Leveraging Inventory Levers

During last week’s conversation over at David Long’s All Things Used Cars, we learned that mastering inventory management is not just a skill—it's an art. Let’s dive into three strategic levers to pull to help redefine the way dealerships manage and sell their merch:

📍 Position to Sell

• Craft Compelling Descriptions: A compelling, accurate, and detailed description is crucial from the moment a car is acquired.
• Showcase with High-Quality Photos: A picture speaks a thousand words, especially in car sales. Vibrant, comprehensive, and professionally edited photographs are indispensable.
• Market-Aligned Pricing: Market-conscious pricing can make the difference between a car that lingers and one that sells.

📍 Master Trade Walks

• Trade walks are a goldmine of customer insights. By examining a customer's current vehicle (bumper stickers, car seats, tow hitches, bike racks, etc) a savvy salesperson can quickly glean information about what the customer values. This intel allows for a more tailored sales approach and smarter inventory stocking.

📍 Detailed Inventory Management

• Market Day Supply: Manage inventory based on market day supply and demand, not age. This metric isn't just about numbers, it's about understanding the local market dynamics.
• Monitor Activity: Keep a pulse on which cars are garnering customer interest to implement strategic pricing and promotional tactics.