How to choose the right pricing strategy for a car dealership

The automotive market is a highly competitive one. Customers consider a variety of factors when choosing a car, and price is one of the most important factors. How can you become a market leader and choose the right pricing strategy?

The average global price of a new car in 2024 is $67,817, up 19.4% from the previous year.

The used car market is also expected to see high demand and rising prices.

Despite this, 31% of customers said they would still buy the car they wanted, even if the brand announced an upcoming price increase.

This suggests that car buyers are willing to pay for what they want. However, to attract more customers and increase profits, you need to offer them more than just a low price.

How to choose the right pricing strategy for a car dealership:

Here are a few tips:

• Consider market factors. First, you need to research your competitors' prices and market trends. This will help you understand the current situation and how it may develop in the future.
• Target your audience. Think about who your main customers are. What is important to them in a car? What features and characteristics do they value most?
• Use data. This is the most important factor in choosing a pricing strategy. Data analysis will help you make more informed decisions.

4Service can help you choose the right pricing strategy

As practice and world experience show, the most accurate data can only be obtained through mystery shoppers. 4Service has over 20 years of experience and we know exactly how to help our clients become leaders in the automotive market. Our carefully selected and trained mystery shoppers will visit your competitors' dealerships and collect information on prices, leasing, and credit terms, as well as the quality of service.

We will also be able to find out:

• Prices for specific competitive models (B2B and B2C)
• Discount levels
• Promotions for your brand and competitors
• Interest rates and terms for loans and leases
• Delivery costs and duration

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Based on the data we collect, we will prepare a detailed report that will help you:

• Identify areas where you can offer more favorable terms
• Learn what your competitors offer in terms of additional services and quality of service
• Gain a competitive advantage and increase profits

Our advantages:

• Accurate information. We use reliable data collection methods to obtain the most accurate and up-to-date information.
• Global reach. We provide services in all countries of the world.
• Experienced specialists. Our specialists have extensive experience in the automotive industry and know all the intricacies of the automotive industry when monitoring prices.

By following these tips, you can choose a pricing strategy that will help you achieve your business goals.

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