There is no easy way to get around the current state of the market. Sourcing inventory has become more difficult than ever before. And while the overall outlook for the year is optimistic, there are still challenges facing the automotive retail industry. We can’t simply wave a magic wand to make cars appear. However, what we can do is get back to basics and learn some best practices for sourcing vehicles and selling them profitably.
One of the most obvious places to start is at the auction. Wholesaling vehicles will always be a great way to secure inventory, even when scarce. Thankfully, the process of navigating the auction world has gotten easier over the years. What was once a tiring, cumbersome undertaking has now become a vibrant, dynamic activity filled with possibilities. No longer are you forced to drive from auction to auction to painfully bid on vehicles. The future is a streamlined approach that brings the automotive auctions to the palm of your hands. Instead of the expensive, risky option, dealers can now bid with confidence from the comfort of their desks.
The goal is to find a virtual platform that delivers a transparent and trustworthy experience in as little time as possible. You’ll gain insights into vehicles available all over the country. What’s more, you can buy from wherever…whenever you want. The process is meant to be simple and created in a way that helps you thrive, not just survive. Step up your inventory game by taking advantage of all the technological advances being made for the automotive retail industry every single day.
But that’s not all. With a proper stack of solutions, you can receive the data necessary to learn which cars are right for your lot. A next-generation inventory management system brings your dealership the information needed to make intelligent decisions. Instead of guessing, or simply going with your gut, you’ll gain digital instincts into how to shop these auctions. You’ll receive a battle plan of which cars you need to source. It’s the data that motivates dealerships to be successful.
Finally, never count the consumer out of the equation. They have potential inventory just sitting in their driveway. Source that! Engage with past customers and see what it will take to get their vehicle. You have a bevy of communication options available to interact with them. Leverage your physical and digital touchpoints to engage with owners. Learn about their vehicles, but also about their needs. When they bring their car in for service, query them. The service lane is an excellent friend when it comes to sourcing inventory. There are endless opportunities to work with customers. You just need to think outside the box and approach consumers where they are, whether that’s digital or physical.
Once you have the inventory, be smart about pricing. Having a plan at the time of acquisition helps streamline this. You want to be as profitable as possible, but you have to keep the customer in mind at all times. Now is the moment to get creative in how you buy and sell. Try new things. Invest in new technologies. There is no way to know what tomorrow holds. But, we can learn from yesterday’s challenges to build a positive trajectory for the future. Always be thinking about how to grow your business. Be dynamic in your decisions and you will see new avenues to source the right vehicles…then sell them at the right price.
Technology is here to empower the automotive retail industry. Dealerships aren’t on their own. No longer do they have to guess about inventory or pricing for used vehicles. Instead, they can forge a partnership with a solutions provider that can deliver the data needed to drive success. MAX Digital offers an ecosystem of automotive retail software tools that can elevate your dealership to the next level. You gain more than just a provider. You get a consultant with decades of experience in solving the problems you’ll face today and tomorrow. It all starts with a demo. Schedule yours today.
