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?
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.