The title says it all. What do you want the payment tools on your website to do? Do you want them to help people buy a car online? Get a payment estimate? Browse your inventory they can afford? This is a trick question.
Of course, you want your website to do all of these things: help people complete as much of the car buying process online as they can, get a payment estimate, and shop within their budget.
The key distinction required is understanding how to prioritize those items, and how to guide people correctly into the process that best suits their needs.
The percentage of people that are willing to completely transact a car purchase online remains in the single digits. The vast majority just want payment information, and they want it quickly.
Check out this data from a Nissan dealership and TradePending customer which really makes the point.
In the last 30 days, TradePending’s Payments tool captured 79 leads from their website, resulting in 8 sales.
Co-existing on their site is the Buy@Home digital retailing tool, which captured 6 leads and resulted in 0 sales. Zero. Nada (not NADA).
These results are not unique. We see this with every single dealership.
Please, until there are massive changes in consumer behavior, prioritize making your website into a marketing machine that turns browsers into buyers. You do this with conversion tools built specifically to turn monthly payment hunters into leads into buyers.
And yes, keep the digital retailing tools for the small group that want that experience, but don’t confuse getting a quick payment estimate with buying a car online.
Frequently Asked Questions
What should the payment tools on my website do?
Your payment tools should help people complete as much of the car buying process online as possible, provide quick payment estimates, and allow customers to browse inventory they can afford.
Why is it important to prioritize different functionalities of payment tools?
Understanding how to prioritize functionalities helps guide customers correctly into the process that best suits their needs. The majority of visitors are looking for quick payment information rather than completing a full car purchase online.
What percentage of people are willing to complete a car purchase entirely online?
The percentage remains in the single digits. Most customers prefer to get payment information quickly rather than transacting the entire purchase online.
Can you provide an example of how effective payment tools can be?
Certainly! A Nissan dealership using TradePending’s Payments tool captured 79 leads from their website in the last 30 days, resulting in 8 sales. In contrast, their Buy@Home digital retailing tool captured 6 leads but resulted in 0 sales.
What does this example tell us about customer behavior?
This example illustrates that while digital retailing tools are important, the majority of customers are primarily interested in quick payment estimates. Therefore, it’s crucial to have conversion tools specifically designed to turn monthly payment hunters into leads and ultimately buyers.
Should I still keep digital retailing tools on my website?
Yes, you should keep digital retailing tools for the small group of customers who prefer that experience. However, it’s important not to confuse getting a quick payment estimate with the complete online car buying process.
How can I turn my website into a marketing machine that converts browsers into buyers?
Focus on implementing conversion tools built to provide quick payment estimates and turn those inquiries into leads and buyers. Prioritizing these tools will enhance your website’s ability to attract and retain customers, leading to increased sales.
What are the common results seen across dealerships regarding these tools?
The trend observed is consistent: tools that provide quick payment information capture more leads and convert more sales compared to full digital retailing tools. This pattern is evident across various dealerships, not just in isolated cases.
