Westlake Village, Calif.—5square.com, which delivers a completely integrated sales system for retail automotive, recently released a new Unsold Prospect Tool. The new feature is built right into the overall 5square.com Web-based system. It automatically shows dealers and sales managers every lot visit that did not result in a purchase, so they can ensure follow-up with these high-probability sales opportunities.

A recent 5square.com study based on tracking and analyzing 45,000 leads over five months, found that only 21 percent of unsold prospects were followed up in less than 24 hours. Over 50 percent received no follow-up at all. The study also showed that the likelihood of closing an unsold prospect is cut in half when follow-up is delayed more than 48 hours. The new Unsold Prospect tool shows dealers exactly what follow-up is needed, makes it happen fast and helps capture these sales opportunities.

On average, 80 percent of prospects leave a dealership without making a purchase. Dealerships testing the new Unsold Prospect Tool have brought 27 percent of these unsold prospects back into their stores and then closed 52 percent of them. The new tool displays the prospect, the vehicle of interest, the salesperson, the reason the prospect left the store and the current and planned follow-up. It helps managers focus sales consultants on the deals that are most likely to close, since unsold buyers are a high-probability close, as long as follow-up is timely.