What cars do you need for your lot? If you are guessing or overly relying on your gut, chances are that you are missing out on opportunities. Squandering chances to acquire the right vehicle means that you are turning away consumers, reducing your digital footprint, and lowering your overall profits. Instead of throwing darts at a board and hoping for the best, you should leverage powerful data to make educated decisions on inventory for your lot. After all, when you acquire better, you win more opportunities, and hold more gross on every transaction.
The first step in properly utilizing data for acquisition is by appraising with an advanced solution that captures in-depth data touchpoints. Specifically for trade-ins, this process must move from knee-jerk decisions to data-driven determinations. Relying too heavily on guessing or feelings creates a gap between what’s a reality for your lot compared to trending market conditions. Data informs used car buyers to make conclusions based on condition while helping to price accurately. When you engage consumers with more attention to detail, you increase your acquisition rate while setting yourself up for success.
But what about when acquiring from auctions? Your inventory management system should be educating you on what cars sell the best on your lot. Unfortunately, many solutions are designed to simply manage the operations of daily inventory instead of providing advanced data that can be used for high-quality acquisition. Many used car dealers will find themselves at a disadvantage when it comes to sourcing by not knowing details on what cars are selling and why. Guessing has always been commonplace, and as the industry corrects against market fluctuations, it’s important to have insights as to what, how, and why to stock.
Next, when you have heightened awareness of what is working best on your lot, you can better approach consumers directly. This sourcing avenue is a growing component of a proper acquisition strategy. As it stands, there is a large number of vehicles sitting around on the streets of your community that are prime for scooping up. When you have insights as to what vehicles you need, you can use data to shrink the gap between yourself and that valuable piece of inventory. Arming yourself with the correct intel enables you to start conversations and connect with potential sellers on new and inventive levels.
As each month passes, data becomes more and more valuable to your operations. Old-school methods have a time and a place. But supplementing what’s worked in the past with data-driven tactics that illuminate the darkest corners of inventory and acquisition will make you competitive in new ways against market shifts. It’s time to expand your comfort zone and employ solutions that provide insights capable of helping you secure the vehicles consumers are searching for.
And with customers shopping in an increasingly hybrid manner, it’s more important than ever to provide touchpoints that are enriched by a deep well of inventory possibilities. Data empowers you to gain the vehicles, but those cars listed on your website will help boost your SEO by providing additional opportunities for shoppers to discover your inventory and lot. The data that you capture on everything from your appraisal process to your daily inventory management needs will greatly impact your ability to be competitive for the rest of this year.
At the end of the day, it’s time to move from simply acquiring to acquiring right. Start winning at your dealership by bringing the right vehicles onto your lot. Once you begin using data to make informed decisions, you can move from guessing…and finally break free from the pack. Experiencing peak inventory starts by employing the cleanest data feeds possible.
MAX Digital knows what it takes to help you improve your approach to inventory acquisition and management. No other solution provider can deliver a streamlined process that empowers your dealership with the knowledge needed to win time and time again. MAX is ready to help you drive down the path to success in a competitive market. It all begins with a free consultation. Are you ready to learn how MAX makes a difference?