When selling cars, you need to be aware of various metrics and their importance. Read on to see how measuring these KPIs will make you understand the figures coming into your business.
1. Opportunity-to-win ratio: Some of your sellers might be great at networking and starting off a deal but struggle to close – and vice versa. By measuring this metric, you can work out how you can utilise your team most effectively.
2. New vehicles sold vs used vehicles sold: Tracking these sales separately will give you a great idea of what stock you have currently, how much is going out (from each category) and how much new stock you’ll need to order in.
3. Customer satisfaction: If you’re getting this right, you’ll notice brand loyalty and things should look good with your cash flow. To improve this metric, follow up with customers and see how their experience rated.
4. Referrals per sale: This is strongly linked to your customer satisfaction metric. Make sure your customers really know and understand what you’re offering and how it can help others. If the traditional route isn’t working for you, get creative by asking customers for a testimonial for your website.
After reading these, be sure to stop by our KPI Library to give yourself some more inspiration.