When it comes to an inventory management system for your lot, there are a lot of options available. That’s both good and bad for your dealership. All too often, many stores get set in their ways. They adopt a solution for inventory management and never look back. Their setup becomes archaic and falls behind the times. If you haven’t evaluated your inventory management system in a while, then it is time to look under the hood and see if your solution is up to par.  

You see, there have been significant upgrades to various technologies that assist your dealership. Inventory management has grown beyond a simple solution to help you manage your vehicles. A next-generation platform can do more than just help you sell cars. It should be a sophisticated set-up capable of driving sales and volume while also holding more gross. And best of all? It can be scaleable to stack on to your other dealership solutions. Go beyond old school with a new flavor of inventory management.  

Emerging technologies allow for solid alternatives for your current inventory management setup. For example, can your inventory management system analyze millions of VINs daily, including OEM window stickers? If not, you are missing out on opportunities to enhance the customer experience. These new features aren’t just shiny and fun to play with. They are designed to elevate your dealership to the next level and allow you to step out of the shadows and into the limelight.

A fresh take on inventory management at your dealership will help you acquire and stock with confidence. Using current market velocity and your sales history, an updated inventory management system helps you to identify the highest potential vehicles to add to your inventory. Internal transfers, make-a-deal opportunities, and quick links to auctions help reliably stock directly from a dashboard. There is no guesswork involved. All of the data is there to build a case for which inventory your lot needs and will help you acquire it quickly.

On top of that, your inventory management system needs to help you appraise better…instantly. Appraisals need to be built on a complete market dataset. The industry is rife with options, but you need to ensure the ability to precisely reflect the most current fair market value of each vehicle based on market demand for comparable year, make model, trim, mileage, condition, and more. Your inventory management system should provide transparency for your customer. Don’t skimp on building trust between your team and shoppers. 

Lastly, make sure your inventory management system is built on deep market data that integrates with your sales history. Data makes a difference. But not all data is created equally. By leveraging the best data available, you empower your dealership to grow to new levels. Put your inventory management system to work for your lot by putting an end to using dirty data. A positive alternative to your current setup includes cleaning out your bad feeds and filling them with clean data that will help you drive more volume at a higher gross.

Overall, your solution should be able to stock, price, and appraise vehicles to match your local market demand with highly customizable attributes. Proper data gives you the ability to methodically target the years, makes, and models most likely to sell from your location. You can accurately price to reflect true market value. Appraise and price with precision across the full inventory cycle. Each inventory management system has its own unique capabilities. If you haven’t evaluated yours, then it is time for an upgrade to a modern solution. MAX Digital and FirstLook provide an unparalleled user experience. Elevate your customer’s journey by delivering the data needed to make your dealership as successful as possible. It all starts with a demo. Begin your journey now!