Prep for Tax Season Pt. 3: Acquisition Proposition
Perhaps nothing is more essential to success during the busy season than having inventory on your lot that you can move – and move quickly. That’s why knowing what your customer base is demanding should top your list of selling season prep.
Open Your Books. Go back in time to see what vehicles you have historically sold most often. Additionally, take a look at your turn times to understand what vehicles sold quickly. If you find any common threads, you might stumble upon a sweet spot of inventory you can target at auction.
Open The News. Keeping an eye on the news can tip you off to what’s hot and trending in the industry. Especially with used cars, customers might be willing to sacrifice the desire for a new vehicle if they can get some added bells and whistles at a lower price point. Monitoring what trends are happening in the industry can help you get a jump on what customers are looking for earlier than the competition.
Open Up To Your Community. Take a look around in your area and get a feel for what is popular. You might have a gut instinct on this – and it very well may be right – but keeping your eyes peeled will help you find some trends locally. Do a lot of customers want trucks or four-wheel drive vehicles? Are you in an area with big city commuters who want luxury rides? Or do you live rurally and people need good gas mileage? All are good questions to ask to find inventory targets for your local area.
Open Your Mind. Don’t be afraid to try something new. Maybe it’s an auction further away from your dealership or one you’ve never tried before. Perhaps it’s even an online auction or another inventory source you’ve heard about but never given a shot. This time of year, you need to move enough metal to set yourself up for a great year, so you can’t afford to leave any stone unturned.