How Do You Know Which Car is Right for Your Lot?

August 17, 2021

When it comes to shopping for new or used vehicles, the landscape is competitive. Dealers need to be ahead of the game and be able to stock their lots with the best inventory possible. But how do you know which cars are right for your dealership? The simple answer is data. You see, data drives decisions in the automotive retail industry. If you are using dirty data, you are setting yourself up for failure. You don’t want that. Instead, empower your team with a platform that informs, inspires, and out performs the rest.

Simply put, through proper, next-generation inventory management, you get the best data available. This data, paired with thoughtful analytics, allows you to make important decisions about how to stock your lot. For example, do you know which vehicles perform the best for your dealership? Having a firm understanding of what inventory will move best allows you to focus on acquiring for success.

Here, the data will paint you a picture of which cars your customers want the most. There is no guessing involved anymore. On top of that, robust data provides you insight on where to actually purchase the cars from. Acquiring inventory is now less of a game and more of an equation. The data doesn’t lie. Rather, it informs you on how to make the best decisions for your success.

On top of that, knowing which car is right for your lot will heighten the customer experience. No longer will consumers shop your lot with disappointment. Instead, they will know that your store is capable of delivering an elevated shopping experience. Your inventory will be stronger than the competition and you will be able to attract more traffic to your lot. Especially nowadays, this is a critical component of your success.

Taking this concept one step further, you need to work quickly in acquiring the necessary inventory and merchandising it for sale. Turnaround on inventory is rapidly changing. As a result, your lot needs to be full of the right vehicles. You need to do this as quickly as possible. And to be successful, you need to price your cars correctly.

The race to the bottom is over. Getting more gross on every transaction comes from having the best data around. Once you have the inventory your customers want to shop, you have to put the right price tag on the windshield. Consumers are savvy, so let data inform your decisions based on historical transactions, competitive pricing, and supply and demand. You’ll quickly have your lot filled with the best inventory at the best price.

The time to stock your lot with the right cars is now. And to do that, you need the best, most robust data possible. An advanced solution for inventory management can guide you in which vehicles to purchase, where to find them, how to price them, and ultimately how to hold more gross on every transaction. Stop guessing and start winning. MAX Digital is capable of delivering inventory management solutions for your dealership that go above and beyond. Step into the next-generation by scheduling a consultation today.