PHOENIX – DealerPeak, a CRM dedicated to making the industry regain their love of selling cars, announced the release of their Q1 Peak Insight Report, examining the top lead conversion sources for dealerships in the first quarter of 2022. The quarterly report aims to reveal the top converting lead sources and partners as detailed through DealerPeak’s proprietary backend data.
The insights contained in this quarter’s report come from thousands of CRM transactions that ran through DealerPeak’s system in the first three months of 2022 and reveal a turbulent time in the industry, with conversion numbers following suit.
Some of the insights contained within the report include:
- Lead Source Conversion Rates came in as follows: Third party 69.7%, Phone 13.9%, Showroom Floor 11.9%, and Internet 4.5%.
- Third-party leads, which include those from marketplaces and digital retailers, continue to take a substantial piece of the pie, at 69.7%, when it comes to where dealer groups sourced their leads from in Q1 2022
- Q1 2022 saw conversion rates lowered across the board compared to 2021. This reduction is likely due to a mix of factors including a tightening economy and higher than average vehicle prices.
“Interestingly enough, market conditions have created conditions that make the numbers and insights in our first quarterly report substantially different from our 2021 annual report, released earlier this year,” said Matt Moore, CEO of DealerPeak. “Our industry is experiencing rapid changes right now, from the chip shortage to the Carvanas and Vrooms of the world taking a piece of the pie, to fuel prices driving purchasing decisions for consumers. We want this report to help our partners in automotive make the best, most profitable decisions as we head into the second half of the year.”
DealerPeak’s best-in-class, enterprise-wide solutions automate the hard work of relationship building through real-time updates, customized workflows, desking solutions, and more. The aim is to bring joy back into the process, while helping each dealership contribute to a healthy bottom line.
If you’d like to read the Q1 2022 Peak Insight Report, as well as register for future reports, please visit: https://www.dealerpeak.com/peak-insights-report/.