It’s Time To Acquire Inventory Like Your Job Depends on It … BECAUSE IT DOES BY STU ZALUD, ACV AUCTIONS How important are vehicles to your lot’s success? Chances are that your answer is loud and clear — VERY. Sure, that may seem obvious, but breaking down the importance of cars in our modern society makes it more and more evident just how critical automobiles are to people and communities. Without them, your dealership won’t have a store, a brand, or a purpose. Vehicles are a constant in American culture, with over 275 million cars registered in the country as of 2020. This statistic tells us about the important role automotive retail plays in the daily lives of consumers across the nation. Moreover, with cars typically being the second-largest purchase the average American makes, it is increasingly important that automotive dealerships are equipped to handle demand with a steady supply of inventory that is appropriately priced. Because the customer experience is so important, how can dealers position themselves as a quality option for selective shoppers? Acquisition plays a major factor in your ability to meet the needs of customers, but let’s face it — yesterday’s methods for stocking dealership lots are antiquated, lacking the zest and speed that modern consumers desire. Shopping for cars has evolved into a hybrid approach that combines traditional brick-and-mortar interactions with digital touchpoints. That means dealers need to be dynamic in how they acquire vehicles to meet the needs of a rapidly evolving consumer in the marketplace. The best avenue to achieve that is by learning what consumers want. Put simply, the 275 million used vehicles that are driving on American roads are continually sought out for a variety of reasons. As consumers grow out of their leases, payments or simply want something new, your dealership will ultimately play a vital role in providing used vehicle options. As a result, those vehicles on the road are potential pieces of inventory. A dealership’s goal should be to shorten the gap and provide opportunities for consumers to trade in their cars no matter what their situation is. This approach toward consumer acquisition is important as it provides dealerships the chance to stock automobiles that will sell quickly to their unique customer base. HOW CAN DEALERS ACCOMPLISH THIS? The first step should include covering your basics. Start with a process that simply asks customers to trade their vehicles into your dealership. This can be done through your sales team, BDC, or even the service lane. Don’t be afraid to ask your customers if they are thinking about moving into a new car or truck. Many shoppers may not realize they are ready to get rid of their 14 new jersey auto retailer
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