Closing Ratio : Percentage of amount of sales opportunities versus sales.
CRM: Customer relationship management.
CTR : Click through ratio is calculated by dividing VDP/SRP. Anything over %6 indicates healthy online merchandising.
Kijiji: Canada’s largest marketplace to sell used vehicles and other used items for private sellers.
Lease Pull : Renewing lease contract before customer’s current lease expires.
Organic Traffic: Website traffic generated based on your website content. Also, it is free.
OMVIC : Ontario Motor Vehicle Industry Council regulates motor vehicle sales in Ontario. Administering and enforcing the Motor Vehicle Dealers Act on behalf of the Ontario Ministry of Government and Consumer Services (MGCS), OMVIC’s mandate is to maintain a fair and informed marketplace by protecting the rights of consumers, enhancing industry professionalism and ensuring fair, honest and open competition for registered motor vehicle dealers
Pay per click (PPC), google AdWords: This tool allows you to bid (pay) on certain keywords to generate non-organic traffic to your website from google search engine.
PL : Priority Listing, lists your car first in your city by default regardless of the filter.
PPL : Provincial Priority Listing, lists your car first provincially by default regardless of the filter.
Retargeting / Remarketing Campaign : Follow your website visitors by placing certain cookies to their web browser and show them your relevant ads while they are surfing internet. It can be very powerful if used correctly.
SEO : Search engine optimisation. Adjusting website to be crawled easier by search engines by bringing more relevant information.
SRP : Search results page, When Customers search for a 2012 Toyota Corolla on Autotrader all the cars come up, that is search results page.
Turn Ratio : Amount of times you sell your current inventory per year. Calculated by dividing 360 by average days on the lot. 360/30 days on thelot : 12 Turns
Up : First time customer.
Vauto: Amazing inventory management, appraisal and vehicle sourcing tool. We personally don’t know any better tool to this date for car dealerships.
VDP : Vehicle Details Page, when customers click on your particular car after searching for a specific car on Autotrader.