I found this interesting information and hope you will, too. Car dealers live and die by leads. Some come from normal TV or radio ads, the newspaper in some cases, the Internet, a dealer’s website, and even some from the auto manufacturers. As a former dealership owner that actually tracked this himself, I can tell you there can be a wide variance from dealer to dealer, and even inside a dealership. Some people are better closers than others. Still, this is interesting and now you know a little more about what goes on inside a dealership.
- Jerry Reynolds, The Car Pro
So, how many people does a dealership have to talk to in order to sell one car? Care to venture a guess before you continue to read?
A new Foureyes study of U.S. automotive dealerships identified the lead-to-sale “efficiency” across new vehicle inventory for Q1 2024. (Foureyes is sales assistant software company that works alongside dealership teams.)
"We published this data for dealers to use when it comes to their marketing, pricing, and other inventory strategies," -- David Steinberg, CEO of Foureyes.
Foureyes says its looked at the volume of leads generated per sold VIN across new 2023 and 2024 models. The analysis found that dealerships received 3.5 leads on average per sale from January 1, 2024 to March 31, 2024.
"We published this data for dealers to use when it comes to their marketing, pricing, and other inventory strategies," said David Steinberg, Foureyes founder and CEO. "It's data dealers can directly apply to their decision-making and processes to gain a competitive jump."
Least Efficient Vehicles to Sell
Foureyes says its study analyzed the lead-to-sale data to determine an "efficiency" metric across makes and models.
Atop the list of the least efficient vehicles to sell by make were Chrysler (receiving 5.4 leads on average), Dodge (5.2), and Land Rover (5.2). Meanwhile, Nissan (2.8), Subaru (2.9), and MINI (3.0) had the most efficient ratios.
Make
Leads per VIN sold by make:
- Chrysler (5.4)
- Dodge (5.2)
- Land Rover (5.2)
- Audi (5.1)
- INFINITI (4.5)
- Jeep (4.1)
- RAM (4.1)
- Acura (3.9)
- Volkswagen (3.9)
- Mercedes-Benz (3.7)
- Lexus (3.6)
- Ford (3.6)
- Chevrolet (3.5)
- GMC (3.4)
- Hyundai (3.4)
- Kia (3.4)
- Honda (3.4)
- Buick (3.4)
- Cadillac (3.3)
- Mazda (3.3)
- Mitsubishi (3.2)
- BMW (3.2)
- Toyota (3.1)
- Mini (3.0)
- Subaru (2.9)
- Nissan (2.8)
Model
Looking at the least efficient vehicles to sell by make + model, two EVs were atop the list -- the Volkswagen ID.4 (6.9 leads per sale) and the Hyundai Ioniq 5 (6.2). Of the remaining top 15 least efficient vehicles, multiple models appeared from each of Jeep, Dodge, RAM, and Kia.
Most Efficient Vehicles to Sell
The most efficient make + models were largely from Nissan, Toyota, Hyundai, Subaru, Ford, and Kia. The Nissan Sentra (2.0 leads per sale) was found to be the most efficient vehicle to sell, followed by the Ford Edge (2.3), Kia Soul, (2.3), and Nissan Kicks (2.5).
"While the study presents this make and model data as a measure of 'efficiency,' Foureyes recognizes multiple factors are actually in play here," said Steinberg. "For example, are these vehicles actually harder to sell, or do some simply garner more attention because they're desirable and innovative? In the end, we simply wanted to show dealers what they can generally expect."
The full Foureyes report can be found here →
Photo Credit: wavebreakmedia/Shutterstock.com.