Last week, David Long’s All Things Used Cars community discussed the best practices and tactics for successful used-car acquisition. We learned that dealerships must master a range of channels to stay competitive and maintain an inviting inventory. Here’s where to look:
👀 Owner Base — Y’all Come Back Now, Ya Hear?
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The race to retain a buyer begins when they drive off the lot. Consistent marketing and outreach strategies help remind customers that when it's time to swap vehicles, their trusted dealership is ready to take them back.
👀 Service Drive — Where Value Meets Velocity 👀
The service drive is a vital part of the acquisition strategy for used car dealerships, offering a cost-effective way to access desirable vehicles and engage with valuable customers. Keeping a dedicated, well-informed service team is key to successful acquisitions.
👀 Off-Lease — Seizing Timely Opportunities 👀
Off-lease vehicles are a valuable resource for replenishing your inventory. Keep tabs on customers whose leases are expiring, especially at the 2, 4, and 6-month marks, to ensure you're at the forefront of a customer’s mind when they make their next move.
👀 Trade Opportunities — Knowledge is Power
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A well-promoted trade-in option can help get the word out to your customers. Many consumers are unaware they can part ways with their trusty steeds without a purchase, so enlightening them is key.
👀 Rental Companies — Quality Fleets
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Despite initial cost concerns, the regularly replaced, well-maintained vehicles from rental car companies can be an important source of used inventory. Having a complete service history and regular maintenance also enhances resale appeal.
👀 Auctions — The Traditional Route 👀
Auctions have historically been a significant source of inventory, but as the industry evolves, their role is beginning to change. New technologies and methods are emerging, making auctions less dominant as dealerships explore more efficient and profitable acquisition strategies. However, they can still be an exceptional source of leads as long as you are diligent in doing your homework.
👀 Buy Center — Laser Focused 👀
A well-functioning buy center can be a game-changer for inventory acquisition. By having a dedicated team focused solely on purchasing used cars directly from private sellers, they are often successful at securing better margins for the dealership.