08 Feb 2024
Almost half of dealers (48%) are planning to use social media to drive sales during 2024, new research shows.
The February Startline Used Car Tracker asked car retailers which strategies they planned to use to maximise sales this year.
Other answers included offering bigger discounts (38%), encouraging customers to change their cars earlier (36%) and improving their motor finance offering (34%).
Also, 31% plan to change their stocking focus, 26% are intent to focus on improving the customer experience and journey, and 15% will increase sales team incentives.
Paul Burgess, CEO at Startline Motor Finance, said: “While the used car market remains very resilient, there’s undoubtedly a readjustment underway following several boom years in the wake of the pandemic, so dealers are looking for ways to maximise sales.
“It’s perhaps surprising to see social media at the top of the list of measures they intend to take during 2024. However, it’s a relatively low cost method of marketing and can also reach new audiences, so could prove to be effective.
“Elsewhere, it looks as though there are some much more traditional sales methods being adopted, such as offering bigger discounts and contacting the existing customer base to encourage them to change their cars earlier.”
Paul said that, from a Startline point of view, it was interesting that 31% of dealers planned to improve their motor finance offering.
“Certainly, we are talking to quite a large number of dealers about their lending panels and how they can be made more flexible in order to meet the needs of car buyers in 2024.
“Alongside the focus that our research shows on the customer experience and changing stocking focus, it seems that many dealers are determined to place a renewed emphasis on meeting consumer needs.”
The Startline Used Car Tracker is compiled monthly for Startline Motor Finance by APD Global Research, well-known in the motor industry for their business intelligence reporting and customer experience programs. This time, 301 consumers and 61 dealers were questioned.