How to Increase Used Inventory With Lease Returns
How’s your new inventory doing? If you’re like most dealerships, it’s anywhere from “it could be better” to “show me the light at the end of the tunnel.” One year after COVID, the OEMs are working overtime to help increase production, but while we wait, the demand for used vehicles continues to be high. Due to this, most dealers are shifting their focus in other directions such as selling more used and certified used vehicles. With so many dealers working to acquire used inventory, the landscape is more competitive and expensive than ever before. With auctions charging premium pricing and supply in used vehicles also at a premium, dealers are finding creative ways to boost inventory levels. Here are some ideas to help increase your used inventory and pick up a few sales along the way.
Why Care About Lease Returns?
The percentage of buyers who choose to lease has risen from 31% to 52% year over year (2019 vs. 2020).
All of this means a huge opportunity for dealers. Acquiring these lease returns boosts pre-owned inventory levels. Also, the quality of lease returned vehicles can be high as lease customers are obligated to service their vehicle routinely, and mileage tends to be low. In addition, regardless of where a customer leased their vehicle from, they can generally return their lease at any dealership within that OEM. PLUS, anytime you take in a lease return, chances of that shopper wanting to replace it with an upgraded or different model are high – which in turn, is a sale. In fact, 68% of returning lessees say they leased again, and 70% first-time lessees leased again with the same brand, according to J.D. Power.
Increasing Used Inventory with Lease Returns
Considering most shoppers begin their journey on Google, it is wise to examine questions a lease customer might have while in a lease: “Where can I return my lease?”, “Can I return my lease early?”, “Checklist for returning my lease,” and “What happens at the end of my lease?”. Does your website answer these questions? If not, consider some of these ideas to change that:
- SEO: Create a landing page that answers frequently asked questions (FAQs) like the ones mentioned above. When you have helpful answers to relevant questions in a clean and structured format for online shoppers, Google rewards your page, and your site begins to show up for those shoppers as a relevant resource.
- Landing Page: In addition to an FAQ page, create a landing page that outlines each step the customer should take in returning their lease. Include information on returning their lease early. Let the shopper know they have options and benefits if they returned their lease with you. Use videos if you can to increase engagement.
- Highlight Your Lease Offers: Are you highlighting your lease offers within banners or hero images on your homepage to help drive interest and increase traffic to your search result pages? Also, what about when they land on your search result page? Are they shown those lease offers there as well? Increase your click-to-calls and lead submissions by sharing this offer consistently throughout your site.
- Lease Specials Page: Create a monthly lease specials page. This helps drive shopper engagement by providing one place for shoppers to quickly search all lease offers you have available. This also helps increase SRP views, leads, and attracts shoppers in the market to return their lease to your dealership because they know what they can expect.
Other Considerations for a Lease Return Marketing Strategy
When focusing on increasing your lease returns and boosting your used car inventory, don’t forget:
- ALWAYS have a clear next step or call to action you would like the shopper to take on every landing page. Should they give you a call, request a test drive, or submit a lead? Add a click-to-call button, a short form, or inventory on this page highlighting your lease offers.
- Ask for testimonials. No one tells the story of your customer experience better than your customers. Highlighting customer testimonials in quotes or videos adds credibility.
- Leverage your social media platforms. Share information on what options are available in a lease return through your dealership lease offers and customer testimonials on your social channels.
At Sincro, we have dedicated team members that can hop on a call or meet to discuss how we can help your dealership accomplish all of this and more. Give us a call at 800-909-8244 or email us at email@example.com.
Alexis Harste – Senior Digital Performance Strategist
For the past 7 years, Alexis Harste has been helping dealers make shopping for vehicles online easier for their customers. Partnering with some of the largest and most influential dealerships in the country – she ensures all aspects of their goals are aligned with their online strategy. For fun, Alexis likes to go hiking and spends most weekends at her son’s football games, while simultaneously playing “Anna” with her 4-year-old daughter, aka “Elsa”.