As Prices Look to Stabilize, Get Ahead this Tax Season
With industry-wide inventory shortages, and demand consistently overtaking supply, used car prices over the past 2 years have increased like never before. Now, according to data from the Manheim Used Vehicle Value Index, prices look to be stabilizing, if only temporarily. While this is good news, for most dealers, inventory scarcity is still the top concern as tax season approaches. February's newsletter gives you marketing insights to help you stand out this tax season, and show you how to take advantage of every lead you get. We also sat down with Eric Schlesinger, CRO of Activengage, to learn more about what buyers are looking for and how communication is becoming a key ingredient in today's buying experience.
Webinar: Overcome inventory scarcity by doing these 3 things!
Watch Activengage's CRO Eric Schlesinger and OfferUp as they discuss the current state of the market and outline the 3 things you can do today to win prospective buyers in this challenging environment.
Make the most of your marketing dollars on OfferUp!
With the bulk of car shoppers today starting their vehicle search online, photos of your inventory and your overall online marketing image are more important than ever. In the past, shoppers may come to visit several dealerships on their car-buying journey, but now, America’s largest car buying generation, Millennials, will spend more than 9 hours browsing cars online before stepping foot on the lot. Further, 38% - 48% are more likely to buy on their first visit to a dealership. Your marketing strategy for your online presence is pivotal to help ensure your lot is the one buyer's visit.
Pictures are important. 75% of online shoppers rely on product photos when deciding on a potential purchase. Put simply, your vehicle photos, especially the first one, can help increase sales or prevent them from happening.
Lighting is important: The best photos have good lighting that showcases the vehicle without too much glare. During the day, make sure your flash is turned off.
Consistent and Clean Backgrounds: You should strive to try and photograph your vehicles around the same time each day so that there is consistency and an inferred level of professionalism when customers look at your vehicles. Remove any distracting elements in the background of the photo that doesn’t add to the image as a whole- the vehicle should be the focal point.
Full vehicle visible: The cover photo should always include a full view of the vehicle taken by the dealership, no stock photos. Utilize the other images (up to 30 w/feed) to highlight features or other commonly asked about parts of the vehicle. Consider positioning the vehicle in each cover photo at the same angle to add consistency to your profile and overall vehicle listings.
Use the contact emails that OfferUp is actively sending you to your advantage. Experts agree that industry conditions are beginning to level off and expect more shoppers to come out this spring. Take a look at your potential customers from Nov-Jan and actively reach out to them. It can be as simple as a form email that is showcasing some of your new inventory. The goal here should be to build rapport, re-engage those customers, and remind them that your dealership is there and you care about getting them in the right vehicle.
When was the last time you reviewed your advertising package? With tax returns already on their way, now is the perfect time to take a look at how many of your vehicles are getting extra visibility. Reach out to your assigned Account Manager or our support team for questions on how to maximize your impact this tax season.
Here are some additional links to help your team get started.
Learn how to go from "good" leads to getting "great" leads
Finding great leads isn't something that just happens. It takes the right marketing strategy, but also the right understanding of what a lead is to ensure you have the right tools and infrastructure to capture, communicate and convert that lead into a buyer.
Meet the Team: Sean Yoo, Account Manager - Motors
Sean Yoo is an Account Manager in the OfferUp Motors department. He has spent over ten years in sales, including time at Microsoft, DocuSign, and Tune before coming to OfferUp.
Sean is a Los Angeles native but loves the mountains. Snowboarding is one of his favorite winter activities and he’s always trying to hit the slopes whenever he can. Sean is also an avid cook and enjoys trying new, fun recipes during the winter months - especially soups! Considering his Los Angeles roots, Sean’s most consistent winter activity is staying dry in the wet, Seattle winters!
One of Sean’s biggest passions is traveling. Sean’s favorite trip was visiting Vietnam in 2014. He has plans to make it out to Park City soon to get some last snowboarding in before the end of the season.
While Sean is very much looking forward to spring he has been able to enjoy a fantastic year so far. President’s Day was spent back home with his family in LA and he spent Valentine’s Day with a special meal, a bottle of wine, and his favorite romantic comedy, Jerry Maguire.
Adapting to inventory scarcity can win you customers for life
original article - https://blog.offerup.com/autos/use-inventory-scarcity-to-give-your-dealership-an-advantage
In the past 24 months, we have experienced and seen changes in the Automotive industry that I did not believe I’d ever see; 2022 will be the third volume in the series. Over the next couple of weeks, I’ll dig into how the role of the dealership has changed, how to use scarcity to your advantage, and how to best cater to the new breed of car buyer. Today, let’s start with how to adapt to inventory scarcity during tax season and how the new role of the dealer can be leveraged to set your business apart.
Compared to a year ago, we find ourselves in a better position to welcome buyers back to the lot; if only we have the inventory to showcase. Now this inventory shortage that started with new vehicle sales has spilled over to pre-owned and has led to a massive pent-up demand for vehicles this tax season. Thankfully, these buyers will be equipped with tax returns as large as last year of an estimated $2,800 each, the highest on record. The metaphorically sarcastic cherry on top of all this, a reported 72% of franchise dealers are having trouble sourcing and hiring staff at their dealerships, and independent roofs are no better off. So how do we take this cocktail of unprecedented challenges and turn it into an advantage?