Jasselle Martinez – DealershipNews.com https://dealershipnews.com Automotive News You Can Use Wed, 27 Mar 2019 21:50:39 +0000 en-US hourly 1 https://wordpress.org/?v=5.6.12 https://dealershipnews.com/wp-content/uploads/2017/11/cropped-DSNLogo-Mobile-32x32.jpg Jasselle Martinez – DealershipNews.com https://dealershipnews.com 32 32 158686725 Monetize Lot Rot and Turn Aging Inventory Into a Money Maker https://dealershipnews.com/2019/03/monetize-lot-rot-and-turn-aging-inventory-into-a-money-maker/?utm_source=rss&utm_medium=rss&utm_campaign=monetize-lot-rot-and-turn-aging-inventory-into-a-money-maker Wed, 27 Mar 2019 21:50:39 +0000 https://dealershipnews.com/?p=29291 Sitting on inventory is a costly and highly inefficient way of running a business. If you’re sitting on Ford Fairmonts, Plymouth Dusters, or a handful of LeBarons I can understand why you can’t turn inventory over. But if you’re a real car dealer that is proactive in moving units as...

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Sitting on inventory is a costly and highly inefficient way of running a business. If you’re sitting on Ford Fairmonts, Plymouth Dusters, or a handful of LeBarons I can understand why you can’t turn inventory over. But if you’re a real car dealer that is proactive in moving units as fast as possible, or are intrigued at the thought of monetizing a vehicle before it changes titles, you need to read on.

 

HyreCar is a publicly traded company that has figured out an ingenious way to turn sitting inventory, both new and used, into a revenue stream that runs fast. They took a hard look at the concept of ride-share and came up with a very creative way to insert car dealerships into the money making formula.  It’s really quite simple, instead of letting used or slow moving new inventory sit, why not rent the fully insured assets to local drivers who need a vehicle for Lyft or Uber gigs, but either have no vehicle, or don’t want to put excessive mileage on their current vehicle(s).

 

Once the rental hits say 2k miles, the dealer pulls it off of the road, labels it a demo (still a new car designation, but at a more buyer-friendly price), and puts the driver into another vehicle. At any point in the process, the ride-share driver can make arrangements to buy the car he or she is using at a discount after putting on the 2,000+ miles. It’s a great way to make money for both the driver and the dealer that could, as a result, develop a customer for life. It’s also a great way for someone who needs money and a car, but has a credit challenge, to make their life better and more productive. The driver can choose the length of their rental from a day, to a week, to a year. The program requires no additional hiring of personnel and can be easily managed by the fleet manager who would be trained to use the HyreCar management software.

 

If you are having issues with aging inventory, and it’s tying up your cash flow, I highly suggest you have a conversation with a representative from HyreCar, a truly unique outlier in automotive that brings results that can keep you running in the black.

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How to Stay Agile, Watch for Trends, be Cost-Effective. https://dealershipnews.com/2018/08/online-social-strategy-for-car-dealerships-stay-agile-watch-for-trends-be-cost-effective/?utm_source=rss&utm_medium=rss&utm_campaign=online-social-strategy-for-car-dealerships-stay-agile-watch-for-trends-be-cost-effective Fri, 03 Aug 2018 13:02:24 +0000 https://dealershipnews.com/?p=161 The post How to Stay Agile, Watch for Trends, be Cost-Effective. appeared first on DealershipNews.com.

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Depending on the size of your dealership, whether you’re a franchisee or independant, you may or may not have staff dedicated to social media and or Google AdWords. Much of what you do on social media is based on who you’re targeting. Facebook, the invasive social Frankenstein that knows everything about everybody taking up space on it’s platform, is still the best place to advertise inventory and events your dealership has planned on social media.

 

It’s relatively inexpensive, and it’s hyper-local, meaning you can target users within your DMA very easily. Video ads do very well on the platform and it’s easily the #1 social media choice for adults over 36 who spend a country-wide average of 45-50 minutes per day perusing it. If you’re looking for leads, expect to pay between $27 and $43. If you build a certain amount of branding into your social media pain threshold, the cost “cringe factor” will subside when you audit your marketing each quarter.

 

Facebook users are up in volume but overall usage of Zuckerberg’s monster is down between 10-20% depending on the sources you site. There are a number of reasons for this which cover the gamut of political hangovers, the lack of organic reach, annoying memes, the fact that people under 30 sign up but rarely use it, and a sense that the entire platform looks too busy and old to younger users.

 

Teens and young adults do not like Facebook. It belongs to their parents. For dealers looking to reach first-time car buyers a few years from now, think twice. In fact, Facebook doesn’t even rank in the top 3 of social networks for teenagers who prefer Snapchat and Instagram whereby they can engage with each other quickly, have house parties on the “House Party” app, and instant response to content they post.

 

Facebook has done it’s best in the past to nurture the aforementioned generation to guarantee long-term domination, but have so far failed with each incarnation. From it’s teenage Lifestage app, to trying to compete with House Party via their stand alone “Bonfire” app, as well as producing original content in the form of Facebook TV, FB has fallen short. Still, nothing will stop FB from attempting to carve out enough erosion in the landscape to create yet another revenue stream on the backs of the next generation once it has disposable income and time to waste starring mindlessly into their mobile device.

 

Meanwhile, a couple things that aren’t going away anytime soon are Google Search and SEO best practices. For car dealers looking for an easy attribution model, AdWords is a no-brainer. 2 trillion Google searches are performed every year and the analytics provided are not only agnostic but very helpful in determining the efficacy of any campaign. Google isn’t a 3rd party vendor that can choose which data is presented to the client, the Google numbers don’t lie. When the click traffic is legit, it does reflect a bottom of the funnel, first generation, active buyer, and you can easily track the lead as it processes through your organization. It’s a line item in any budget and should make up a minimum of 70% of any digital advertising allocation.

 

A practice every dealership needs to get good at is one that delivers a near 0 cost per lead. SEO optimization isn’t easy, but just playing by the rules gets you half the way there. Content is the Holy Grail of SEO and should be refreshed as often as possible. Backlinks, proper listings in all of the major data providers, and indexing sites are crucial aspects of top-line SEO. SEO is not paid media but creates superior visibility that drives traffic to a site at no cost to the store. Figuring out how to do it right is the first step in ascension to the top of your DMA and in the long run will cut your overall advertising budget.

 

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