Sitting on inventory is a costly and highly inefficient way of running a business. If you’re sitting on Ford Fairmonts, Plymouth Dusters, or a handful of LeBarons I can understand why you can’t turn inventory over. But if you’re a real car dealer that is proactive in moving units as fast as possible, or are intrigued at the thought of monetizing a vehicle before it changes titles, you need to read on. Aside from Lotlinx to target sitting inventory (literally), there is another emerging solution that makes a dealer $ on "sitting" inventory.
HyreCar is a publicly traded company that has figured out an ingenious way to turn sitting inventory, both new and used, into a revenue stream that runs fast. They took a hard look at the concept of rideshare and came up with a very creative way to insert car dealerships into the money making formula. It’s really quite simple, instead of letting used or slow moving new inventory sit, why not rent the fully insured assets to local drivers who need a vehicle for Lyft or Uber gigs, but either have no vehicle, or don’t want to put excessive mileage on their current vehicle(s).
Once the rental hits say 2k miles, the dealer pulls it off of the road, labels it a demo (still a new car designation, but at a more buyer-friendly price), and puts the driver into another vehicle. At any point in the process, the rideshare driver can make arrangements to buy the car he or she is using at a discount after putting on the 2,000+ miles. It’s a great way to make money for both the driver and the dealer that could, as a result, develop a customer for life. It’s also a great way for someone who needs money and a car, but has a credit challenge, to make their life better and more productive. The driver can choose the length of their rental from a day, to a week, to a year. The program requires no additional hiring of personnel and can be easily managed by the fleet manager who would be trained to use the HyreCar management software.
If you are having issues with aging inventory, and it’s tying up your cash flow, I highly suggest you have a conversation with a representative from HyerCar, a truly unique outlier in automotive that brings results that can keep you running in the black.