Car dealers, are you worried that online buying will hurt your bottom line? We ran the numbers. What we discovered was named the Most Valuable Insight at Driving Sales' Presidents Club. The insight may surprise you.
The Most Valuable Insight competition is designed to reveal and showcase never-before-released data and research unique in the automotive industry. We researched how dealers are optimizing for online digital retailing and ecommerce, and how this increases the sales of finance and insurance (F&I) products.
If you took 100 orders across dealers who were optimizing for ecommerce, they were getting somewhere in the neighborhood of $63,000-$64,000 in pre-selected F&I products on those 100 orders, whereas the dealers who were not optimizing for e-commerce on the same 100 orders were getting around $21,000-$22,000. That's nearly triple the F&I revenue.
The most successful dealerships marketed the fact that ecommerce was an option and retargeted customers who start buying online but didn’t complete checkout.
Check out the short video below to hear more.
Want to learn more tips and tactics to earn more customers and sell more cars by integrating ecommerce into your growth strategy? Download your free ebook, 5 Steps to Turbocharge Your Ecommerce Engine.