Price Your Lot Properly With Shockproof Inventory Management

October 7, 2020

How do you put a price on an experience? It may seem simple, but there is a lot of thought and planning that goes into creating those unique customer touchpoints. Specifically for the automotive industry and dealerships, you need to design a journey that resonates with your customer’s buying process in mind. That starts with knowing the true value of any vehicle on your lot. It isn’t a guessing game.

As you know, your inventory is more important now than ever before. So, identifying what the true value actually is and being able to access that value quickly and accurately is key to your success. For inventory management, it is critical that there are no surprises to your stock. Keep your jaws from dropping to the floor by proactively engaging in shockproof inventory management.

Getting inventory may be tricky, especially during the current crisis. Chances are that you are navigating virtual auctions and focusing on closing every trade-in in-store that you can. But what if there was a way to know the true value of a vehicle quickly and accurately? You see, that’s the key to shockproof inventory management. There are a number of opportunities waiting for you to take advantage of. With a large number of solutions available on the market, it is imperative that you prepare yourself with as much data and information as attainable.

Specifically, a solution for inventory management and automotive merchandising should form a solid foundational core for dealerships to appraise, price, merchandise, and sell vehicles. There should be no guessing involved in this process. Instead, your sales team should be empowered and emboldened to be as confident as possible, while making the customer happier. The goal should be to work smarter, not necessarily harder. Put your inventory to work with the best data that will allow you to accurately price.

Next, it is up to you to appraise your inventory with your customers in mind. A proper inventory management solution will help you to avoid making assumptions and steer clear of sticker shock moments. This level of shockproof inventory management allows you to stay connected with your customers while dramatically improving visibility and transparency. You will gain the trust of your customer and build confidence in your sales staff as you can guarantee that your inventory will be priced accurately and honestly.

It’s time to stop being reactive to pricing and to get serious about knowing the true value of any vehicle on your lot. FirstLook from MAX Digital delivers the ability to analyze millions of VINs daily while including OEM window stickers. No other inventory management tool has better data than FirstLook. With robust desktop and mobile solutions, equip your team with end-to-end visibility of your entire pre-owned operations process. Schedule a demo today!