The Smart Way to Drive Strong Auto Sales — Even with Low Inventory

With global supply chain delays disrupting the automotive industry’s inventory, some companies have resorted to turning away buyers simply because they do not have enough vehicles on their lots. If you’re facing inventory shortages, you can pivot your marketing strategy to focus on growing your profitability while building relationships with current and prospective customers.  

1. Be open to a new type of audience.

When your regular consumer base may not be financially capable of purchasing a vehicle, it might be time to try a different audience. Open the door through your service department to new future sales opportunities. 

People are returning to in-person work and events, so their cars are getting more use than they have in years. This uptick in use increases wear and tear. Service appointments are becoming more frequent. Target the right audience by:

• messaging those who are due to have their car serviced

• start a relationship by learning about them, their questions and concerns, 

• and establishing yourself as a partner for any of their automotive needs

2. Fill up the sales pipeline and start a dialogue. 

Ever thought about capitalizing on the opportunity to generate sales with those waiting in the service department? Creating opportunities to meet potential customers while they are already in your service department can boost sales in a known profit center. This way, you will be top of mind when this potential customer becomes a bona fide client. 

When customers are in a service bay, start a conversation:

• Ask candid questions and make notes about their preferences 

• Inquire about their purchase timeline 

• Expose them to new vehicles on your lot, especially if you have something they specifically want

• Confirm contact information during each service appointment 

• Reframe the mindset of service department employees and motivate them to build relationships with customers

3. Pinpoint potential buyers.

Target audiences who have both the interest and financial ability to purchase a vehicle. This step is key to avoiding another pitfall of post-pandemic spending: delinquencies and defaulting on payments. At Equifax, we help automotive marketers pinpoint potential buyers based on 

• Real-time income and employment data

• Financial capacity to afford a new vehicle 

• Estimates of credit availability, household income, and discretionary spending 

• Propensity to buy a new vehicle

Prospects who are more likely to mature into high-quality sales clients can grow your service sales and vehicle sales at the same time. You might not have a car to sell right now, but when you do, you will have already put in the hard work of finding the perfect customer. Build relationships now and you will eventually reap the profits.