The retail automotive sales industry has been facing several challenges, including changes in customer behavior and rising interest rates. As the year draws to a close, we are taking a look back at the good, the bad, and everything in between. Joining us on the latest episode of Inside Automotive is Jen Suzuki, sales trainer and the president of eDealer Solutions.
Key Takeaways:
1. Dealers and salespeople must embrace the technological advancements affecting the industry since things are continuously changing. For instance, dealers are now negotiating how much a vehicle will cost under the manufacturer’s suggested retail price (MSRP) rather than how much it would cost over MSRP.
2. In 2023, dealers who invested in product knowledge, simplified their approach, and made use of video, were the ones who employed effective sales techniques. Suzuki explains, “Videos have been extremely effective when training your salespeople because it humanizes them with their outreach.”
3. Since competition has returned to the industry, dealers who tailor and personalize their sales experiences are excelling and taking their stores to new heights.
4. At the beginning of 2023, there was a shortage of inventory. However, as the year progressed, Suzuki witnessed calling spikes, readjusting sale processes, and EVs lingering on lots. Moreover, customers now want information, which leads to more calls.
5. EVs are marinating on dealers’ lots because salespeople don’t know how to sell them. “Learn your EVs because they’re not going away, but also be ready to adapt,” she says.
6. Ultimately, Suzuki says that for salespeople to advance their sales, they should practice their overall process. She adds that they also need to include video. “When adding videos, they don’t have to be perfect; they just have to be authentic,” Suzuki explains.
“My advice is to respond quickly and confidently because people want to feel comforted by you, not scared of you.” – Jen Suzuki
