Capitalizing on Six Dealership Opportunities in 2022 - Digital Air Strike

Capitalizing on Six Dealership Opportunities in 2022

Capitalizing on Six Dealership Opportunities in 2022

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It’s a brand-new year! But it seems like the obstacle course of the last two years will continue to play out in 2022. With the new vehicle inventory shortage showing no end in immediate sight, OEM incentives at an all-time low, and used car value index at a record high, well, what’s a dealer to do but wait it out? No way!

During a recent webinar with the Greater New York Auto Dealers’ Association, Digital Air Strike’s Jason Barrie showed dealers that the lessons from ’20 and ’21  – – such as being nimble enough to pivot, leaning on technology, and looking for additional opportunities, all with an emphasis on improving the customer experience – – will drive continued dealership profitability and growth through 2022.

Here are six different profit areas where dealerships can dominate, even with continued disruptions and challenges.

  1. Keep consumers engaged through the pre-order process.
    Encouraging pre-orders on new vehicles is not a new thing. And in the past, there was always available inventory, so it may not have been something you focused on. But with low inventory and high consumer demand, taking deposits for pre-orders is an opportunity that should no longer be ignored. Developing nurturing campaigns and regular video communications are critical. These campaigns and communications update buyers on the progress of their vehicle from the time they place their order, through the build phase, and until they take delivery. This will keep your customers informed and excited.
  1. Prepare consumers for changes to the industry with the shift toward electric vehicles (EVs).
    One of the biggest and most exciting news stories in the last couple of years is the auto industry’s paradigm shift toward electric vehicles. Make your dealership an authority on the subject by sharing great content, like articles and videos, highlighting new electric model features, and showcasing the value of EV ownership. Well-placed educational content through social media or on video, particular to your location, will help put your franchise dealership in a thought-leadership position and drive the interest of prospective EV consumers to your business.
  2. Sales nurturing through better, faster, and quality lead response.
    Every lead counts! To capitalize on sales opportunities, focus on improving the quality and speed of your responses to shoppers. A robust lead response process, coupled with technology, will help you nurture and engage consumers more efficiently and effectively, focusing on profitability. Just like how lead response processes differ from dealership to dealership, the same is true for lead response technologies on the market today. Some are better than others and offer near-instantaneous quotes 24/7 that include finance and lease options and new and used vehicle alternatives, as well as those from other brands within your dealer group. The research into what’s available is worth the reward.
  3. Create fixed ops opportunities with video.
    When it comes to improving the customer experience, few things work better than video. It is an engaging medium that has proven to spur the viewer to action. (Auto Dealer Today reported, “an estimated 97% of consumers who watch videos take some kind of action immediately after. They either visit a dealership, search for inventory, or conduct further vehicle research.”) Use video to educate the consumer about the service experience, whether it’s through YouTube videos that highlight your fixed ops department services, offers, and incentives, or live one-to-one videos to explain the service their vehicle needs and why. Video is the perfect way to show detail and transparency. (Also, don’t underestimate the power of a “Thank You” video, too!)
  1. Unsold F&I is a tremendous untapped opportunity.
    Video and technology can engage consumers and create F&I opportunities you may have missed while also adding value to the ownership experience. Coupling explainer videos that provide details about each F&I product with technology to scale the process so you can follow up on more current leads is a recipe for success and profitability. After the sale, keep the communication going by thanking the consumer through video. Highlight the value of your F&I offerings the consumer may have passed on during the purchase, such as vehicle service contract, gap insurance, dent repair, tire, wheel protection, etc. Whether owning or leasing, consumers are invested in the longevity of their vehicles. This approach enhances consumer trust while ensuring long-term growth and loyalty through repeat business.
  2. Got Cars? Here are used vehicle acquisition strategies that will fill your lots.
    Used vehicles have never been worth more. In the absence of new cars on dealership lots, obtaining a healthy inventory of pre-owned vehicles is a great way to increase profitability. A dealership can employ many vehicle acquisition strategies, and Barrie listed a few of his favorites that he noted were getting exceptional results for dealerships. Opening a dedicated virtual buying center, hosting end-of-lease turn-in events, and incentivizing employees for acquisitions all topped his list. Marketing campaigns, including texting, that promote an easy (read “irresistible) “sell us your car” process is also essential.

Barrie urges dealers to dig deeper on data and focus on process, training, technology, and honing skills. The obstacles of 2020 and 2021 will continue into 2022. The twists and turns changed how consumers engaged with dealers and continued disrupting the inventory supply chain. Now is the time to proactively engage with consumers and deliver timely, relevant, and valuable content throughout the vehicle research, purchase, and ownership experience.

Will consumers like what they see when they Google your dealership and search for you on social media? Find out with Digital Air Strike’s free Intel Report. The report includes an in-depth analysis of your online presence to ensure you’re getting more leads, which are more valuable than ever before. Find out how your team responds to leads with a free mystery shop to ensure shoppers get a response that converts them into buyers.

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