As dealership managers and marketers, it is essential to periodically evaluate your progress and strategize for the remaining months of the year. With the mid-year approaching, now is the perfect time to assess your dealership’s performance and make data-driven decisions. In this blog post, we will dive into the key areas you need to evaluate and share insights from the Cox Automotive Mid-Year Report.
Are You Hitting Your Goals as Mid-Year Approaches?
As the mid-year mark approaches, it’s crucial to reflect on your dealership’s goals and determine if you are on track to achieve them. Consider the following aspects:
Follow The Data
It’s important to look at what is going on in the industry first to then evaluate what can be done internally. Here is some of the latest from the Cox Automotive Mid-Year Report.
- New Vehicle Sales
The SAAR is anticipated to reach 15.2 million in 2023, up from last years 13 million. With inventory up 74% YOY, anticipate strong new vehicle sales for the remainder of the year. - Used Vehicle Sales
Tight supply and high prices are limiting used car sales which are down 2% YOY. Used car prices are down by $800 and mileage is up by 1000. - Fleet Sales
Take note of the rise in fleet sales (up 4.6% YOY) and identify potential opportunities for your dealership. - Electric Vehicles
Stay abreast of the evolving EV market, as both supply and sales continue to rise. EV’s are currently 6.5% of all vehicle sales and are projected to hit 1 million units for the first time ever in 2023. - Incentives
Discounting has returned, incentives are up by 10% and leasing has grown 6%.
Evaluating Your Current Marketing Plan
Your marketing plan plays a pivotal role in achieving your goals. Evaluate its effectiveness with the following considerations:
- Forecast and Budget Assessment
Have you adjusted your forecast and if so, have you adjusted your ad budget? Are you overspending or underspending based on your goals? Have you checked co-op allocation to make sure you are utilizing all your funds? Now is the time to make adjustments. - Performance Assessment
Scrutinize the performance of your current marketing plan and its alignment with your quarterly and mid-year goals. Are your key performance indicators in line with industry benchmarks? If not, it’s time to reallocate the budget and try new channels. - Merchandising Assessment
Take into account the impact of consumer sentiment on your dealership, considering factors such as the risk of recession, affordability concerns, and limited supply concerns. Offer attractive discounts and incentives to customers, ensuring your advertisements highlight inventory availability and affordability. - Inventory Assessment
Electric Vehicles (EVs) are growing in popularity and so is their market share and Fleet sales are up. Make sure you have these vehicles merchandised on your site, in your ads and in SEO. In addition, don’t forget to always merchandise your top selling models. - Vendor Assessment
Determine if your vendors are being proactive and keeping you informed about your key performance indicators, industry best practices and relevant metrics. If not, it may be time for a change. - Competitive Analysis and Audit
Want someone to do the heavy lifting for you? Take advantage of our free competitive analysis and audit, which provides valuable insights to enhance your marketing strategy and drive performance.
Boost Organic Traffic and Save Marketing Dollars
Optimizing organic traffic with search engine optimization (SEO) can significantly impact your dealership’s online visibility. Consider the following:
- Organic Traffic Analysis
Evaluate the performance of your website’s organic traffic and identify areas for improvement. Have organic sessions increased over time? If not, that’s a red flag. - The Benefits of Good SEO
Implementing effective SEO practices can help you save money on paid campaigns and 3rd parties by boosting organic rankings and increasing traffic to your website.
GA4 Deadline Isn’t Looming, It’s Here.
As a final reminder, don’t forget the approaching GA4 deadline. Consider the following:
- GA4 Deadline
The GA4 deadline is fast approaching, and it’s crucial to ensure that your website is fully converted to GA4 before July 1st. - Unavailability of UA
Understand that the previous Universal Analytics (UA) will become unavailable, making the transition to GA4 even more essential. - Impact of Missing the Deadline
Missing the GA4 deadline may result in missing out on advanced analytics features and valuable data insights, hindering your dealership’s ability to make informed decisions.
Frequently Asked Questions (FAQs)
Q: How can good SEO practices help save money on paid media?
A: Implementing effective SEO practices can boost organic rankings, increase traffic, and reduce the need for excessive spending on paid campaigns.
Q: How can a competitive analysis and audit benefit my dealership?
A: Our free competitive analysis and audit provide valuable insights to enhance your marketing strategy and drive performance.
Q: What happens if I miss the GA4 deadline?
A: Missing the GA4 deadline may result in missing out on advanced analytics features and valuable data insights. It’s crucial to migrate to GA4 to stay up to date with the latest tracking capabilities and make informed decisions for your dealership’s success.
Conclusion
As the second quarter concludes, it’s crucial for dealerships to assess their performance and adapt their strategies to meet their goals for year-end. The recently released Cox Automotive report provides valuable insights into the industry’s current standing. By focusing on optimizing your website, optimizing organic traffic through SEO, reassessing your marketing plan and budget, and meeting the GA4 deadline, you can drive your dealership towards achieving both year-end goals.
