How to Create Recurring Revenue in Every Dealership Department [On-Demand Webinar]

When we talk about creating recurring revenue, we typically think about selling services or promoting add-ons. But to turn your dealership into a recurring revenue-making machine, you need to think about revenue at the departmental level.

How can you create and capitalize on recurring revenue streams at every step of a customer’s experience with your dealership?

Make your dealership “sticky”

The key to recurring revenue is something called “stickiness”. When your dealership is sticky, it means customers want to keep going to your business, and not others in the area. How can you make your dealership sticky, so that it’s hard for your customers to go somewhere else?

Create a frictionless experience at your dealership

The easier it is to be a customer at your dealership, the more likely it will be for customers to keep coming back. Customers don’t want to work hard to spend money with you.

When a customer runs into roadblocks that prevent them from doing business with you, that’s called “creating friction”. This could be things like a customer needing to call to follow up with your team, or asking your customers for their credit card information every time they buy from you, or requiring your customers to come into your dealership to pay, rather than enabling them to pay from home.

There are a lot of potential roadblocks that can create friction in the buying process at your dealership. Luckily, a lot of technological advancements have also been made in the industry in the last few years that make it easier than ever to reduce friction and capitalize on recurring revenue streams in every department.

Take advantage of recurring revenue streams

At our 2021 Virtual Summit, dealership management expert Sara Hey of Bob Clements, International shared her framework for capitalizing on recurring revenue in every department of your dealership.

Some areas she covers are:
• Setting up recurring payment collection in your dealership
• Implementing and marketing a “Parts on Demand” program that keeps your customer happy and your bank account full
• Specifics on generating revenue through loaner programs
• Service Packages that generate revenue all year long and provide work at your slower time of year

Watch her webinar below: