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Today’s economy has changed the landscape of spending in the US. car market. Despite the diminishing demand for new vehicles, one factor remained consistent; consumers still want their personalized vehicles. Joining the industry is $ 38 billion a year, and retailers have barely touched this highly profitable revenue maker, winning just 17% of the market.

Selling accessories offers a high profit margin and will help any dealership increase the value of lost profits in today’s declining economy. To ensure maximum profit and customer satisfaction, it is important not only to select the products your customers want, but it is equally important to choose the right accessories suppliers. Understanding these guidelines will help you create a winning strategy for your accessories program.

Align with customer demand

Each dealer must take into account the demographics of the market as they manage their new car listing. When deciding which accessories to offer, management must also consider the same criteria. If your clientele is younger and more fashionable, consider aggressive restyling packages and more cutting-edge technology in your electronic equipment. Body kits combined with aggressive painting, lowering springs, superior audio technology are the obvious choice in this category. If your clientele is older and looking for more practical options, restyling that enhances vehicle appearance should be at the top of the list, as well as useful electronics such as DVD players with rear seats for children or navigation systems for travel.

Regardless of your general demographics, the best way to find out what your customers want is to ask. Make a list or brochure of the accessories available to you and present it to all potential customers during the sales process. In addition, be sure to ask potential users who believe the plugin might not be on your list. Capturing and directing this information to the Add-on Manager will allow it to keep your accessories program fresh and better meet customer demand. Even if you don’t plan to get every item you want, pre-hired suppliers for as many products as possible will still allow you to offer fast delivery options and improve your opportunity to sell accessories before other competitive outlets get a chance.

Choosing the right suppliers – great profits and customer satisfaction

Factory equipment is a basic option for resellers when offering accessories. The products are “factory supported” and the seller receives all the benefits of the manufacturer’s purchase. The downside to factory options is (1) every other dealer offers the same options, (2) MSRP prices are set by the OEM. This forces you to compete downwards in the face of competition that limits profit margins. Typically, factory-installed options offer about 10-20% profit, while store-installed options can bring you profits in the range of 50-70%. In addition, you can offer additional packages that competitors do not have unique branding for your dealer without worrying about OEM published sales prices that reduce your profitability.

Profits and brands are compelling reasons to expand your accessories sales. But your agent must protect his or her reputation for quality and service or the risk of CSI results falling. So, it is important that you choose your suppliers wisely. Here are some criteria to consider when choosing a partner.

1. Do they currently ship to any OEMs? If they do, then they will be aware of the quality standards required for OEM service bills. Ask if available products are manufactured to OEM standards.

2. Do they currently sell to any of your brand dealerships? If so, ask for 3-5 recommendations and call them. Ask for a recommendation if they have quality issues, warranty issues, return issues, etc. If the seller is unable or unable to offer you recommendations, be very careful when considering their products.

3. Do they match your factory warranty? If the supplier is an OEM supplier, they should comply with factory warranties. Being able to “match” with the factory warranty on your accessories is a great way to easily take care of “installed outside of the factory” options. If your potential supplier’s warranty does not meet the standards of the auto industry, consider alternative sources.

4. What is the availability of their service parts? This does not apply to all types of accessories, but to restyling, wheels and other accessories that can be easily damaged in an accident or due to heavy use, usually receiving frequent parts replacement requests. Make sure that your supplier offers satisfactory availability of service parts in the event that your customer experiences an unfortunate accident several years on the way and needs some of these fixed accessories.

Despite the declining sales of new vehicles, for today’s market, MPs have enormous profits and branding opportunities through accession. Take the time to understand your customers’ needs and your supplier’s ability to provide the trusted products and services that customers have grown to expect from your dealership. If you do this little work today, everyone will make happy many miles down the road.

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Source by Marc Eskew

 

 

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