As with any business plan, understanding your end goal is most important. By creating a clear path on how you will achieve your end goal is even more important.
The car buying process is no different. As a dealership it’s important to understand not only the process but also the car shoppers pain points. Are you aware that one of the biggest pain points of car shoppers is the monthly payment? In fact, they know the payment range they can afford before stepping foot in the dealership. And they still leave frustrated.
What if a solution existed that provided car shoppers with a tool that streamlined the upfront process before stepping foot in the dealership?
truPayments developed a solution, Shop-by-Payment™, that reverse engineers the way car buyers traditionally shop. Car dealers who understand this change provide access upfront: on the home page, SRP and VDP. There are also dealers who allocate marketing dollars to drive traffic to a Shop-by-Payment landing page.
Car shoppers are embracing this technology – and converting at a higher rate. When they use their own personal information (soft credit pull and lead to the dealer) to shop it provides a more realistic payment for them. Some car shoppers are surprised at what they can actually afford by using this feature!
What’s unique about Shop-by-Payment is it provides a solution to dealers who keep the end in mind: the customer. By focusing on what’s most important to car shoppers, dealers maintain control over the terms and rates while the consumer controls the payment, vehicle and loan or lease. The online tool even provides flexibility for car shoppers to quickly and easily make changes even after they select a vehicle.
Understanding the car shopping end result (purchase) and the pain point (payment process) is important. The online car shopping experience is as well. By minimizing the pain points, car shoppers who use this technology are quicker to decide on a vehicle and finalize the paperwork. With that in mind, the sales team has more time to spend with more shoppers – closing more deals. Who wouldn’t want that?
“To achieve goals you’ve never achieved before, you need to start doing things you’ve never done before.” ~Steven R Covey