and all State mandated requirements for safety and inspection!

I believe if there is less than 40% life on a brake pad or a tire, it needs to be replaced. It makes a great selling point and story to the customer when you explain that this is your policy! Telling a customer that you value their safety by either putting on new brakes or tires builds value in your Pre-owned vehicle!

If the vehicle is within 5000 miles of a major service interval, go ahead and do the major service! It makes two great selling points with the perspective customer! First of all, it again builds value in your vehicle and secondly, when the customer purchase the vehicle, their first service experience in your dealership will NOT involve a costly repair! The first interaction with your Service Department will be a simple oil change. This will build retention and word of mouth endorsements for your store!

Make sure all of the accessories work correctly! Navigation systems, DVD players and stereo systems should all be checked for proper working order.

Does the vehicle have any OEM aftermarket equipment? Roof racks, fog lights, spoilers, etc….it should all be checked for proper function and instillation!

In the end, “FIXING” the vehicle correctly to maximize your R.O.I. is essential for the dealership!

 

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
Leave a comment

Posted by on September 26, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , , ,

Pre-Owned R.O.I. – Assess them – Find them – Fix them – Sell them (Part 2of 4)

(Part 2 – Find them)

In the first part of this 4 part blog, we reviewed how to “assess” what would be your “perfect Pre-owned inventory mix”.

Now that we know what vehicles we are looking for, the next step is “finding” them!

There are many places we can search to find these vehicles!

The “front door” is a good place to start! Are you properly appraising each and every customers “trade-in” vehicle? Are you utilizing all the available tools and software to help you in the appraisal? Have you enlisted several opinions of different Managers in the store? Did you miss something in the appraisal? Take advantage of every opportunity to take these vehicles in on trade! A daily review of trade-in opportunities between all department managers is a key to maximizing your potential!

Are you “data-mining” your database of customers? Do you utilize vehicle equity tools, software or calculators to help you proactively find customers that may be in an equity position OR have the ability to trade out of their vehicle today? Are the customers coming to the end of their lease contract or finance contract? Is the customer, “on-track” to go OVER the contracted amount of miles on their current lease? Is the customer, “out of warranty coverage” on their current vehicle? Could you use a particular year, make and model to enhance your “perfect inventory mix”? There are several great tools out there to help you in this search!

Do you have a dedicated Sales team of people working in your Service Drive? There are customers driving into your Service Drive on a daily basis. They already like and trust your Service Department! Are these customers still happy with their current vehicle? Have the customer’s needs changed since they bought the vehicle? Have the customer’s driving habits changed since they bought the vehicle? Is the vehicle nearing the end of a lease? Is there a new “body style” available in the current model the customer has? Is the customer unwilling to spend additional money to maintain their current vehicle? The Service Drive is one of the biggest opportunities for additional sales in the dealership! However, it is one of the LEAST utilized opportunities in dealerships nationwide! Don’t miss out!

Are you contacting individuals that have their vehicle listed for a “private party sale”? These individuals have their vehicle listed for private party sale for a number of various reasons. These individuals should be contacted to let them know you are willing and able to purchase their vehicle today! Explaining to these private party sellers the pluses and minuses of attempting to sell their vehicle on their own is the key element in attempting to purchase their vehicle! Explaining to the customer the ease in doing business with you is another key! Most individuals do not look forward to strange people showing up at their homes, wasting their valuable time, worrying about getting a safe and cash-able payment for their vehicle or taking care of any “payoff” on their vehicle! By doing business with your dealership, you can alleviate all of these customer worries!

Do you utilize a wholesale auction to fill in some of the gaps in your “perfect Pre-owned inventory mix”? Do you have a plan of what you want to purchase and how much you are willing to spend on each individual vehicle? Preparing your “game plan” is absolutely essential to making sure you are purchasing the correct vehicles and for the correct dollar amounts! Don’t get caught up in the auction hype! Preparing a solid game plan BEFORE you start purchasing vehicles at the auction stops you from paying too much for the wrong vehicles!

Finding the correct vehicles to enhance your “perfect Pre-owned inventory mix” is essential to maximizing your R.O.I.!

Get started….NOW!!!

 

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
Leave a comment

Posted by on September 26, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , , ,

Pre-Owned R.O.I. – Assess them – Find them – Fix them – Sell them (Part 1of 4)

(Part 1 – Assess them)

Pre-Owned vehicles are the life blood of any successful automotive dealership!

For some dealers, that don’t floor plan pre-owned vehicles, this is where aLOTof cash can be found!

So why is it that some dealers feel that the Pre-owned department takes a “back seat” to the New vehicle department?

Limited allocations or availability of New vehicles can be maddening! You never know when an earthquake and tsunami will impact your ability to get New vehicles.

Economic conditions can also impair your ability to have the correct “mix” of New vehicles. When gas prices go up, you can never seem to have enough “high gas mileage” vehicles available!

You can NEVER get enough of the “hot” New vehicles and there are always plenty of the “slower moving” New vehicles available!

On the other hand, your Pre-owned inventory can be as small or large as you like. You can stock the exact mix of “hot” pre-owned vehicles to maximize your R.O.I. (return on investment).

Taking the time to properly assess your Pre-owned inventory to “find” the correct mix of vehicles for your market is imperative to your success!

You have to assess what are the quickest and best moving makes and models in your area.

Make sure to stock your own “brand” of pre-owned vehicles. Whatever the manufacturers sign says on your building, make sure you have the correct mix of Pre-owned vehicles that were great selling vehicles when you sold them “New”! For example, customers will naturally gravitate to a Chevrolet store to look at and find Pre-Owned Chevrolet’s! Make sure you have the right mix on the lot!

You have to assess market conditions. What are the best Makes, Models and model year vehicles to stock? If there is a lack of New models, do you stock 1 and 2 year old vehicles to fill the void? What if New models are plentiful? Do you stock 3 year old models and older to maximize and balance your inventory options?

You have to assess seasonal conditions. Is your dealership in a northern climate? Have you stocked enough 4 wheel drive vehicles going into a winter season? Is your dealership in a southern climate? Have you stocked enough vehicles for the “snowbirds” arrival? Whatever the season, you need to be prepared and look ahead to seasonal conditions that give you an opportunity to maximize sales.

You have to assess economic conditions. Are gasoline prices going up? If gas prices are up, you need to stock additional “high gas mileage” vehicles. What is the median income of people in your area? If the median income is lower than average, do you stock less expensive pre-owned vehicles? You need to know the economic demographics of your area!

You have to assess availability conditions. Is there a shortage of available new models? Is there going to be a large amount of a certain model that is going to flood the market because there was a great lease deal on it 3 years earlier? Either a lack of or a plentiful supply of a certain model can change dramatically what the vehicles value may be worth! It is important that you research this and know it going forward. If there is going to be a lack of a certain model, you can “step up” on an appraisal of this vehicle. If there are going to be a huge influx of a certain model that is “coming off lease”, you may want to be a tad more conservative in it’s appraisal.

You NEED to have a Pre-owned “perfect inventory” map and guideline to correctly stock your Pre-owned department.

Do you have the correct tools and information to help you in this assessment? Or….are you just “winging it”??

The utilization of the correct tools to help you in this assessment is imperative to your success!

Maximize your opportunity in your Pre-owned department by assessing exactly what your inventory mix should look like!

Constantly monitoring your Pre-owned inventory mix will ensure you are getting your highest R.O.I.!!!

 

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
1 Comment

Posted by on September 26, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , ,

Are you utilizing video of your happy customers?

Are you trying to decide what your Social Media process should look like?

Are you trying to decide where to begin and what to do?

One of the easiest and most effective ways to use social media to enhance your dealership’s presence is to utilize video of your happy customers either taking delivery of their New or Pre-Owned vehicle, or video of their experience in your service department!

You first have to understand, social media is like a family BBQ. At the family BBQ, everyone gathers around and talks about what is going on in their lives. Everyone trades stories of the positive things in their lives and the negative things. At the family BBQ, a positive or negative story about a retail experience, could persuade you to either give that business an opportunity or stay away from that business!

Wouldn’t you want your happy customers to persuade their friends and family to give your dealership an opportunity to earn their business??

When your happy customers are taking delivery of their New or Pre-Owned vehicle or getting their vehicle out of your Service Department, get the entire family together in a well lit environment. Have them gather around the vehicle. Whether they are inside or outside the vehicle, it makes no difference. As long as they are smiling and having a good time, the video will be positive.

Keep the video short! No more than 60 seconds! No one wants to watch a long drawn out video!

Don’t make the video seem scripted or planned. Make your video appear as casual and fun as possible! Most people want to do business with a place that is both professional and fun!

Make sure you introduce the family and the dealership at the very beginning of the video.

Example: “Here we have the Smith family taking delivery of their new (model) here at ABC Motors!”

Then ask the family just ONE question for the video. This will ensure you keep it to 60 seconds or less in length.

Questions such as:

  • Tell us about your Sales experience!
  • What do you like best about your New/Pre-Owned vehicle?
  • What is the first thing you will do with your New/Pre-Owned vehicle?
  • Where is the first place you will go with your New/Pre-Owned vehicle?
  • How did you enjoy your Service experience today?
  • If you could tell your family and friends just one thing about (ABC Motors), what would it be?

Explain to the customer you are then going to upload the video to the Dealerships Facebook page, your Dealerships YouTube channel and on your Dealership website. That way they can share the video on their Facebook page or e-mail the link from YouTube to their friends.

Make sure you give them a reason to do this video for the Dealership. After all, there should be something they receive in return for their endorsement of your Dealership. In return for the video, you may want to give them a free oil change or a discount for any further service or accessory purchase.

You want to make sure you have their permission to use the video in writing to protect yourself and the Dealership. Have your attorney construct a simply worded “release form” for your customer to sign.

Once you start building a series of videos, you can use them in your Social Media marketing and networking plans. You will have a video “why buy here” book.

Once a month, showcase a particularly great video on your Dealerships website, Facebook page or YouTube channel. Make sure you contact that customer whose video you are showcasing and thank them again for their business. I would encourage you to once again offer your customer an additional discount or service for allowing them to “feature” them on your sites!

An attitude of gratitude will go a long way! And everyone likes receiving gifts!!

Utilizing video, to start your Social Media presence and process, is both easy and fun to do. There is nothing more convincing to a perspective client of your Dealership than seeing happy and contented customers doing business at your store! The more videos you have, the better!

Make sure you have a way of continuously playing these videos in your showroom or your Service waiting area. It will be a reassurance to your customer or perspective customer that your Dealership is an awesome place to do business!

Start utilizing video of your happy customers to use in your Social Media presence!

There is no better testimonial you can receive! A video with smiling faces and satisfied customers that tells a story of a happy and pleasant experience at your Dealership is Social Media GOLD!!

This article appears in the publication, “Social Dealership Magazine”

http://socialdealershipmagazine.com/the-social-dealership/october-2011-issue/

 

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
Leave a comment

Posted by on September 20, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , , ,

Do you know what motivates every individual?

As a leader…do you know what motivates every individual in your organization??

Do you know why each individual comes to work each day…and earns a living working with you??

What are the driving forces behind each individual…that makes them get up every morning…fight the traffic…and come to work for your organization??

I can tell you…if you don’t take the time to see what motivates every individual in your organization…you will not succeed at a high level…

There are several motivations that a human being has…that drives them to do the things they want to do…and it isn’t all money…

Here are a few of the things that motivate people to do… what they do…not in any certain order…

Number one…is a person that wants consistency…

They want the feeling of being certain… that they have a fulfilling job…and that they are stable within it…

This type of person doesn’t like a lot of change in their lives…they feel comfortable in knowing that their lives are the same…pretty much every day…

Number two…is a person that thrives on change…

They love the daily challenge of something new and fresh…

They would get bored with the “same old routine”…day in and day out…

This type of person…lives for the unknown…and needs the constant stimulation… that the unknown provides…

Number three…is a person that needs to feel important…or special…

They always want to feel needed…and play a significant part… in any situation…

They strive to be an important player in your organization…and they want to be recognized for it…

Number four…is a person that needs to feel a closeness or a union with someone or something…

They need to feel loved…and have a connection…in both their business and personal lives…

Without that love…they feel disconnected…and alone…

Number five…is a person that has that insatiable desire to grow…and expand their world…

They want all of the latest technologies…and they want to be able to use them…

They want to acquire…all of the knowledge the world has to offer…and then apply it to expand their capacity in life…

And finally…number six…is a person that wants to be a true leader…

This person wants to contribute to the betterment of society…

They have a sense of service… and focus on helping…giving…and supporting others…

This type of person knows…that it is not about crossing the finish line first…but rather…how many can I take across the finish line with me…

A person can be any or all of these things…

They can have one…two…three…four…five…or a combination of all of these traits…

In order to lead your organization…to its highest level…you…as a leader…need to know what motivates each and every one of your employees…

Knowing what motivates an individual…and then leveraging that motive…will help you maximize that person to their greatest potential…

And then…you will have succeeded in being that true leader…knowing that you have identified what is important to someone…and then helping them fulfill their ambitions on their own level…

To see a video of this blog, please go to the following link:

Jim Kristoff video – Do you know what motivates every individual

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
1 Comment

Posted by on August 2, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , , , , , , , ,

How do you Develop Leaders?

How do you develop leaders in your business??

First of all, I think it is important to get EVERYONE to understand….that they are ALL leaders.

This is a tough concept for some people. Maybe they feel like the average employee out there, just doing what they are told and moving forward in life…..

But the fact is…..we are ALL leaders!!

Whether we lead an organization….. or a team of people…… or our families…..and most importantly….we lead ourselves….

We lead ourselves out of bed every morning with the responsibilities of the world in front of us.

We need to provide for ourselves….. before we can provide for our families and then provide for our careers…

There is a survey of people acrossAmericaout there that was performed by the Harr group……

Now in this survey, thousands of people felt that they worked very hard at their jobs, but they worried about their effectiveness…..

The survey revealed this……

Only 14% are accomplishing as much as they believe they could…….14%…….do you think the employees believe they can do more???  Of course….

Only 17% could prepare a plan for the day….17%……….now that leaves 83% with NO plan…..YIKES!!

And rewards of working…. are low……… only 50% feel satisfied and fulfilled with their work…..

So what does this tell us???

There is a clear void to be filled in the leadership gap….

Make no mistake about it……people want to lead and be led……

People want to feel significance in their lives……

So how do you develop this leader inside that we all crave to be???

Well…..leadership development occurs over time….

It is not a one shot program…..

There are no instant 3 day courses that will transform someone into a leader….

It is an every day…..non…stop……journey through personal development…

Let me give you a simple equation….

Knowledge   =   confidence….

When you feel confident with what you do…… and do it to your greatest potential….it is very fulfilling…

Giving a person simple leadership tools such as….

Goal setting…

Having a daily plan……

Practice….drill…and rehearse….

Being process driven….

Holding yourself and others accountable…

Doing everything legally….ethically ….and morally correct…

Setting aside 15 minutes a day to further their own skill set….whether that be motivational…..inspirational….factual…or educational………

The point is….you don’t ever get a “buy in” from people…..as a matter of fact…I dislike the term….no one “buys in”….you have to SELL them…

You have to sell them on the facts that the only way to get ahead in life and feel fulfilled is to lead yourself to a higher level….

You need to give them all the tools…. The resources….and most of all….you need someone there to mentor them on a daily basis…

That is the job of the head person in charge…you lead from the top….

And if you lead from the top…..the rest falls into place….

To see a video of this blog, please go to the following link:

Jim Kristoff Website – How do you Develop Leaders?

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
Leave a comment

Posted by on August 1, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , , , , , , , , ,

Great Leaders know it is ALL about the people!

Great leaders understand more than anything that it is ALL about the people…..

The people… are the driving force of any organization…..

Don’t believe it???

Go ahead and hire some bad ones and let me know how that works out…..

Seriously though….great leaders understand that they need to build professional relationships with each and every one of the employees….

Now…..I’m not talking about “best friends” kind of relationships….

I am talking about building a professional relationship with each person.

Great leaders find out exactly what motivates each individual…..

Every single person in this world has a different “map” of how they are put together……

People are raised in different parts of the Country….with different parents….who by the way have their own maps….

People are raised in different religions….

in different cultures….

With different friends….

Have different interests….

and most importantly…..

all have different driving forces of why they get up out of bed every morning..

Great leaders have interaction with the people…… every day…..great leaders find out what makes that individual…”tick”

Great leaders understand that by building rapport in a professional relationship…..that leader can then leverage that employee by giving them the proper feedback in a way that will be most receptive to that employee…

Think about it….

Some people love the recognition…

Some people love the challenge …

Some people like the certainty that goes with a particular project….

Some people just want to feel that… they “belong”

Some people want to continually grow….

You see….different motives… and different emotions…. drives all of us in what we do.

While figuring all of this out may seem to be a little difficult to do…..I know one thing…

If you ask a person exactly what they are thinking and how they are feeling….they will tell you…

But you first have to build a culture of honesty…..respect and integrity with that individual….

If you set the expectations clearly….and high enough….

Provide the employee with ALL of the tools and training that is necessary to perform the task….

And THEN…..give straight forward and honest feedback…..you will earn that individuals respect and trust….

As a leader….it is your job to mentor and train the leaders of tomorrow….

It starts by understanding the employee….understanding what their own individual driving motive is…

And then nurture it and watch it grow….

Your organization will be a better place and you as a leader will be fulfilled…..

To see a video of this blog, please go to the following link:

Jim Kristoff.com – Great Leaders know it is ALL about the people

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

 You can follow me on:

 My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
1 Comment

Posted by on July 27, 2011 in Archive of all blogs

 

Tags: , , , , , , , , , , , , , ,

Why is Customer Retention Important???

Customer retention…. It’s the single most important item…. that any Dealership can concentrate on….

Let me start with an NADA statistic

NADA did a survey…. And it showed that customers that service their vehicle… at the dealership…. are 17 times more likely to purchase another vehicle from you.

17 TIMES more likely!!!

Not twice as likely….

Not 5 times more likely….

Not even 10 times more likely…

Seven…teen times more likely…

If this statistic doesn’t get your attention…..NOTHING will…

THIS….is how important Customer retention is…..

A dealership will spend thousands and thousands of dollars attracting new business through advertising and marketing….

But what is getting spent on retaining the customers that you already have???

Lets face it…..customers will always return to a place that they feel comfortable doing business with and charges them a fair price.

Just like the old comedy show….Cheers…they all want to go where everybody knows their name….

Let me give you a correlation….

If you go into a restaurant and have bad service and bad food…..you are not likely to go back…

If you have good service and just fair food…..you might go back…

BUT….if you have great service and a great meal……you will definitely go back and tell all of your friends and relatives about the experience….

In turn….your friends and relatives will go to that restaurant…. based on your recommendation….

Wouldn’t you want the same thing to happen at the dealership???

Well…..it can happen!!!

There has to be a concentrated effort on staying in contact with the entire database of customers…

This contact needs to be timely and be of value to the customer…

You can’t just contact them for the purpose of selling them something…. You have to form a relationship with your customer….

You have to get every employee in the dealership to understand just how important customer retention is…

What it means for them in regards to expanding the business….. And expanding their own individual paycheck….

If you don’t have a customer retention process in your organization……you will not be able to grow your business at the rate in which you desire…

Have you measured your customer retention???

Do you know how many new customers you just sold a vehicle to…..come into your shop for service??

Do you know how many loyal service customers have come back and purchased another vehicle from you…or better yet…that loyal customer….. Telling a friend or family member about your store and they make a purchase from you….

Are you rewarding these loyal customers in some way???

If you are not rewarding these loyal customers…..they won’t be loyal for long….

Sometimes… just simply recognizing them for their loyalty is all that is needed…

You think customer retention is important???

The word important….. doesn’t do it justice….

The word essential….. is more fitting…

Customer retention is essential…… for the continued prosperity of your organization…

About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.

You can follow me on:

My website: www.JimKristoff.com  

Twitter: @jimkristoff

WordPress blogsite: https://jimkristoff.wordpress.com/

Blogspot blog: http://jimkristoff.blogspot.com/

DealerElite.net: http://www.dealerelite.net/profile/JimKristoff

Automotive Digital Marketing.com: http://www.automotivedigitalmarketing.com/profile/JimKristoff

LinkedIn:  http://www.linkedin.com/in/jimkristoff  

Youtube: www.youtube.com/user/jimkristoff


 
Leave a comment

Posted by on July 1, 2011 in Archive of all blogs

 

Tags: , , , , , , ,