Do you know everything about your used inventory?

In today’s market, it is crucial to have precise control over used car inventory. This can be achieved through effective price management and diligent monitoring of demand for every vehicle in stock. Proper management of inventory selection, pricing, and demand helps maximize profitability and inventory turnover. Listen to Rick Dearden and Angela Mancuso cover the current used car market trends, review regional variations in selldown rate & days on lot, and outline strategies that you can implement at your dealership to take back control of your used car inventory.

Key takeaways:

1. Review the current used car inventory trends we are seeing in the market
2. Understand how shopper intensity can affect your marketing budget
3. Dissect the average days on lot for used cars and cover strategies to move them
4. Dive into the regional variations in selldown rate and days on lot by geographic area

Watch the webinar HERE.

10 tips to help you sell more cars

“VIN-specific” marketing has become an increasingly popular and overused term. But the power of “VIN-specific” marketing boils down to one important thing: Do you know everything about your own inventory? 

This checklist can help you answer YES or NO to that question once and for all.

If the answer is NO, use the checklist to fill in your strategy gaps and optimize your VIN-specific dealership operations. 

Step 1: Know everything about the current state of the market 

The automotive industry is one-of-a-kind and ever-changing, and you should have your finger on the pulse of those changes. Not understanding the fluctuating market will have an effect on the success of your dealership’s operations. 

Step 2: Understanding the ins and outs of your competition

Much like understanding the market as a whole, understanding the unique business operations in your local market is essential to supporting your marketing outreach. 

Step 3: Have a strategy for each and every VIN

Every other department within your dealership is run at the VIN-level. Your finances, marketing, and operations should run that way too. 

Step 4: Build your strategy around your goals

You don’t run a one-size-fits-all business, so you shouldn’t promote your inventory that way either. 

Step 5: Know everything about every car in the market – not just your own

Having access to your competitors’ pricing and demand trends is a proactive tool when building your go-to market strategy.

Step 6: Price inventory to benefit your bottom line

Understand market pricing trends to avoid costly price markdowns and instead boost your profit per vehicle. 

Step 7: Know where you have waste and risk

Identify areas of over- and underspend for every unit. Once these trends are identified, make budget-saving adjustments to your operations. 

Step 8: Target the right buyers for your inventory  

Quantity does not equal quality, and high traffic does not equal sales. Understand the audience you should be targeting before you spend money trying to reach them. 

Step 9: Know where your data comes from 

Track the metrics that make the most sense for your store and your goals. Don’t listen to third party vendors that aren’t transparent with their results. 

Step 10: Let the numbers speak for themselves

Let your sales results be evidence of your marketing and operational success. If you’re not happy with what you see, continue to optimize

How do you currently stack up in these areas? Do you believe you have a truly VIN-specific marketing approach?

Lotlinx is a powerful Precision Retailing Platform built on the largest and most comprehensive proprietary market data set in the industry. Lotlinx leverages advanced Al decision-making to optimize dealership sales efficiency and profits. A free consultation is the first step to unlocking the power of Lotlinx technology and selling more cars.

Or, try gaining a deeper understanding of your inventory with the free VIN View Optimizer tool. Walk through your inventory with a Lotlinx retailing expert to make the most of your experience: Try Now.

Collaborating closely with leading advertising platforms and utilizing proprietary tools, Lotlinx possesses a comprehensive understanding of millions of consumers, dealerships, and VINs, enabling us to identify and analyze extensive data and trends in the market.

Download the infographic to learn the 9 latest market trends from Lotlinx’s unique perspective.