MISSION, Kan. — A recent study co-released by VinSolutions and DealerKnows analyzed customer relationship management (CRM) software usage at dealerships and found some notable differences between average and best-in-class dealers.
The two firms found that effective CRM usage is tied to overall dealership success, but that the average dealership struggles to use its CRM effectively in several key areas. One of the areas that saw the biggest disparity between the average dealer and a best-in-class was in the automated reporting.
The firms found that 83% of best-in-class dealers received regular automated reports from their CRM; for average dealerships, the number fell to 44%.
“At VinSolutions, we’ve always believed that the CRM is the most important piece of technology for the modern dealership,” said Mark Vickery, senior director of performance management at VinSolutions. “This study proves that using the CRM well is essential for dealers’ success. Although many dealers still have some work to do to get the most value out of their system, we hope this research will be the inspiration they need to start using their CRM more effectively.”
Among other findings, the firms found best-in-class dealers replied to emails sent through their CRM 18% of the time, while average dealers replied 11% of the time. Average dealers were also found to set less appointments per day than best-in-class dealerships, which, according to the firms, led to fewer opportunities, missed customer connections and lower profit.
The full report can be found here.
Originally posted on F&I and Showroom