Dealerships have certainly had a rough time recently, with inventory shortages being crippling to say the least. Many factories closed down due to COVID-19, and microchip production was significantly affected due to this pandemic.
The entire industry has gone through a severe downturn since then, which is why it's so remarkable that the first new stock shipment arrived only six months after COVID-19 was contained.
With heavyweights like GM predicting positive expectations for the second quarter, it's safe to say we may expect inventory to make a comeback shortly.
So, how do you transition your dealership's inventory plan to accommodate for the return of inventory?
Despite the fact that they aren't currently taking up a substantial portion of your property, demand for new vehicles is still high. OEM marketing machines are cranking out fresh automobiles at an alarming rate, with cars like the FORD Maverick and F-150 Lightning pre-selling before they even hit dealerships.
If you have a website for your new vehicles, you may harvest in-market shopping customer contact information by creating specific landing pages for them on your site.
This list can be used to enhance your CRM for cold calling, direct email outreach, and "lookalike" audience generation on ad platforms.
When people need an automobile, but there are no new ones available, what do they do? They turn to used automobiles. While dealers have lately been successful in capitalizing on this trend, it's crucial to remember that the new vehicle inventory shortage is only temporary and seems to be coming to an end.
It's great to pay top dollar for trade-ins that can be converted and sold quickly at a premium, but keep in mind that new motor vehicle stock is increasing, so don't overpay for used automobiles that may take a while to sell or have a small market.
Any dealership that's consistently selling more than 50 units in a month should have some sort of in-house inventory management system. This allows you to buy and sell stock based on the customer demand in your market, rather than trying to guess what will be needed when.
Remember that supply breeds demand. New car sales plummet when there's no stock to purchase. On the other hand, when inventory is readily available and you have it in your showroom, people will immediately notice and assume they need a new vehicle.
Think of this as an opportunity for growth.
The traffic generation effects of SEO are cumulative, as opposed to advertising, where the impact of ad spend is immediate. The traffic generation effects of SEO accumulate over time.
It's a clever strategy to keep your Dealership top of mind and ahead of the curve by increasing your presence with SEO now while inventory is gradually returning to normal.
There are two main methods for improving your SEO.
The first step is to maintain your Google My Business up to date with offers, discounts, and news through GMB postings. Continue updating the GMB, and Google will reward your diligence.
The second way to rank better is to start making landing pages. Make them for words people might use when they search. You can do this by grouping your cars into different categories and adding a word that means the same thing in different languages.
You have a Camry. It's also known as the Toyota Camry, the Avalon, and the ES. Therefore, your landing page would list all three of those options for search terms relevant to each along with localization like (Vancouver, Toronto, etc.).
You'll show up better when people are searching for something they are looking to buy. For example, if someone plans to buy a new car, they might type in "new cars near me." If you rank on the first page for that search term, you'll get a lot more traffic.
Make sure that your landing pages:
It's Time to Execute...
You did it. Now you know about preparing normal inventory levels after reading this short guide.
Moreover, apply SEO and Google My Business page strategies I listed above. You can update the GMB page as much as you want now, knowing that it will only make you more relevant to the people looking for what you have to offer. Good luck!
Last but not least, don't forget to check out our blog for more posts about automotive digital marketing to make your dealership business grow even faster!