Demand is still high for used vehicles, which can create stress if your auto dealership is on the hunt for inventory. To get ahead of the game, it’s a good idea to create a strategic plan that helps ensure you fill your lot with cars that can satisfy consumer demand and maintain optimal inventory levels. But how do you produce such a plan?
Table of Contents
Decide What Inventory You Need
It’s not a good idea to display every category, make or model and simply expect them to sell. Instead, decide what inventory you need before you start to search. It’s often challenging to locate any inventory, and you don’t want to waste time and energy on models that will just occupy real estate.
Investigate your target market carefully. Understand the limits of your geographic area, which will help you paint a picture of your demographic. What kind of vehicle will typically attract their attention?
What sorts of cars, trucks, or SUVs are most popular in your area? Try to understand why these models are popular to better guide your search. After all, it’s good to know that your strategies rely on logic and reasoning. With this information, you should be able to pinpoint any vehicle types in high demand or underrepresented in the local marketplace.
How to Find Inventory
Now that you have a shopping list of target vehicles, where do you start your search?
Trade-Ins
Trade-ins can represent a win-win situation for your dealership. When someone wants to buy a new car from you, they’ll invariably have one to part with. Both you and the consumer will win in this situation because the car’s trade-in value provides funds for them to purchase the new car or truck. Contact customers and advise them that now is a great time to trade in their vehicles. If the customer is part of your typical demographic, there’s a good chance that their trade-in will be attractive to similar people in your area.
Private Sellers
Use your website and social media platforms to contact private sellers and tell them you’re looking for good-quality used vehicles. You can also watch local posted ads, where sellers try to sell their cars privately. Then, contact them to see if you can strike a deal.
Physical Auctions
Attend physical auctions in your area. This will allow you to see the vehicle before you submit a bid when it goes through the auction lane.
Online Auctions
The most convenient way to buy vehicles at auction is through an online event[1]. These auctions allow dealers to preview potential inventory around the clock. You can often pay a lot less for these vehicles and find superior inventory levels—and some online used car auction platforms are specifically designed for car dealerships
Track Down Inventory for Your Auto Dealership
Remember, the better prepared you are, the more likely you will be able to take advantage of the rising demand for used vehicles. Start by understanding the demographic in your trade area and then initiate plans to source your inventory.
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