CompetitorPro Reports November Dealership Performance Benchmarking Metrics
November 2016’s dealership website engagement metrics weakened considerably versus the previous month, as consumers purchased fewer used vehicles. The only dealer website metric that improved last month was the length of time individual consumers were spending on dealership websites.
Autoweek reported that 1.4 million new cars and trucks were sold in the U.S. in November, for an estimated Seasonally Adjusted Annual Rate (SAAR) of 17.8 million units, a 3.6 percent increase from November 2015.
Edmunds.com estimated that 2.8 million used vehicles sold in November, down from 3.1 million in October. Despite this decrease, the SAAR for used-car sales climbed slightly, from 37.8 million to 37.9 million units.
CompetitorPro’s analysis of over 20,000 franchised dealership websites shows that consumer engagement metrics generally softened in November:
- Average website visits to dealer websites were 1.86K, down 12.4% versus October
- Average bounce rate was 20.0%, up 15.8% from the previous month
- Average page views per visit was 3.44, down 2.3% from October
- Average website visit duration was at 1 minute, 30 seconds, which was up 2.4% from October
Weakening website engagement in November may mean we see a softening in new and used vehicle sales for dealers in December.
It’s worth noting the large variability of individual dealership performance across these consumer engagement metrics:
- The top 25% of dealers experienced average website visits of 19.0K, compared to the industry average of 1.86K
- The bottom 25% of dealers experienced average website visits of 286
- Top performing dealers are experiencing average page views of 11.0 per visit, and average website visit duration of 10 minutes, 6 seconds
November witnessed dealers receiving double the number of website visitors per unit sold, vs. those units in inventory:
- The average dealership experienced 16.8 website visits per unit sold, vs. only 8.5 visits for the average unit held in inventory last month
“We’re thrilled to be able to bring this level of transparency to helping dealers benchmark their website performance,” said Steve Greenfield, founder and CEO of CompetitorPro. “Dealerships now better understand how they perform relative to their competition, enabling more informed conversations with both their dealership website vendors as well as their marketing agencies.”
“At CompetitorPro, we’re a big believer in bringing actionable insights to a dealer’s operations,” says Greenfield. “Despite having a ton of data, the industry has a long way to go towards providing dealerships with comparative metrics versus other dealers — so they know exactly where to focus to improve their operations.”
CompetitorPro is the industry’s first competitive intelligence tool built specifically for automotive dealerships.
As dealers look for ways to compete more effectively, advanced competitive intelligence solutions provide accuracy, analytics, and actionable recommendations that are missing in the market today. CompetitorPro’s competitive intelligence solutions utilize complex algorithms that summarize insights so dealers can perform at the highest level of effectiveness in today’s dynamic marketplace.
Dealers interested in measuring how they stack up to their competition should visit http://www.CompetitorPro.com.