When you need to move your inventory in a jiffy, you create a sales event – and it can be connected to a holiday or time of year or be something you pluck of the clear blue sky. While these events can move a lot of vehicles in a short amount of time, they can also be on the pricey side, particularly when you move them off-site. From hauling your inventory to a new location and spending on automotive direct mail and promotions to manning the event with extra sales staff and finally hauling any remaining inventory back to your lot, you need to do your best to ensure an event with stellar profitability.
Balance What’s Exciting With What’s Sellable
If you’re not offloading this amount of stock at your event – you probably didn’t have the right amount of “sellable” inventory in stock. Sure, an event in a busy mall parking lot will draw in a lot more “walk-in” traffic if you have a “wow” of a like a fully-loaded convertible or brightly colored luxury sedan out front – but that shouldn’t be the bulk of the inventory you bring to sell. Typically, about one-third to one-half of your inventory should be sold during an off-site sales event – provided your advertising and automotive direct mail materials were properly targeted and showcased the inventory you have in stock.
Bring Enough Sales Power
Off-site events tend to draw more traffic than your typical Saturday sale on your lot. There’s organic traffic and the traffic you’ve pulled in via automotive direct mail and other marketing methods. The best rule of thumb is to have one salesperson on hand for every 10 vehicles you have in stock. This will help to ensure no potential target goes unnoticed and, frankly, unpressured to buy.
‘Rightsize’ Your Marketing
If the event is going to be big, your marketing push should be big – but that doesn’t mean you should just throw money at it and expect results. The marketing needs to be a good mix of automotive direct mail and traditional marketing with some social media outreach thrown in. Only a seasoned marketing firm can tell you precisely how to make the most of your marketing money – so be careful not to take the television or print ad salesperson’s word for it when they promise you results. Your best bet is to hire automotive marketing professionals to help bring the right customers to your event.