3 things your dealership can implement to increase Trade-In Lead conversions

Like any type of lead, the hottest lead can still fall short if the person at the dealership receiving the lead doesn’t handle it promptly, properly, and professionally. (Or even worse, doesn’t respond at all) 

Trade-In Leads are unique leads, as it involves a prospect who is looking to SELL YOU something. Whether they want to trade it in on something you have in stock, or are just looking to sell you their car outright. If they came through in the form of a Trade-In Lead, it means they are looking to get this information FIRST and know what you are willing to pay them for their vehicle, before they want to take a look at something you have to offer. 

Here are three strategies dealers can implement to help increase overall conversion on Trade-In Leads.

1. Assign a dedicated person to receive and respond to the Trade-In leads

Trade-In leads generated off of your website or from paid marketing efforts are not like a VDP specific lead or a credit application. They need to be handled in a different manner, a customer is looking to sell YOU their vehicle. When you filter these leads through your normal internet or BDC department, in most cases they don’t get handled properly. We recommend assigning a dedicated rep, in some cases even the Used Car Manager, to be the dedicated representative to receive these leads. Someone who has knowledge of vehicle values, product knowledge to ask proper Model / Trim questions, if not a manager then someone who has a direct line to whoever has authority to put appraisals on Trade-Ins at the Dealership. 

2. Implement a SMS / Text strategy

Text Messages in North America as of 2018 have a 94% Open Rate. This IS your customer's preferred method of contact. Your dealership needs to have an SMS Strategy for the initial reach out to these incoming leads. Customers are usually hesitant to give out their cell phone number, However, if you are using Guaranteed Trade chances are you were able to collect that mobile number in the initial lead inquiry. Sales People should not be texting customers directly from their personal cell phones. This won’t give management any supervision or tracking capabilities into how your Sales People are responding to the Dealership prospects. You need a proper SMS / Lead Manager to respond to your leads in a centralized location where management can monitor and even jump into the conversations. Ask Me for some recommendations for Texting Software for your Dealership.

3. Start by asking detailed questions about their Vehicle

That’s right, the best way to engage these leads is to immediately jump in about questions regarding THEIR vehicle. Save your “Why Buy Here” pitch for later. Most untrained Sales People make the mistake of jumping right into a pitch, trying to get a selection of their inventory, and focusing on selling their brand and dealership. When a customer has come in from a Trade-In form like Guaranteed Trade, this is where their focus is at this time in the shopping journey and should be yours as well.

Here's an example: you receive a Guaranteed Trade lead that looks like this:

Instead of reaching out to this lead with something like this:

“ Hey Norm, My name is Andrew from ABC Motors. We are a family-owned and operated dealer for 20+ years, and are the #1 Volume dealer of Ford in your area. We go the distance for our customers, and can guarantee you the best deal. When is a good time for you to make it in? “

They hear that everywhere, instead, I would approach it like this:

“ Hey Norm! Andrew here from ABC Motors. Really like your 2017 F150, quick question - would we get the tonneau cover included and does it have the Back-Up Camera? “

When you ask these detailed questions about their vehicle, you watch the actual response rate skyrocket.  

Regardless of the Trade-In tool you're using, these strategies can be applied and will help you increase conversion and sell more cars.

If you'd like a complimentary demo of Guaranteed Trade, reach out to [email protected] and mention the promo code " Autocorp "

Happy Selling!

Andrew Lemoine