Now is the perfect time to explore new avenues for untapped profit at your dealership. As you focus on your plans for 2020, here are four actions you can take to make the upcoming year your most profitable one yet.
1. Do Your Homework. Before heading off to auction, it’s helpful to take a look back at the last year to see what vehicles moved most often and which were the quickest movers. You may have a sense of this already, but doing this prep work in advance can confirm your instinct for what vehicles to go in on at auction. It might even highlight a new focus for the next time you’re on the lane.
2. Try a New Spot. Stepping out of your comfort zone for an auction further away from home or even online might be the ticket to scoring high-demand cars at a premium. If you’ve done your homework on what sells well in your market, you might even be able to find auctions or wholesalers that specialize in the exact inventory you want.
3. Master the Upsell. Even if you’re already prioritizing VSC coverage for your customers, there may be an opportunity to get them into higher levels of coverage. By working on your skills to get customers in increasing coverage, you stand to make more profit at the time of the sale and maximize your incentive program potential available as part of your VSC business.
4. Get Into the Renewal Game. GWC Warranty Elite Dealers get access to an exclusive Elite Lead Generator report that provides a list of all customers with expired contracts who may now be in the market for a vehicle purchase or perhaps renewing their VCS. It’s the perfect time to get back in touch.
With new goals for the new year, it’s worth your time to consider any opportunity that could bring in more profit. We’re here here to help. Contact us to find out how GWC can help you grow your business in 2020.