Imagine giving the opportunity to win a car at a charity event — the excited participants, the press, the buzz that would spread throughout your local area. This actually can be done for minimal cost to your dealership.
Organizations such as Toys for Tots, American Heart Association, Boys & Girls Clubs, Ronald McDonald House and the Autism Society use golf tournaments to raise money every year. Hundreds of thousands of golfers attend these events for a good cause each year, which provides a great amount of exposure for all sponsors. By offering the chance to win a car at one of these tournaments, you are not only promoting your dealership, but you are also helping the charity gain momentum for their event.
Dealers purchase insurance based on the odds of a golfer hitting a hole in one during the tournament. The price is calculated based on the value of the prize (i.e. price of a vehicle), the number of players and the yardage of the target hole.
For example, The XYZ Foundation is running its annual golf outing with 100 golfers. They decide to hold a hole in one contest on the fifth hole, which measures 165 yards. Any golfer who successfully makes a hole in one there will be awarded a $30,000 vehicle. Prior to the event, the dealership purchases a contest coverage package from an insurance provider for $570. When John Doe and Jane Smith both make an ace at No. 5 during the event, they are both awarded vehicles. However, because the dealership purchased hole in one coverage, the insurance company covers the cost of both vehicles, and the total out-of-pocket cost to the dealership is only $570.
If you are familiar with the game of golf, you know that hitting a hole in one isn’t easy. In fact, the odds of hitting a hole in one are 12,500 to 1. But, those odds do not stop the thousands of hole in ones that happen each year across the United States.
With these promotions, your dealership’s name and/or logo is displayed on signs at the tee box and you may even be inclined to bring the prize vehicle to the golf course to show off your dealership’s product.
You choose the prize value, which means you choose the prize as well. If your budget does not allow insurance for the cost of a car, you could insure the cost of a one- or two-year lease or a set amount of cash toward a new car. You may even do a cash prize that would be donated to the charity or organization in the event of a winner.
Because this type of insurance is primarily used for marketing, manufacturers such as Ford, GM, Chrysler and Toyota offer turnkey programs so that you are able to pay for the insurance through your parts account. In addition, insurance providers may offer discounts up to 20 percent off for dealerships, which makes this type of advertising even more affordable and helps keep you within your yearly budget.
By providing this type of promotion, you give the thrill of a once-in-a-lifetime prize and you build a relationship within your local area. As with most tournaments, flyers and invitations will list your prize and give credit to your dealership, which produces attention before the event.
Many dealerships that participate in this type of sponsorship are likely to repeat the same promotion for the event annually because of the publicity and the fact that the contest truly helps charities draw in more participants, which means more funding and more attention to the cause.
Donate and sponsor a hole in one contest at a local tournament this year and drive your dealership in the right direction. Katie Bullock-Gorman