Buyer demand dips by a fifth in August
- 5 September 2022
- Posted by: Alan Feldberg
- Category: News
Demand for new and used vehicles declined in August against the same month last year, according to data from lead management experts at iTrackLEADS.
Overall enquiries fell 21%, the second largest fall this year.
While the number of leads responded to fell by 20%, dealers worked effectively to see only a 12% fall in test drives and a 13% drop in sales. However, the shortage of used vehicles and delays in new car delivery saw a 33% fall in handovers.
Adrian Favill, director of iTrackLEADS, said: “It’s clear the industry is facing myriad challenges with ongoing delays to new car deliveries and a well-documented shortage of used vehicles. Despite these challenges, dealers are adept at maximising the value of every lead to ensure that buyers can test drive vehicles and orders continue to be taken. We may have a tough winter ahead, but dealers have the technology they need to help support the bottom line.”
According to data from iTrackLEADS a fast response to a customer enquiry will increase the number of test drives and sales. The quickest response times saw 10% of enquiries converted to test drives and 84% of test drives turning into sales.