(Part 2 – Find them)
In the first part of this 4 part blog, we reviewed how to “assess” what would be your “perfect Pre-owned inventory mix”.
Now that we know what vehicles we are looking for, the next step is “finding” them!
There are many places we can search to find these vehicles!
The “front door” is a good place to start! Are you properly appraising each and every customers “trade-in” vehicle? Are you utilizing all the available tools and software to help you in the appraisal? Have you enlisted several opinions of different Managers in the store? Did you miss something in the appraisal? Take advantage of every opportunity to take these vehicles in on trade! A daily review of trade-in opportunities between all department managers is a key to maximizing your potential!
Are you “data-mining” your database of customers? Do you utilize vehicle equity tools, software or calculators to help you proactively find customers that may be in an equity position OR have the ability to trade out of their vehicle today? Are the customers coming to the end of their lease contract or finance contract? Is the customer, “on-track” to go OVER the contracted amount of miles on their current lease? Is the customer, “out of warranty coverage” on their current vehicle? Could you use a particular year, make and model to enhance your “perfect inventory mix”? There are several great tools out there to help you in this search!
Do you have a dedicated Sales team of people working in your Service Drive? There are customers driving into your Service Drive on a daily basis. They already like and trust your Service Department! Are these customers still happy with their current vehicle? Have the customer’s needs changed since they bought the vehicle? Have the customer’s driving habits changed since they bought the vehicle? Is the vehicle nearing the end of a lease? Is there a new “body style” available in the current model the customer has? Is the customer unwilling to spend additional money to maintain their current vehicle? The Service Drive is one of the biggest opportunities for additional sales in the dealership! However, it is one of the LEAST utilized opportunities in dealerships nationwide! Don’t miss out!
Are you contacting individuals that have their vehicle listed for a “private party sale”? These individuals have their vehicle listed for private party sale for a number of various reasons. These individuals should be contacted to let them know you are willing and able to purchase their vehicle today! Explaining to these private party sellers the pluses and minuses of attempting to sell their vehicle on their own is the key element in attempting to purchase their vehicle! Explaining to the customer the ease in doing business with you is another key! Most individuals do not look forward to strange people showing up at their homes, wasting their valuable time, worrying about getting a safe and cash-able payment for their vehicle or taking care of any “payoff” on their vehicle! By doing business with your dealership, you can alleviate all of these customer worries!
Do you utilize a wholesale auction to fill in some of the gaps in your “perfect Pre-owned inventory mix”? Do you have a plan of what you want to purchase and how much you are willing to spend on each individual vehicle? Preparing your “game plan” is absolutely essential to making sure you are purchasing the correct vehicles and for the correct dollar amounts! Don’t get caught up in the auction hype! Preparing a solid game plan BEFORE you start purchasing vehicles at the auction stops you from paying too much for the wrong vehicles!
Finding the correct vehicles to enhance your “perfect Pre-owned inventory mix” is essential to maximizing your R.O.I.!
About the Author: From a Salesperson to a Dealer, I have a vast amount of experience in all areas of the automotive environment.
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