Sell More. Sell Fast.
A study released this week by iSeeCars serves as a timely reminder of just how important it is to move cars quickly in order to maximize your dealership’s profitability. Plugging into numbers like these gives you the best chance to move more metal and move it more quickly.
With so much of your success reliant on the vehicles you choose to sell, it can’t be understated how important it is to have all the information at hand. Knowing macro national trends of what customers are looking for is just part of the equation, though. Looking at what is happening locally can be just as important when setting your auction and inventory acquisition game plan into motion.
What Sells The Fastest. According to the iSeeCars research, electric vehicles are all the rage. Hybrids like the Toyota Prius, Chevy Volt and Tesla Model S all spend 34 or fewer days on the lot. If hybrids aren’t your speed, the Honda Civic, Toyota Corolla and Honda Accord all come in at fewer than 36 days on the market. Knowing these national trends can be helpful in seeing where the market is heading so you can get ahead of the game and have these cars on the lot for customers who are hungry for them.
What Sells The Slowest. Conversely, you can mitigate your risk by knowing big national trends on vehicles that take up valuable lot space for the longest periods of time. The Porsche Cayenne, Buick Regal, Ford Flex and Cadillac XT5 all spend, on average, 64 days or longer on the lot. If certain vehicles nationally are becoming less desirable, just like with the fast-selling vehicles, you can get a step ahead by avoiding some of these cars if you’re looking to refresh inventory quickly.
What Works For You. Just as important as knowing these national trends is knowing what works for your dealership and your particular market. Data on how long a vehicle is in your possession from acquisition to reconditioning to its sold date is easy to build yourself. Over time, you can look at this information to know what works for your specific dealership. This data is invaluable as you prepare to head off to auction and plan out different avenues for acquiring inventory you know you can sell – and sell quickly.