Benchmarking is the process of measuring dealerships performance against competitors and automotive industry standards.
“Dimensions typically measured are quality, time and cost. In the process of best practice benchmarking, management identifies the best firms in their industry”
Your in-house marketing or vendors should benchmark to analyze your dealership’s success, ROI, brand awareness, and units sold. This helps to get a better understanding of how the dealership is performing relative to their competition across town.
Why is benchmarking important for car dealers?
Benchmarks is a fundamental practice of Dealer Martech and provides incredibly valuable insights for General Managers, BDC directors, and Internet sales directors who know how their marketing campaigns stack up against their dealership competitors’, can use this in-depth competitive analysis to differentiate their offers and specials.
This process gives dealers the ability to capitalize on their store’s strengths and exploit their competitors’ weaknesses.