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
In the age of increasingly educated and demanding customers and extensive internet research by car shoppers, managing dealership inventory (never an exact science in the best of times) keeps getting more complicated. It’s not going to get any less so in 2017. Potential buyers are spending more time online and less on dealership lots in the hunt for their ideal vehicle. … [Read more...] about What’s Your 2017 Dealership Inventory Strategy?
Thanks to recent innovations in data analytics technology, dealers have a number of resources available to help them source, acquire, and eliminate the vehicles on their lots. Although a dealer’s experience and intuition are invaluable assets, the ability to easily aggregate data streams to help make informed recommendations serves as an opportunity to take dealerships … [Read more...] about How Real-Time Data Analytics Can Determine Your Future Inventory
New York–based dealer CarCash relied on the old way of managing wholesale cars, which nearly cost the family its dealership. A recent episode of CNBC’s The Profit examined CarCash’s struggling business. It wasn’t long before host and investor Marcus Lemonis identified two primary reasons why CarCash was bleeding money and on the verge of collapse: a flawed appraisal … [Read more...] about Step Out of the Trade Appraisal Game and Into More Profit