Grosses

With customers shopping online and comparing prices using third-party sites and data what are some "best practices" you have put in place to protect your used car grosses and make a profit! 

Mark Rask

The best practice I can think of would be to have the right process on the floor 

Michael  Pokora

A consistent R^3 (R^3 = Repair, Replace, Remain) decision process on raw pre-sale vehicles.  Set an input cost ceiling up front to avoid over-investing in your inventory.  Consistent decision making on RO's with a clear line of sight that puts the vehicle margin before the tech labor hours is a must have for growing used profits.    

 

Chris K Leslie

Buy low, sell high. 

Zack Barnett

^ Yeah - thats really the best way I can understand to make money. Although my goal is typically "Buy low, Sell Less High"

Smart buying on the front end for value-positive vehicle acquisition (not just buying cars cheap - there is a huge difference and I can't stress this enough). Maybe this involves education for your buyers, maybe if your buyer team is multiple people - having them specialize and deploy them to auctions best suited for their training. Obviously that depends on how big your operation is - but I am always of the opinion that you can't learn too much. I have to do the majority of my own buying, but when my partners do go out - they know exactly what they should be looking for and how to properly identify the best deals for us.

Also, dialing in your costs for refurbishment. If you can cut some the fat out of the middle in terms of refurb cost and still do right by the customer in terms of quality - you can bring a more attractive option to the table vs. your competition.

Chris Murray

Buying low will not protect your gross! Going cheap on recon will not protect your gross either. You cannot ever solve the challenge of holding gross without a rock solid sales process and a management process in place, on the floor and in use every day. Mark Rask hit the nail on the head. 

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