Sales Pro Tip: Stop Leaving Co-Op Dollars on the Table!

Did you know there’s a very good chance that you have free advertising dollars available to you that you’re not using? We’re talking about co-op advertising dollars. Sure, you probably know what they are. But like many dealers, you may not know the amount you qualify to receive, how to use them or why they’re such a great resource.

How Co-Op Advertising Dollars Can Make a Big Difference

Many co-op programs will allow you to spend your earned credit on several different types of marketing campaigns. These include, but are not limited to, radio spots, TV ads, mailed flyers, social media banners and newspaper promotions.

Some OEMs limit reimbursement to campaigns geared toward new cars. But others will allow you to promote used car sales as well. Certain OEMs will even compensate you for the purchase of sales leads. Just think of what this could potentially do for your sales department!

Have you ever had a great idea for a marketing campaign, only to scrap your plan because the cost would be too high? What if the cost of that campaign could be cut in half with co-op dollars? Again, this is free money that will simply disappear from the table if you don’t put it to use.

Navigating the Challenges of Co-Op Programs

It wouldn’t be an exaggeration to say that some dealers have built the foundations of their success on co-op advertising dollars. Still, it’s easy to see why many dealers have shied away from co-op programs. They can be incredibly complicated and confusing. And in an industry where time is money, it’s understood that there had better be a big payoff if valuable hours are going to be spent.

How are co-op programs complicated? For one thing, different OEMs may refer to dealer advertising reimbursement by different names. For example, Honda’s term for co-op cash is Dealer Marketing Allowance. Meanwhile, some OEMs change the terms and restrictions attached to their co-op programs as often as every month. Sometimes entire programs change on a regular basis. Most OEMs insist on the inclusion of banners with reimbursed campaigns — but some don’t. It’s a lot to keep up with.

Here’s some good news: You can partner with industry experts like CarsDirect and Auto Credit Express to maneuver the co-op world. We can help you keep track of how many co-op advertising dollars you have coming, and provide you with suggestions on how to spend them.

Since we have access to the very latest co-op info from all manufacturers, we are a go-to source when it comes to meeting campaign requirements. We also handle invoice management. No matter what your marketing needs, we know how to optimize billing processes for maximum return.

So if you don’t feel you’re currently getting the most out of your co-op advertising dollars – or if you’re not using them at all – let us show you how to take full advantage of all available programs. To get started at absolutely no charge, click here to connect with a sales consultant.

And don’t forget – CarsDirect and Auto Credit Express can help you sell to all types of customers in addition to special finance buyers. Explore our full suite of products designed to help dealers sell more cars, including New Car Leads, Used Car Leads, and innovative Display Advertising solutions.

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Mastering the Different Types of Online Car Shoppers

Sales Pro Tip: Know the different types of online car shoppers

These days, virtually all consumers do some form of online shopping during the course of their car buying process. CarsDirect wanted to explore differences between different types of online shoppers, which we segmented into smartphone shoppers, tablet shoppers, and computer / laptop shoppers.

We surveyed smartphone car shoppers — defined as those who submitted a lead from a smartphone — to gauge where they stand in the purchase process vs. other online shoppers. The results shed much light on the state of smartphone car shoppers and how close they are to making a purchase. Read on for some interesting excerpts and takeaways from our survey.

Takeaways: Smartphone shoppers are overwhelmingly far into the purchase process, with few shoppers looking for ratings and reviews while almost 50% are looking for pricing information. Shoppers are also looking for information about dealer inventory and photos and colors of the car. A whopping 70% have already decided on trim and options, indicating they are looking for specifically equipped vehicles to purchase.

Takeaways: When it comes to dealer visits, CarsDirect’s survey again shows that smartphone shoppers are very close to purchase. Interestingly, almost 9% of survey respondents were using their phones to look for information while actually visiting a dealer, while almost a quarter of respondents planned to visit a dealer that same day.

Takeaways: It’s official: customers are using their phones as much as they are using traditional computers when car shopping. Consider the fact that many customers are interacting with your store from their phones. Is your site optimized for smartphones? Does it render correctly regardless of which device a customer is using? If it’s not, you might be missing out on sales opportunities.

Takeaways: As we saw above, smartphone customers are generally very close to purchase, so they’re hungry for pricing information. More than half of smartphone shoppers want pricing information from dealers. Additionally, they overwhelmingly want that to receive this information electronically, with almost 70% of smartphone shoppers saying they want to receive prices via e-mail or text message, not by phone call. Make sure you’re equipped to respond to mobile customers using the means they prefer. And don’t play games with pricing, such as the classic “come by the store for a price.” It could lose you the sale, as smartphone customers want immediate information they can act on.

Takeaways: It’s interesting to note that customers are most active on smartphones in the evening and on weekends, whereas desktop is busiest when most customers are in front of a computer at work. Evenings and weekends are of course prime car-buying time, so you’re likely to see a surge of smartphone customers when your store is at its busiest. Remember to not neglect responding to these smartphone customers when your store is busy – they could be just blocks away, ready to make a purchase.

Let CarsDirect help you connect with smartphone shoppers – and all types of shoppers – with our full suite of products designed to help car dealers sell more cars: New Car Leads, Used Car Leads, Special Finance Leads, and innovative Display Advertising and Mobile solutions. Click here to connect with a CarsDirect consultant to create a customized plan to supercharge sales at your store!

What Makes The Best New Car Leads?

You need the best tools at your disposal to successfully operate a business, but shopping for tools can be exhausting and confusing when every vendor claims to have the best tool at the lowest cost. This is especially true in the third party lead provider space. Online searches return more than 210 million results for “third party lead provider” — overwhelming, to say the least!

But not all hope is lost. Some simple guidelines can help you maneuver the market and buy the best new car leads to benefit your business.

First, minimize the inherent risk in buying leads. Buying the best new car leads starts with research. How are leads generated? Does the broker have your best interest in mind, or are they obligated by a one-sided contract? Thoroughly reading a lead provider’s Terms of Service can give several clues as to how the lead generation process is conducted. Look for transparent metrics and reporting – transparency usually correlates with quality. Make sure vendors break down the geographical markets served in a way that makes sense for you and your audience, especially when 50 miles can make or break a sale.

Not every company can provide the best new car leads. Ask about the pieces of information that are attached to each lead. If you’re skeptical about the lead generation process as described to you, go undercover and submit your own information on a vendor’s site. Doing so can be an eye-opening exercise in determining which are the best new car leads.

While more leads are often better than less, diminishing returns do exist. Make sure you’re not paying for useless information. For example, CarsDirect sends follow up surveys to customers who have submitted leads to gain insights on why a customer did or didn’t end up purchasing a vehicle.

CarsDirect offers more than just the best new car leads, but also a full suite of products designed to help car dealers sell more cars: New Car Leads, Used Car Leads, Special Finance Leads, and innovative Display Advertising and Mobile solutions. We encourage you to explore this website to learn about how our award-winning products can help you move more units.

Why You’re Doing Everything Right…But Still Missing Sales

Getting serious about third-party auto lead generation is worth the effort. In fact, using third-party auto lead generation resources can often be the difference between meeting monthly goals and missing them.

Old-school techniques like cold calling are tried and true for a reason, but they work only as part of a bigger-picture sales strategy. Even new-school techniques like engaging with car buyers on social media are just a part of running a successful dealership.

Cold calling works – it has historically, and it’s still an effective tool today. Snail mail newsletters work by calling attention to inventory. Social media is an amazing tool to connect with and build relationships with customers. Even having your store’s entire website re-designed around driving auto lead generation can be beneficial for the bottom line. Yet, while being totally self-reliant on in-house auto lead generation seems good in theory, you’re still missing out on sales.

Different buyers have different needs and methods when buying cars. Many are distrustful of dealerships, and therefore of auto dealership websites. Others don’t enjoy the traditional car buying experiences. Some enjoy the comfort of car shopping from home. Many younger buyers don’t realize that cars must be obtained from franchise dealers and not from the OEM directly, so they don’t think to search for websites at the dealership level.

To serve this vast audience of car shoppers that isn’t landing on auto dealer websites, there are third-party auto lead generation websites like CarsDirect. These sites assist car shoppers by augmenting the traditional car buying experience while still connecting them with your inventory.

CarsDirect offers a full suite of products designed to help car dealers sell more cars: New Car Leads, Used Car Leads, Special Finance Leads, and innovative Display Advertising and Mobile solutions. We encourage you to explore this website to learn about how our award-winning products can help you move more units.

Meet the New Subprime Authority

Have you heard the news? CarsDirect and Auto Credit Express have joined forces to create North America’s largest subprime automotive solution provider! Both brands will continue to operate separately, while benefiting from shared resources and technology.

Combined, we now serve more than 2,000 dealers across the United States and are processing 250,000 credit applications each month — a 40% increase. And we have exciting product innovations in the pipeline. All of this means that you’ll will benefit from more opportunities to sell than ever before.

Even better, we’re thrilled that CarsDirect and Auto Credit Express were each the recipients of 2016 Dealers’ Choice Awards presented by Auto Dealer Today magazine.

CarsDirect received the #1 Diamond Award for Best Special Finance Lead Provider. Meanwhile, Auto Credit Express was honored with a Gold Award in the Special Finance Lead Provider category.

This makes CarsDirect a six-time Dealers’ Choice Awards winner in the Special Finance category. CarsDirect also received a Gold Award in the Used Car Lead Provider category.

Of course, CarsDirect offers a full suite of products in addition to Special Finance — including New Car Leads, Used Car Leads, and innovative Display Advertising and Mobile solutions. We encourage you to explore this website to learn about how our award-winning products can help you move more units.