So, you’ve won that car…now what? It doesn’t matter if it is a Jeep Wrangler, Hyundai Sonata, or a Ford Mustang, it’s up to your dealership to have a plan in place to maximize the profits for these new pieces of inventory. There are many different methods to get a vehicle. You could acquire cars through traditional auctions, progressively digital ones, or even consumer avenues.
As a result, it is up to you to strategically pick your market, merchandise the right details, and ultimately sell that car. And because every automobile has its own story, you need to capture the essence of your new piece of inventory in an efficient manner that brings home the highest gross possible for your dealership.
The first step after securing a used vehicle is knowing your market and medium. There are many different methods for selling a car in 2023. Being savvy means understanding where your customers are shopping and providing them with the ability to browse your inventory. Some will prefer a physical buying experience. Others may want it to skew digital. In either case, it is up to you to deliver options to the modern consumer. Utilize social media, websites, traditional ads, and experiential marketing in conjunction with your physical lot to get the word out about your cars.
Since a large portion of shoppers will be searching for vehicles in a hybrid fashion, it’s critical that you have a multitude of touch points available. Automotive retail needs to stop putting all its eggs in one basket. Instead, maximize your reach by utilizing multiple avenues for presenting your inventory in a three-dimensional manner. You’ll cast a wider net for consumers while increasing the overall customer experience. Think outside of the traditional and provide a unique approach for consumers to browse and buy.
Next, after you’ve got that car, focus on how you will merchandise it. Just because you have the vehicle, doesn’t mean a consumer will always respond positively to it. From photos to ad copy, position your newly secured inventory in the best possible light. Make the car pop with professional-quality images. Capture every angle inside and out. Leave nothing to the imagination while illustrating all the facets that make the vehicle unique. The car is the star…so roll out the red carpet.
After the images, be sure to write SEO-enhanced copy that highlights all of the aspects of the vehicle in a discoverable fashion. Packages and trim information are key here. By including these details, you offer advanced search capabilities to the shopper while answering any questions they may have before even interacting with your team. Best of all, these items can be automated, creating a streamlined approach to merchandising inventory while freeing your staff up to do what they do best!
Finally, once that vehicle is on your lot, it’s time to sell! Price plays such an important role in your sales cycle, so start by making sure that your car has the right sticker on it. You don’t want to be racing to the bottom. But, as the market fluctuates, you want to be competitive while holding as much gross as possible. Supply and demand will continue to ebb and flow. Keep an eye on what you are charging and be proactive about when you discount. Never be overly eager just to make a sale. Price according to the actual value while executing your appraisal process with the utmost accuracy.
After you have an accurate number attached to every piece of used inventory on your lot, empower your staff to be instant product experts. By leveraging a solution for a digital showroom, you give your team access to product information directly in the palm of their hands. Any question that a customer may have can be easily addressed. This will help streamline your sales operations while improving your training processes. The better educated your salespeople are, the higher the quality of service they can offer to consumers. Don’t downplay the customer experience. Heighten it and deliver an unmatched shopping journey.
Winning a car is the first step. And while many factors impact the financial aspect of purchasing the vehicle and transporting it to your lot, it’s important that you are prepared to merchandise it correctly to the right audience. Don’t overlook proper sales techniques and always keep the customer experience in mind. The current market for used cars will continue to have its ups and downs. Now is the time to put your processes into gear while driving more sales at the highest gross possible. Accomplishing this doesn’t have to be a guessing game. MAX Digital is capable of helping you develop a roadmap to win when acquiring, marketing, and selling your used vehicles. Want to find out more? Schedule a consultation today.