When customers are shopping your new inventory their first go-to item is the OEM window sticker as it holds the main points of interest for them, price and vehicle features. You anticipate this as you know they’ve done their homework, have a specific vehicle and features in mind, and they’ve identified a set price that they are willing to pay. This makes your job a little easier, right! So, why do you not do the same for your pre-owned inventory?
Original window stickers provide both a concierge level of service to your customers and acts as a valuable resource for making your team inventory experts on all brand and models. By incorporating the OEM retail sticker to your pre-owned merchandising process, you can gain a competitive advantage by establishing a higher level of consumer transparency which will lead to increase profitability.
Many of you might be thinking, “I don’t have a sales issue right now, I can’t keep my inventory in stock”, take a moment to realize that this fire-sale frenzy that the industry is experiencing is temporary, but more importantly, your customers still have a choice as to where they buy their next vehicle. Providing a complete digital vehicle portfolio that includes the OEM retail sticker elevates their buying experience with your dealerships. It also reaffirms your inventory pricing and supports the customers need for price integrity. In addition, arming your team with the information they need to understand other brand features for stronger vehicle appraisals and bookouts will help increase profitability and reduces point of sale negotiation.
There’s no denying it, customers are well educated buyers; by the time they visit your website, they’ve done their researched, determined what features and pricing they are willing to take on. Organize your vehicle display pages in a manner that is both helpful and effortless for accessing the vehicle’s history information. No matter if it’s new or pre-owned, include a digital portfolio that includes all the valuable supporting documentation that your buyers are seeking – window stickers, OEM brochures, CARFAX reports, recon invoice, photos and video. Velocity Automotive’s data shows, that dealerships that include these features on their vehicle pages, increase their customer engagement by 30 percent. Heat mapping analysis concludes the consumers spend more time on retail window stickers than any other dealership web page. Providing the information upfront will help convert shoppers into buyers.
With many dealerships to choose from, you want to make sure you are your representing dealership as the trusted source of information and are customer centric. Be transparent with your vehicle documentation. Utilize tools like window stickers to ensure they understand how you build value in your inventory. Creating transparency while educating will mitigate the negotiations barriers that sometimes occur. Buyers appreciate this information, and it creates that concierge experience that they expect.
Since the 1958 Automobile Information Disclosure Act, OEM retail window stickers became the norm for merchandising your new inventory and disclosing the vehicles’ originally installed equipment, option packages and pricing. Every new vehicle sold in the U.S. has one, it would look weird today if it didn’t. Leverage the importance that window stickers offer to your pre-owned inventory. Not only will your customers appreciate the extra level of service, but your sales team and bottom line will too. Thinking differently can set you apart from your competitors.