Automotive update: Driving customer excellence with speech analytics

This month I look at how using speech analytics can propel you ahead of your competitors.

As phone calls are the most important communication weapon for your dealership, call tracking, and understanding the conversations your team has with customers plays a vital role in your dealership.

Automotive brief

Car dealers are like goldfish in that they have a very short memory span. As a result they’ve been gloomy about November. In reality they forget that November is always a quiet month and, when compared to last year and coming out of lock down, it looks particularly tough. The reality is that there is still demand for cars (albeit more circumspect) and the end of the world is not even close.

There are a number of positives to enjoy though. As customers come off PCP (personal contract purchase) in a higher interest rate environment, they need to make decision whether to either re-finance their vehicle, buy a new one, or trade into a different one. This creates opportunity – and with opportunity comes sales. So if you feel that things are tough, then get prospecting all those lovely new sales you made before Covid-19 hit and see what you can find.

The market remains tight despite it being a quiet quarter.

Headline Autotrader figures

• 2022 stock MoM 21.2% increase, YoY 12.6% increase
• 2021 stock, MoM 4.8% increase, YoY 22.4% increase
• 2020 stock MoM 6.0% increase, YoY 26.5% decrease
• Total market MoM 2.3% increase, YoY 7.4% increase

Top 5 brands by market share of 2021 stock

• Ford 9.3%
• BMW 9.1%
• Audi 9.0%
• VW 8.3%
• Toyota 8.1%

Have a great December and well earned Christmas.