#RefreshFriday Used Cars and Hyper-Inflation | Jasen Rice

[Jeff Kershner]

The fashionable thing to do is cover tight inventory supply because that's what every podcast and stream is about right now.

BUT

Jasen Rice is here to talk about tomorrow. Not like Saturday tomorrow - like the future tomorrow. Where does all this chip shortage go? What about the transitory inflation Bank of America is warning about? What should a dealer do to be ready for the autumn/winter months of 2021?

Join us LIVE on Facebook or YouTube Friday at 1PM - See you then!



Enjoy the show!

 

[Tallcool1]

Activities Per lead, can someone please explain why this report carries the importance that you all speak of. I believe I understand what the report is. I want to understand why this report is the tell tale.

@Alex Snyder @Jeff Kershner and I guess I can't tag Jasen Rice.

 

[Alex Snyder]

Activities Per lead, can someone please explain why this report carries the importance that you all speak of. I believe I understand what the report is. I want to understand why this report is the tell tale.

@Alex Snyder @Jeff Kershner and I guess I can't tag Jasen Rice.

I cannot speak for it the way Jasen can, but I like the concept. My interpretation may differ from the way LotPop implements it.

It harkens back to a simple known: you can't sell a car without an engaged customer. Activities are a measure of engagement. There are certain activities that indicate deeper levels of engagement (intent) like the customer calling back from a voicemail over replying to an email.

Most CRMs break out lead reports into what sold by lead provider, but that isn't enough of a story. Jasen mentioned the inclusion of a stock number or VIN in the ADF. Then add the activity that occurs as another level to track.

Obvious example: If you know a lead provider is not sending leads on exact-matching inventory you can sell today, the amount of activity will probably be lower. And thus, the closing rate on those leads will be lower. That's a bad lead provider who is making your team lose a lot of time chasing customers who are not going to engage.

Next level example: Or, leads are coming in on without a stock # or VIN, but the activity is high. That means your team is good and that could be helping to drive a better closing ratio on those leads than other stores may be doing. If you have confidence in your team's conversion capabilities, you might approach how you invest in leads differently.

 

[Tallcool1]

I cannot speak for it the way Jasen can, but I like the concept. My interpretation may differ from the way LotPop implements it.

It harkens back to a simple known: you can't sell a car without an engaged customer. Activities are a measure of engagement. There are certain activities that indicate deeper levels of engagement (intent) like the customer calling back from a voicemail over replying to an email.

Most CRMs break out lead reports into what sold by lead provider, but that isn't enough of a story. Jasen mentioned the inclusion of a stock number or VIN in the ADF. Then add the activity that occurs as another level to track.

Obvious example: If you know a lead provider is not sending leads on exact-matching inventory you can sell today, the amount of activity will probably be lower. And thus, the closing rate on those leads will be lower. That's a bad lead provider who is making your team lose a lot of time chasing customers who are not going to engage.

Next level example: Or, leads are coming in on without a stock # or VIN, but the activity is high. That means your team is good and that could be helping to drive a better closing ratio on those leads than other stores may be doing. If you have confidence in your team's conversion capabilities, you might approach how you invest in leads differently.

Logical and it makes sense. Thanks.