Two-thirds of Car Buyers Want Updates About Available Stock

Two-Thirds of Car Buyers Want Updates About Available Stock

Published: October 2024

Our latest research has identified that almost two-thirds (63%) of prospective car buyers are more likely to remain in contact with a retailer that emails them about available stock. In our latest independent consumer survey, only 12% of car buyers polled said they did not want to hear from retailers about stock that closely matches their initial enquiry.

The findings are backed by real-world sales conversion data. Franchised retailers using our Stock Alerts solution found that, during the first three quarters of 2024, 8.5% of sales prospects that didn’t initially make a purchase but were subsequently sent email notifications about relevant new-in stock or price changes went on to buy from that retailer. These same email messages had an impressive average open rate of 57% and a click-through rate of 19%.

Our AI-powered Stock Alerts are designed to accelerate the sales process and keep undecided customers engaged. VoiceBox, our marketing automation platform, notifies sales teams of customer responses to automated stock-related emails, helping them deliver a seamless omnichannel experience.

The same functionality can be used to identify and nurture sales opportunities among a retailer’s aftersales customers – for example, with VoiceBox being used to send an automated Stock Alerts email before and after a workshop appointment. Aftersales Stock Alerts emails can share details of a vehicle that is similar to the one the customer already owns but newer or with lower mileage. These emails can be easily segmented to meet stock sourcing requirements, for example, to target owners of products that are in the in-demand three- to five-year age bracket, encouraging these customers back into a buying mindset.

Customers expect retailers to reach out

The consumer survey also points to a clear expectation that retailers will communicate with customers even when a sale cannot be concluded, with 53% agreeing with the statement: “I would still expect to receive helpful communications from a dealership should my initial enquiry not result in a sale.” Unsurprisingly, those car buyers who use popular social channels – including Instagram, X (formerly Twitter) and TikTok – are most likely to be receptive to emails about stock updates.

This is a particularly important time of year to ensure a strategy is in place for digital follow-ups. Retailers will be prioritising the influx of part-ex vehicles following the plate-change month, and proactive qualification and prompt interaction with prospects will help facilitate rapid speed to sale and maximum profit.

This type of outreach shouldn’t just be about available stock. Our survey found that 64% of car owners would welcome communications about recent launches and offers when they’re approaching the end of their finance agreements. Only 21% didn’t want to receive these updates. Our renewal emails see strong open rates, averaging 66%, and we can attribute over 4.5 thousand orders so far in 2024 from customers who have received an anniversary message prompting them to value their current vehicle.