Innovating Beyond the Obvious: How to Stand Out in the Used Car Market

You’ve probably wondered how you can increase traffic to your lot while still holding more gross per transaction. On top of that, you’ve likely been asking yourself how you can acquire more vehicles to add to your inventory. The answers to these questions might not be simple, but the road to getting there doesn’t have to be difficult. That’s where innovation comes in.Let’s face it, it’s 2023. The automotive industry has come a long way in the last few years. And while there have been obstacles, that doesn’t mean that friction points need to remain roadblocks. Innovate how you interact with consumers and you’ll see an increase in traffic, sales, acquisition, and reputation management.Every touchpoint you have with a customer is an opportunity to innovate. From the solutions you use to sell, to the tools you use to manage, be bold in providing transparency to build trust with consumers. It is this experience that they will remember and tell their friends about. Treat them seriously with respect and appreciation. Employ advanced solutions to help empower your staff to be instant product experts. A digital showroom is an excellent opportunity for you to engage your customers with knowledge, giving them the ability to help understand the true value of your inventory.Next, it’s time to move past your gut and rely on valuable data. A lot of options exist for leveraging data. But if that is dirty or subpar, then you risk pricing incorrectly, acquiring the wrong vehicle, or providing a poor customer experience. Innovate how you manage and merchandise to get a more in-depth understanding of how your lot operates. With the right data, you gain insights that will help you break free from the pack.Finally, acquisition is a massive part of your strategy. Getting vehicles from consumers helps you to be competitive and offer options beyond other dealerships. But simply wanting more trade-ins isn’t a strategy. Really innovate how you approach consumer acquisition. Use data to establish which brands are right for your lot. Then, come up with fresh ways to engage with consumers. Utilize different marketing channels to source possible inventory. Everything from social media to email marketing is a smart choice. And, on the note of consumer acquisition, there are several next-level solutions capable of helping you source in new and inventive ways. Having a proper widget on your website is one way to attract new vehicles. Be bold and confident in the tools you use. You’ll see an increase in web traffic. Make sure your team is knowledgeable and prepared to convert those leads into purchases.Innovation is key. The more you can think outside the box, the stronger your dealership will become. From the customer experience to leveraging quality data, you will discover new opportunities where consumers want to engage with you beyond merely buying or trading in. Then, with proper solutions in place, you will be able to attract new consumer acquisition opportunities to fill your lot with the right inventory.Simply having cars on your lot isn’t a strategy anymore. You need to have insights into who, what, where, and why so you can best provide for the modern consumer. Gaining knowledge on how to price, merchandise, stock, acquire, sell, and engage with customers starts with innovation. And nobody knows innovation quite like MAX Digital. Our suite of solutions goes beyond the box to provide tools designed with your dealership’s success in mind. From inventory management to merchandising, MAX Digital is your partner for innovating beyond the obvious. Schedule your consultation today to learn more.