When it comes to acquiring the right inventory for your lot, it’s easy to go with your gut and buy a car based on your experience and savvy. But what if your general industry acumen could be augmented by data and information that will help you find cars that can fly off the lot just as quickly as you get them there?
To find out if you are seeking out the right inventory for your lot, you have to be able to look in the mirror and answer a few questions honestly. If you can do that, your acquisition strategy can go from trusting your instincts to trusting the numbers.What has sold in the past? If you can go back into your books and find makes and models that have sold particularly quickly, you might just find a few surprises. Your customers might tell you that they want more trucks and SUVs, but the data might show that economy cars or luxury sedans move more often. You want to buy what your customers tell you they want, but your bottom line could benefit by buying vehicles you know will move quickly.
Have you ever bought a car for you? Here’s where you really need to be honest with yourself. We’re not talking about getting a car at auction for you to own yourself. Rather, we’re talking about a vehicle you bought because it appealed to your tastes. This is an instance where your gut tells you that you’re buying a great car – and you very well may be – but are you buying a car that will sell quickly? It’s imperative that you resist the urge to bid on a car just because it’s a car you’d like to see front and center on your lot.
Are you looking in the right places? We’re all creatures of habit. We know the auctions we like, we’ve had success at them in the past and we don’t see a reason to change. However, today’s automotive industry is ripe with vehicles that you can find at the right price. Have you checked online auctions? What about competitors that have trouble selling a vehicle that’s in your sweet spot? How about giving a shot to that auction a couple hours away that you’ve heard so much about? Trying a new source for your inventory could be just what you need to find more of the right cars at just the right prices.
Once you’re able to take a hard look in the mirror before heading out to the auction and answer these three questions, you’ll be well on the road to moving metal at a faster pace than you’ve ever seen before.