Last week, we learned from the conversation on David Long’s “All Things Used Cars” that when it comes to acquisition, it’s not about stock-piling, it’s about cherry-picking. 🍒
💎 The Quest for the Right Cars 💎
What exactly are the “right cars”?
They are the highest-demand wheels with the largest margin in your market. If you’re not sure which ones those are, dig into the data or partner with industry experts to get your roadmap.
Doesn’t my inventory tool handle that?
While that data is very important, it doesn’t always paint a complete picture and can provide skewed stats. Instead, look to multiple sources to verify your perceptions. You can even examine leads generated by recently sold cars for a real-time view of customer demand.
That makes sense, but how do I find the “right cars”?
Utilize acquisition avenues like the service drive, owner base, and even employee referrals — whatever it takes to get those golden eggs!
🦄 Seizing Trade Opportunities 🦄
Once I find them, how do I get them into my inventory?
Make sure that every team member is aware of these gems. Everyone in the dealership should display enthusiasm and intensity around doing whatever it takes to obtain ownership of those cars.
Bummer. I don’t think the customer with the hottest ride in town is going to buy from us, so I guess I’ll just go kick rocks.
Don’t pout! It’s important to follow up diligently with customers who bring in cars for appraisal but don't make an immediate purchase. Only a fraction of potential trade clients who don’t end up buying are followed up with, and wouldn’t you rather have the trade than lose both the deal and the trade? Dealers often overlook this opportunity to fight for those valuable unicorns.
👂 Listen to the full replay here! 👈