David Long and the All Things Used Cars community chatted today about data. Contrary to the buzzwords and trends, David started the conversation cautioning people against trusting data. The conversation unfolded, many points of view were explored, and everybody left better friends. Check it out for yourself, or read our notes below.
🧰 Tools in Your Kit: Use smart tools like AutoCorrect from Cars.com to scan your inventory for errors. It's astonishing how often vehicle listings are wrong, meaning you could be missing out on a chunk of cash. Take some time, invite the team, find weaknesses, and transition them into strengths.
🏴☠️ Keep It Real: Watch out for inflated listings or hidden costs. Deceptive practices can lead to customer trust tanking, and that's a ride nobody wants. Data can be worked, warped, and manipulated to produce a specific result. Remember that data can't tell you the future; it can only name the past.
🤲 Get Your Hands Dirty: Dive into your data, physically check out your inventory, and listen to your customers. The best insights often come straight from the source, so don't just rely on the spreadsheet. Measure twice, and cut once is great advice, but spending too much time at the drawing board can disrupt the balance between ideals and practices.
🤔 Know Your Bias: Be aware of your preconceptions. It's easy to shape data to match what you want to see, but the truth might be in the blind spot. Are you chasing what's right or what's effective? Are you making a decision based on last year or right now?
🥵 Utilize Auctions as Training Grounds: Let your managers practice appraisals in the thrilling environment of an auction. It's like car dealer boot camp - they'll learn quick and hard. Athletes and soldiers alike train in the most challenging conditions possible so that when it's time to win, they're well prepared.
Contrary to the buzzwords and trends, David started the conversation cautioning people against trusting data. The conversation unfolded, many points of view were explored, and everybody left better friends. Check it out for yourself, or read our notes below.
🧰 Tools in Your Kit: Use smart tools like AutoCorrect from Cars.com to scan your inventory for errors. It's astonishing how often vehicle listings are wrong, meaning you could be missing out on a chunk of cash. Take some time, invite the team, find weaknesses, and transition them into strengths.
🏴☠️ Keep It Real: Watch out for inflated listings or hidden costs. Deceptive practices can lead to customer trust tanking, and that's a ride nobody wants. Data can be worked, warped, and manipulated to produce a specific result. Remember that data can't tell you the future; it can only name the past.
🤲 Get Your Hands Dirty: Dive into your data, physically check out your inventory, and listen to your customers. The best insights often come straight from the source, so don't just rely on the spreadsheet. Measure twice, and cut once is great advice, but spending too much time at the drawing board can disrupt the balance between ideals and practices.
🤔 Know Your Bias: Be aware of your preconceptions. It's easy to shape data to match what you want to see, but the truth might be in the blind spot. Are you chasing what's right or what's effective? Are you making a decision based on last year or right now?
🥵 Utilize Auctions as Training Grounds: Let your managers practice appraisals in the thrilling environment of an auction. It's like car dealer boot camp - they'll learn quick and hard. Athletes and soldiers alike train in the most challenging conditions possible so that when it's time to win, they're well prepared.