Are You Neglecting an Important Source of Revenue for Your Dealership?
Accessory sales can be just as important as traditional parts sales.
In 2019, online sales of parts & accessories is projected to grow 16% to about $12.3 billion. While a high percentage of total sales at a dealership might be comprised of automotive parts, accessory sales can be a great bonus source of revenue for both parts managers and sales personnel.
Around 6 million of the new vehicles sold annually will be accessorized by owners within the first two years of ownership, and they typically spend between $300 and $1,500.
However, according to estimates by dealer software provider Reynolds & Reynolds, only about 5% of customers buy add-on accessories from the same dealership where they purchased their vehicle. With that in mind, there is definitely an opportunity to increase your accessory sales by appealing to new-car buyers.
There are a few easy ways to increase accessory sales.
One way is to work together with the Sales Department to preload cars on the showroom floor with optional accessories. This method shows customers the different upgrades available for specific vehicles and can encourage them to purchase additional accessories when they buy their car.
Another effective tactic is to offer a discount on accessories for new-car buyers. For dealers on the SimplePart platform, this is as easy as creating a coupon code in the Control Panel and promoting it when people purchase a car at your dealership. Not only does this reward customers for shopping with you, but it encourages them to return to your dealership for their next purchase rather than going to a third-party website after the fact. This a great way to increase the average lifetime value of your customers.
And don’t forget, automotive accessories aren’t just fuzzy dice and fancy spoilers. The number one selling accessory by volume is also one of the easiest to upgrade: floor mats. Other popular accessories include trailer hitches and window tinting. By focusing on these familiar products, you can easily promote upgrades and additional accessories to customers.
Data doesn’t lie, so take advantage of the growing online accessories market to bring additional revenue and create return customers. If you want some help building your strategy to sell more accessories, contact our Client Services Team at (404) 620–9764, or email us at firstname.lastname@example.org.