Pub. 2 Issue 1

11 market conditions. That starts with smart inventory management. Right-size inventory Here are some ways to help manage in- ventory effectively: • Use discipline when purchasing vehicles to avoid being stuck with a significant supply of aging inventory when the market slows • Consider strategies, to help promote the sale of the vehicle in the first 30 days to address aging before it occurs, such as shaving time off the vehicle recondition- ing process • Keep a close eye on market trends to make sure inventory levels are in line with where the market is headed as opposed to where it has been Look beyond auctions Looking beyond auctions for inventory is a smart way to help maximize resources. • Perfect your ability to buy off the streets, from the service lane and from trades • Consider keeping and retail selling some of the older, higher mileage units that you previously wholesaled for great low price-tag options Train staff for new challenges It makes sense to consult with experts to properly train employees so they’re pre- pared for whatever situations may arise. Expenses are tight right now, but effective training can help dealers make money, save money, and reduce risk. For example, inventory strategies are covered in Ally Academy’s used vehicle management course while courses on sales, compliance, fixed operations and dealership management can help your team adjust to pandemic business challenges. We also work with dealers to help them become more adept at conducting business virtually, advising them the shift to digital sales is likely not going away. Right now, the industry continues to deal with the effects of the COVID-19 pandemic, with volatile sales and thin- ning margins. In some departments, training and discipline are among the best strategies for maintaining a healthy used car operation that can take full advantage of the opportunities these uncertain times present. Interact with content on a deeper, more meaningful level. Reach your customers with print. To advertise in this magazine, contact us today. 801.676.9722 | 855.747.4003 thenewslinkgroup.org sales@thenewslinkgroup.com Expenses are tight right now, but effective training can help dealers make money, save money, and reduce risk.