Growing up in Wyoming, I learned many lessons about the value of being in a secluded place and not being surrounded by a crowd. One memory that standouts in my mind, was when I was in Yellowstone National Park. There is a really terrific tourist bridge on the north end of Yellowstone Lake that funnels countless cutthroat trout into the Yellowstone River. From … [Read more...] about Are You Fishing in a Crowd?
Every dealer has been there. You bought a car at an auction you were sure would be easy to sell, and eagerly stuck it on your lot, awaiting customer interest. And then it sat there. And sat there. And with each passing day, you were certain that soon enough an interested customer would come along, so you held out hope. But the research doesn’t back that up. A recent … [Read more...] about Data and Online Dealer Networks: The Future of Used Car Inventory?
Many dealers think of customers as just that: customers. Top-performing dealers take it a step further and think of their customers as something more: strategic partners. A dealership requires a wide network of partners to effectively conduct business. Parts suppliers, media outlets, payroll service providers, and many others are strategic necessities. Why not think of … [Read more...] about How to Make Customers Your Strategic Inventory Acquisition Partners
When the economic recession hit, no one expected it would last this long or that it would have the kind of effect it’s had on the auto industry. Dealers have realized that they need to run their businesses much more efficiently than before to stay competitive and remain afloat. For used car dealers, the biggest boon to their business is the ability to facilitate quick sales to … [Read more...] about Online Versus Offline Auctions—It’s Not an Either-Or Question
A key component of your dealership’s inventory management strategy is vehicle sourcing. Yet current conditions make sourcing the right mix of vehicles more difficult than in past years. With floor plan sources more restrictive and consumer spending still down, many dealerships just like yours are grappling with reduced funding, fewer vehicle sales, and fewer trade-ins. … [Read more...] about How to Cost-Effectively Source the Vehicles You Need