Having the right inventory is crucial for your success. But how do you know which vehicles will sell the fastest for the highest profit? You can spend all day on the auction block skimming through possibilities. However, if you don’t have valuable intel, you are simply being wasteful. As a result, there will be a reduction of time that will cause you to squander away your money and burn through cash quicker than you realize. Wouldn’t it be ideal if there were a better way to stock your dealership with inventory that will sell quickly at the highest price possible?
We all know that data is a game-changer for automotive retail. But not just any data will do. You need to have clean feeds that provide you with insights into which vehicles will be most successful on your lot. It’s a mixture of understanding the dynamics of how quickly you need to turn around inventory while also driving sales to be as profitable as possible. That’s where advanced solutions for automation, AI, and machine learning come into play. Making decisions on acquiring inventory is now more than a guessing game. It is empowered by technology that can reduce waste and maximize profits.
The automotive industry is growing faster than you’d expect. Think of the way your operations ran in the past. Your used car manager probably spent way too much time on manual tasks. The result of which led to wasteful spending and lost hours. Why throw away valuable time on these time-consuming duties when you can leverage solutions to do it for you? You see, it’s not enough to simply want to be successful. You need to surround yourself with next-generation technologies that ease your workload…not add to it.
When it comes to excelling in the automotive retail industry, you truly need to know what vehicle is best for your lot. Then, you need to find it. It is here that many dealers burn through resources. With the right data, you can quickly identify which vehicles will play the biggest part in your success. But take it one step further. Through programmatic buying, dealers can set up a system where desired inventory is instantly identified, bid on, and secured without lifting a finger or heading to a traditional auction. This puts your lot at a competitive advantage as you not only have more available vehicles than other stores, but your inventory will be exactly the make and model that consumers are shopping for.
What’s more is that when you do have the correct cars, you’ll be able to market and sell them for the best price possible. The automotive sector cannot return to the old days of racing to the bottom. So, you need to price competitively while also holding more gross on each transaction. Through advanced solutions and technologies, you gain the ability to value the vehicle at the correct amount. In doing this, you add a layer of transparency that provides consumers with the opportunity to shop with confidence. You aren’t ripping them off. Couple quality pricing methods with how you write your ads and market your inventory, and you’ll create a next-level customer experience that others will want to imitate.
When you have the right inventory identified by AI and machine learning algorithms, you can be assured that you’ll sell faster. Turn times will always be a metric to measure your success. You can’t have vehicles sitting around waiting to be scooped up. Be confident in knowing that whatever you secure, whether it be through auction, trade-in, or consumer acquisition, will perform at a high level. The industry is evolving. And, while it is volatile today, tomorrow might bring something new. It’s because of this that you need to stock the right inventory that can move in the least amount of time.
Put your dealership ahead of the pack by investing in technologies that help you do your job better than ever before. With digital solutions such as AI and machine learning, you generate opportunities to acquire new inventory with little effort. These will be the right vehicles, the ones your consumers are shopping for. Then, you’ll be able to merchandise them at the best price point. Your sales team will be empowered to talk through the actual value of the vehicle and educate the customer on benefits. There won’t be any question that your inventory is priced in a fair manner that still allows you to maximize profits. Finally, your turnaround time can be dramatically reduced. The shorter the vehicles stay on your lot, the greater benefit to your bottom line. Stop guessing and start winning.
At the end of the day, your dealership needs to be poised to have the right inventory, priced correctly and sold quickly. But time is money…and wasting precious moments during the day with manual tasks is costing you big. Step into the future with technologies that inspire, empower, and generate massive opportunities with little to no effort. MAX Digital and ACV can help you do just that. With our advanced solutions through partnerships with Driveably and Monk.ai, you will get the upper hand in appraising the right vehicles before your competition. Then, you can merchandise it based on actual value. When you have the vehicles consumers are hunting for, you’ll be able to move them as quickly as possible. Want to find out more? Schedule a consultation today to discover how MAX Digital and ACV can elevate your dealership with next-level solutions for automation, AI, and machine learning that leverage the best data around.