SPEED IS THE NEW CURRENCY WHEN IT COMES TO DEALER PROFITS
by Russ Daniels

You can’t sell a car that your customer can’t see.  That’s a pretty basic truth. 

A unit acquired at auction can take up to two weeks to be transported and have assets processed, before it can be marketed online with detailed descriptions and high quality photos.  This is two weeks when your auction buy is accruing holding costs and simultaneously missing opportunities to attract interested customers. This math doesn’t add up to profits for your dealership. 

Speed to market is more important than ever in the post-peak era of margin compression.  Auto retailers are relying on technology to streamline dealer operations and accelerate turn.

HomeNet’s newly-enhanced Rapid Retail solution quickly markets auction buys from any Manheim location before they arrive on your lot, dropping online time-to-market for auction purchased vehicles from days to hours.  The product will be featured at the Driving Sales Executive Summit Innovation Cup Product Showcase in Las Vegas, October 22-24, 2017.

Rapid Retail syndicates auction data and photos to a dealer website and advertising platforms within hours of unit acquisition.  The accelerated merchandising also overlays specialized comments so an interested customer knows the unit is “in transit”.  The dealer gets a head start in the marketplace, and the option to refresh the unit with customized descriptions and photos once the vehicle arrives.  The speed and value associated with it is possible because of shared data integration between HomeNet and Manheim, both Cox Automotive brands.

Rapid Retail allows for lead generation and even the purchase of auction vehicles before they arrive on the dealers’ lot. As one dealer recently said: "My dealership benefits from auction to online speed to market because we're able to start conversations with customers early, making them aware of cars that will soon hit my lot. The extra days of exposure give us more interactions with customers.  Some even are calling my dealership before the car arrives."

Rapid Retail doesn’t only focus on speed, it’s goal is to deliver higher engagement on vehicle inventory earlier; driving views, leads, and profitable revenue for our dealer clients.

Russ Daniels is Senior Manager, Product Marketing at HomeNet.