AUTOMOTIVE ADVERTISING & MARKETING

Radio Advertising Statistics

Some Interesting Radio Advertising Statistics

JKRAdvertising / Automotive Advertising, Automotive Advertising Advice /

August 30, 2016

Sometimes, we wonder how radio advertising statistics would be viewed today if radio wasn’t over 100 years old. In other words, we believe radio would be just about the hottest thing going if it was the shiny new form of advertising available to businesses such as auto dealerships.

Think about all the wonderful assets radio advertising has going for it; it’s portable, it’s intrusive, it’s exceptionally affordable, it creates a buzz, it typically makes people happy and most of all, it gets results! Today, we reveal some interesting radio advertising statistics that any automotive dealer should take to heart.

RADIO ADVERTISING STATISTICS

∙ 92% of Americans age 12-plus listen to radio each week. That’s an audience of more than 240 million people! (Eighty percent listen in their cars; another 25% listen while at work.)

∙ Because so many people listen to radio in their cars, radio reaches prospects closest to the point of purchase.

∙ As we’ve discussed in other blogs, radio is the ideal complement to other forms of media.

∙ Radio is the second-most powerful medium in the United States, reaching 59 percent of the country’s population each day.

∙ There are more than 6,000 radio stations across the country offering local, regional and national programming. That means you can target specific stations that your customers will likely be listening to.

∙ This recent Nielsen Catalina Solutions study shows radio is a powerful advertising tool. It was later supported by this article in Advertising Age.

FREE ADVERTISING REVIEW

An affordable way to advertise; a captive audience; an audience ready to buy; and a specific audience of people you want to target. This is just some of what you get when you choose radio! Call Eric Tigner today at (321) 397-0777. JKR offers a free automotive marketing review … let us show you how we’ll improve what you’re currently doing. You’ll be amazed at the valuable information you’ll receive when you ask for yours.

JKR Automotive Advertising: We Move Cars.

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Post-Pandemic Dealer Gross Profits are Down – But They Don’t Have to Stay There!
March 13, 2024
It is no secret that dealer gross profits per vehicle are down sharply in the post-COVID automotive world. According to a recent article in Automotive News, gross profits of the six largest publicly traded dealership groups plunged significantly from Q4 2022 to Q4 2023. One of them was actually down 35% per vehicle!

The article explains: High interest rates, more expensive vehicles and a steadier post-pandemic supply chain continue to soften demand and bring it closer to pre-pandemic levels. Still, new-car buying has remained strong overall …

This means that, while sales volume is similar, overall bottom lines are lower for many dealers due to the reduced gross profits. What about your dealership?

Being Realistic
It’s time to turn the page! The time for dealers to simply be order takers for people willing to pay MSRP for a vehicle (and in some cases more) has passed and dealers have to work hard once again to achieve acceptable gross profits.

Selling a high volume of cars doesn’t control gross profits, no matter how much you wish this was the case. Correct processes and menu pricing – and strict adherence to them – do!

What kind of processes?
∙ Slow down the transaction! Your sales staff has to once again sell the customer on the features and benefits of every new and pre-owned vehicle on your lot.

∙ Your salespeople and managers should devalue the customers’ trade-in value (politely, of course) as much as possible. After all, if the customer expects you to lower your price, shouldn’t you be able to do the same on their trade? Remember, you’ll have to fix it up, put your name on it and resell it to someone else with all the tenacity you would a brand-new car. So make sure you buy it right … because the profit is made when you buy it, not when you sell it!

∙ To that end, management should be ready and willing to leave the desk and do thorough walk-arounds on each trade to ensure the best outcome for the dealership.

The Cure for Low Gross Profits
If you are like a lot of dealers these days, you could use some good news. Here it is: while you may not have the capability to achieve profit margins similar to those you enjoyed during the pandemic, they could likely be improved. JKR’s clients enjoy the benefit of attracting not only more customers, but better ones, too!

If meeting and exceeding your sales goals (and increasing gross profits at the same time) sounds great to you, you need to call us. Don’t settle for reduced gross profits when help is out there to get you closer to where you’d like to be.

Want to know how we do it? Reach out to Senior Partner Richard Brauns (407) 701-4233 or Partner/Vice President Jon Albert (407) 718-2494 today.

JKR Automotive Advertising: We Move Cars.

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