Car Dealerships Are Stepping Into The Accessory Market
The automobile accessory market is practically unexploited by car dealerships across the nation although it is a $200 billion industry. With the interest in customization and personalization of vehicles rapidly growing, dealers can improve annual sales and tap into this market. Bearing in mind the fact that an enormous portion of customers in this market fall between the ages of 16 and 30, there is an existing available market with more expendable income looking to make the most of the personalization of their vehicles.
Earning the Infiniti Award of Excellence in 2008, 2009, and 2010, Jeffrey Lupient has built Jim Lupient Infiniti into one of the best Infiniti dealerships in the Midwest.
Know Your Market.
Just like the fashion industry, car accessories are ever advancing and changing, and are also different depending on which area of the nation your car dealership is positioned. Depending on which types of automobiles a dealership sells and which region of the U.S., car accessories differ by market. For instance, sport utility vehicle dealerships would likely gain the most revenue from lift kits and selling tires. By customizing and accessorizing some of the sport utility vehicles on the dealership lot, some dealers have testified that over 80 percent of the cars sold were custom-built with add-on accessories. Similarly, some truck dealerships cater to truck owners interested in exhaust systems and custom grilles. From buyers, they experience a high-profit margin wanting to add exclusive looks to their trucks. Then again, some car dealerships may report wheels being the top seller for their fixtures.
Know When to Pitch the Sale.
Certain car accessories have proven to exceed all markets. Examples that would fit nicely at almost any dealership include GPS navigation systems, DVD players, and remote engine starters. In addition, offering the consumer the opportunity to buy either aftermarket accessories or OEM accessories is key to maintaining a piece of the market. A huge fraction of the auto accessory market essentially contains aftermarket accessories. Confining oneself to one or the other could thwart a dealership’s profit potential. With rapidly changing technology, there are those clients who continually upgrade their accessories to the “greatest and latest “-so the OEM options simply will not please this crowd. Although the automotive sales process certainly lends itself abundant opportunities to include car accessories, dealerships will always have the option to wait until the vehicle is vended. To follow up with clients who have lately purchased a vehicle, some dealers have turned to direct mail and e-mail marketing to push accessory sales.
In Your Business, Make Accessory Sales a Staple
Basically having a wall lined with personalization options and car accessories will not settle a high rank for a business in this massively growing market. Each dealer has to customize their selling process and accessories to match their market. Consecutively, by offering a web-based catalog for those customers who prefer to shop in private and not feel pressured, car dealerships may experience a growth in numbers. According to Jeffrey Lupient, whichever alternative works best for a dealership, one thing is for certain in a market where car sales may be waning, car accessories are progressively increasing.