Is there a certain set of values they subscribe to?
Our customers believe in value for not only dollars spent, but they also place value on time saved and service provided. For example, customers in the prestige class appreciate valet pickup at home or office for service done with a free loaner. In addition, our customers can leave their vehicle with us when they fly out of Hopkins. We service and store their BMW until they return, saving time and money versus airport parking.
Premium cars have a prestige factor. What do demographics show here?
Prestige is certainly part of the equation, but our customers really appreciate the feel and handling of our vehicles. We’ve been using the same tag line in our advertising for almost 30 years — ‘The Ultimate Driving Machine’ — and once people drive a BMW, they understand why we haven’t changed our tag line. Plus, anything that is ‘ultimate’ has a certain amount of prestige to it, and our customers like that.
What about the differences between new car buyers, pre-owned buyers and leasers?
Differences between these types of buyers center around three factors: length of ownership, budget and cash flow.
Typically, buyers of new BMWs tend to keep their vehicles for several years, enjoying their durability and longevity. Many buyers of the pre-owned vehicles like the reduced price of a two- to three-year-old car, especially with the Certified Pre-Owned Program, which is a factory-backed limited warranty for up to 100,000 miles or six years from original in-service date. Leasing, however, is very popular with drivers who change cars every two to three years and want the benefits of BMW’s high resale value. Lease payments can be quite a bit lower and shorter in term than purchase payments, as well as reducing the initial cost needed to start enjoying a BMW.
Where do you get this information?
BMW, like many other consumer-oriented companies, employs demographic research firms. These firms do everything from focus group research to post-purchase surveys. This information allows them to paint quite an accurate picture of who buys/leases BMWs, where they live by ZIP code, and what they do for a living. Even what magazines they read and what they do for fun.
CARLOS DAGUE is the new care sales manager at Ganley BMW in Middleburg Heights. He has been selling BMWs since 1982. Reach him at (440) 843-3552 or [email protected].
