If you struggle with moving your used car inventory, then last week’s episode of David Long’s “All Things Used Cars” was the one for you. ICYMI, here’s what we learned are some best practices to keep your inventory flow grooving:
📝 Begin with purpose.
Create an acquisition plan that is well-defined, methodical, and goes beyond merely hitting a target number. Deploy structured stocking strategies rooted in market data to avoid aging inventory.
🐢 Ditch the laissez-faire attitude.
Create a reconditioning plan that is centered around intensity, structure, and discipline. Establish a streamlined, executable approach to quickly getting newly acquired inventory in tip-top shape and ready for customers.
🚲 Peddle your wares.
Create captivating merchandising and marketing materials that command attention and compel action. Your efforts should be as irresistible as a freshly baked batch of cookies.
📈 Let the market lead.
Create a habit of tracking market supply and depreciation values on your used inventory and price accordingly. Keep in mind, things are only worth what someone will pay for them, so paying attention to what the market is saying is crucial.
👯 Not all used cars are the same.
Create a thoughtful strategy around each unique car and have a plan in place for models that aren’t getting much love. You could be sacrificing margins with blanket approaches and a lack of market-based methods.
🎧 Catch the full replay here. 🎧