When it comes to your lot, inventory is king. But here is the problem. Today, vehicles have become difficult to source. You are probably wondering where you can acquire a new stock of cars quickly and easily. The most obvious place to start is with your customers. New ones or old ones, curious ones or satisfied ones, you should be trying to buy vehicles from your customers at every opportunity. Demand will continue to increase for dealers. And interest from customers will only intensify. So, if you have a customer in front of you (in person or digitally), why not try to acquire their car.
If you want to buy a car from a customer, you need to give them the best deal possible. That’s the best place to start. The trade-in and appraisal process needs to be quick and clean. Engage the customer on a wide range of topics. Use this time to learn about them and their vehicle while also educating on what can be expected. Walk the customer around the car and point out the defects that devalue the automobile. Be as plain and transparent as possible and you will build the trust necessary to acquire the car at the fairest price.
In order to be transparent in the trade-in process, you need as much data as possible. In doing so, you gain the information needed to deliver an honest experience. This is what consumers have come to expect. And it’s up to you to meet their expectations. Invest in solutions that will bring your store into the digital age. There are a number of tools available to best connect your store with the data needed to help improve the amount of trade-ins you get from your customers.
Another way to better connect with your customers is through your service department. Engage with them directly to entice them to trade in their vehicle. This is a good opportunity to put them in a new car. Educate them on the condition of their vehicle. Tell them where repairs will be needed and help them estimate the difference between the cost of said repairs and investing in a new car. Your service department will be able to provide you with quality leads and introduce you to new potential cars for your inventory.
Lastly, consider ramping up your marketing efforts. Communicate with your customers via social media, email, or direct mail. Let them know you are looking for their car. Be prepared with a price that you are willing to pay for their vehicle and invite them to bring it on to your lot for an appraisal. Make the experience as easy and drama free as possible. Give them a chance to feel wanted and walk them through how easy it will be to trade in their old vehicle and step into something new.
The journey of trading in a car should be exciting for your customer. It’s a win-win situation for you both, as you gain new inventory and they either make money or purchase a new car. The key is to leverage as much data to create a unique experience for them. MAX Digital offers many different solutions and tools to help dealers best engage with their customers. The trade-in process doesn’t have to be a headache. And Max Digital is here to help. Schedule your free demo today.