By: Shane Marcum, General Manager, Cross-Sell and Inventory Solutions
The fourth issue of The Definitive Guide to Automotive Inventory Management discusses the importance of price in consumer decision making. Shoppers are focused on how a vehicle will fit their budgets before they even start to browse photos or read descriptions. Therefore, posting the price of a vehicle is not an option – it’s a requirement. There are a variety of different pricing philosophies for today’s automotive dealers to choose from; just don’t disengage consumers.
Important Stats to Keep in Mind:
- Vehicles with a price generate 27% more VDP views1
- 64% of car shoppers don’t want to haggle over price2
- Vehicles with a competitive price generate more than double the number of demos and dealer contacts3
Prices should appeal to the broadest group of consumers. Pricing that is too low may create concern that something is wrong with the vehicle, while pricing too high can turn off customers. Posting the best price first, along with actual photos, increases your VDP views – leading to faster inventory turn. In short, provide customers with price information to drive engagement and continued success.
Download the latest issue of The Definitive Guide To Automotive Inventory Management for more insights on vehicle pricing. Stay tuned for Issue 5 next week!
1 Autotrader site statistics
2 PCG Research