Dealership inventory management has long been an imprecise science that combines precedent, data, and dealers’ intuition. And that’s before all the variables are added in that affect inventory decisions: economic trends, changing consumer preferences, manufacturer demands and allocations, unforeseen events that affect supply and demand, and more. This year has certainly been … [Read more...] about December Q&A: Inventory Management Is a Question of Balance
September was quite the month. In just a handful of days, the automotive industry went from the acceptance of its downward spiral to a new reality of increased demand, higher pre-owned vehicle prices, and a need for more inventory. It’s another example of the indelible impact hurricanes can have on our lives. To be sure, we all directly or indirectly lived through the … [Read more...] about 3 Tips for Navigating the Pre-Owned Market in the Wake of Hurricane Season
Familiarity is often a dealer’s friend. You arrive at work at the same time, greet customers the same way, negotiate deals the same way, and leave work at the same time. This routine may even play into the cars you’re stocking on your lot. For example, a dealer who’s consistently able to sell Buicks will continue to stock the lot with that inventory, and for good … [Read more...] about Lot Stocking: Sometimes Familiarity Isn’t Your Friend
Over the past dozen years or so, traditional financing penetration into used cars has grown about fourfold. Consequently, dealers have recognized that more than half their customers for pre-owned vehicles will be closed by landing on what they consider a desirable monthly payment. Understanding the affordability of shoppers’ cars of interest in both the online and … [Read more...] about Verification Tools Get the Buying Process Started Right
It’s a fact: Consumers who want the economy of “pre-owned” and the assurance of a vehicle with a warranty can have it all by choosing Certified Pre-Owned (CPO), and they’re happy to pay more for what they perceive to be a better value. As such, CPO represents a unique “win-win” opportunity for dealers and their customers. Since the OEMs only provide CPO programs on their own … [Read more...] about OEM and OMM Certified—What If You Could Certify ALL of Your Late-Model Pre-Owned Vehicles?