Online Pricing Matrix

Jim Hyatt
How are you folks pricing your new inventory? I feel like there should be a tool available that allows me to insert invoice and rebates based on model that will go through and price our vehicles. I have finally gotten two of our new car managers to price online, but they do not want to price each car individually.
Vincent R
We do our own browsing to see what other dealers are pricing for similar vehicles and place a price based on that.
Keith Wilkerson
We do the same, Vincent. We check our competitors' sites and to make sure we are the lowest or very close to it.
Craig Waikem
I think he is asking more about the input, such as how to use his inventory mgmt. software.
Chris K Leslie
Jim, A couple thing you can do to get things started are. 1. Get the average total of rebates per model. for this example lets use $2,500 2. Then take the price you are going to use of the vehicle. I.e. accounting cost 3. Divide the price you're using by the average dollar amount of rebates i.e - $25,000/$2,5000 = 10% 4. Subtract your percentage from 100% - i.e 100% -10% = 90% 5. Set up your matrix to multiply the cost by the new percentage (90%) 6. This rule is now saying to take all these models and multiply them by 90% of accounting cost. i.e $25,000 x 90% = $22,500 7. you can start with model level and then break it down by trim if you really need to. in most cases I havent seen a need to do that though.
Jillian Marchewka
We just price our new inventory in our DMS, and then when it gets pulled to our website (we are a Chevrolet store with a Cobalt site) we are able to apply specific rebates/discounts to anything from specific models to trims to even VINs. For us, our online "Internet Price" is the same selling price that we list on the lot-- This creates transparency, and creates less confusion about price. We sell a lot of vehicles close to supplier pricing, whether or not there is an OEM promotion going on (this helps us stay super competitive in our market.) When it comes to "New" vehicles we find more value as a dealership to give customers a great price and a great customer experience so that they turn into a life-long service customer... Because we all know that the Service Department is what keeps the dealership's wheels turning. Plus you can make a decent amount of profit in added products (extended warranties, Simoniz Glasscoat, OEM Accessories, etc.)

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