iTrackLeads is urging dealers to respond to leads as quickly as possible, after its research found that every 10-minute delay creates a 30% drop in conversion.
The company's research showed the fastest dealers responded to an enquiry within 62 seconds, while the slowest took 51 minutes. The data shows that 78% of sales go to the retailer that responds quickest.
The research revealed a decline in overall enquiries in April - the total number of leads fell by 18% against the same month in 2021.
Earlier this year iTrackLeads said that the ‘UK’s quickest car dealer’ benefited from increased customer conversions thanks to an average response time of just one minute and nine seconds.
Now it has advised dealers to use technology to automate out of hour responses and ensure that a process is followed to provide a timely and professional response to every enquiry.
Adrian Favill, director of iTrackLeads, said: “As demand begins to soften, it’s imperative that every lead is treated like gold dust. Delaying your response to inbound leads can result in money lost.
“Responses within 30 minutes increase the chances of conversion by as much as seven times. However, your best odds are within five minutes.
“From first contact to vehicle handover, it is important to use data to give your customer a seamless experience.
“Happy customers will share their experiences and drive more buyers to your door.
“We continue to develop technology that helps to manage the customer through their entire ownership journey and increase their lifetime value to the business.”
Mad Devs, iTrackLeads parent company, launched iConnect in December 2021, a technology platform to help dealers drive longer customer relationships and greater lifetime value.
The AM100 dealer group Lookers, which also trades as Charles Hurst and Taggarts, won the Online Consumer Experience of the Year (Franchised) trophy at the 2022 AM Awards.