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Wittenmyer's take on car inventory management

Potential buyers are spending more time online and less on dealership lots in the hunt for their ideal vehicle. In an era of immediate gratification, consumerism via the web and mobile devices, it’s increasingly likely that if your dealership doesn’t have exactly the vehicle (model, color, options, etc.) consumers want at the moment they’ve decided they’re in market, they’ll move on. Dealer Marketing Magazine turned to Bill Wittenmyer, Partner at ELEAD1ONE for a look at what auto dealerships need to do to improve their inventory strategy and processes.

This informative article answers key questions such as:

  • What trends should auto dealers will have the biggest impact on inventory management in 2017?
  • How have changes in the pace of new-vehicle sales impacted inventory strategies?
  • Are shoppers with a fixed car and price in mind changing the inventory balance between new and pre-owned?
  • What new and emerging inventory management technologies will be most important for the industry?

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Key Takeaways from ELEAD1ONE’S Bill Wittenmyer:

  • It is crucial that inventory selection in the selling process is well communicated with internal teams, and focused on with each business opportunity.
  • With the majority of decision-making done during the research phase, the solution is to present consumers alternative selections in your digital strategy, as opposed to guessing the inventory mix on any given day. Options are always better than obligations and limitations.
  • Data and execution are the most important new technologies that will be beneficial to auto dealers. Dealers have their choice of some great technologies, but it’s about actually using data to execute your strategy and achieving sales goals.
  • The most important area a dealer can control, maximize their opportunity, and limit the liability is in the turn of that inventory and taking advantage of low floor-plan cost by moving it quickly.

Learn how the latest auto dealership software helps drive sales and increase inventory turn. Request a demo and consultation with an automotive technology expert today.

 
Sales Manager Superstitions

Back in 1998, while I was selling cars at a small Chevrolet dealership in Georgia, we had a daily ritual known as a lot party. This “party” consisted of completely rearranging the lot by moving different types of vehicles to the front line to draw the attention of potential customers. After the cars were moved and lined up precisely, the process of blowing up exactly 99 red balloons began. I’m not really sure why the number had to be exactly 99, other than the fact that our sales manager was a big fan of the 80’s song, “99 Red Balloons,” by the band Nena. Once the balloons were ready, the salespeople gathered 10 to 15 each and began attaching them to the cars on the lot. I don’t know if this garnered any additional business, but my manager insisted this routine be done every day.

The car business, like baseball, is full of these type superstitions. Read More

blog-Feb-2015-snowpoclypse-v2

Thousands of dealerships have been affected by this year’s massive snowstorms. They have been faced with the decision to either close or ask their staff to work remotely. Even if your business needs to close for a day or two, your CRM’s Mobile App and web-based functionality should allow you to complete activities away from your desk. Here are a few tips to keep you and your team productive and the sales pipeline full.

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A Corporate Review by Bloomberg US will air it’s segment on ELEAD1ONE on December 20, 2014 at 5:30pm ET. Corporate Review provides its viewers an in depth opportunity to find solutions to the industry problems from some of the top business leaders from across the world. Don’t miss this interview with ELEAD1ONE Partner, Bill Wittenmyer, where he will discuss today’s automotive industry challenges and solutions and what the future holds for auto dealers. You can check your local listings here www.bloomberg.com/tv/channel-finder/.