How Does A Luxury Dealership Sell $50,000 Preowned Cars Faster?
Selling new cars in an affluent market is not necessarily a challenge, as the Hornburg Jaguar dealership in Southern California can testify. Hornburg, a division of the British-owned Pendragon North America, represents Jaguar, Land Rover, and Aston Martin. But staying on top of certified preowned (CPO) inventory is another matter. With a high percentage of preowned cars listed at more than $50,000, holding a 2-year-old Range Rover or Jaguar XK for even an extra week or two can add up to significant carrying costs.
Valerie Valenzuela, a seven-year Pendragon veteran, is the Marketing Director for the Hornburg dealerships. After receiving a demo of LotLinx and its patented Deeplinkingtechnology, Valerie knew it could work for Hornburg. “What we needed was something that would deliver immediate results for used cars. Although we had originally been using Autotrader and Cars.com, and they’re great tools, we felt like they were starting to get a little saturated.”
A phenomenal ROI
Valerie began working with LotLinx in the Fall of 2014 and couldn’t be more satisfied. “I’m very, very pleased with the ROI,” Valerie says, “because they make it very transparent. It’s just $3.99 per shopper. I like that we can set a budget, and it delivers a defined amount of leads, and then I can see that on my end through analytics. So from both a marketing standpoint and a performance standpoint, I think the ROI is phenomenal.”
The ROI is phenomenal. Sales velocity for used cars has increased an incredible 217%. New cars have benefited as well, with sales velocity increasing more than 90%. Plus, the cost per vehicle detail page (VDP) view has dropped to just $2.60.
Knowledge equals power
Valerie is also pleased with the depth of insight LotLinx metrics provide her. “Using LotLinx, I can see exactly which cars, say, in a 30-day period have received X amount of shoppers, and then I can go and share that with our sales team, and we can see, if this car attracts X amount of shoppers, why hasn’t it sold? It can give us some direction as to why. Maybe it’s priced wrong. So the intel and the analytics behind LotLinx are really useful for me.”
Going forward, Valerie believes LotLinx can help Pendragon refine its used car selling strategy, fine-tuning its tactics on a VIN-by-VIN basis. “That’s the next project I want to work on with the team. I know that LotLinx can get granular, so that’s definitely on my to-do list.”
Find out more about how LotLinx has helped Jaguar Land Rover Aston Martin of Newport Beach in refining their used car selling strategy by reading the full case study here.