Welcome to this week’s episode of Weekly Used Carsthe original CBT News show dedicated to bringing auto dealers best practices and tips for the used car department, in-depth dealer interviews, practical dealership strategies and supplier analysis.
There has been a lot of talk in the news lately about inflation and the possibility of a recession. Some dealerships realize that what has worked in the past might not work in the future. Today, host Jasen Rice, founder of lotpopshares three areas to focus on when things slow down at the dealership.
- Used inventory management — Leave no gaps. Be sure to consistently perform physical and digital lot runs for your used inventory.
- Management of time — Maximize your time, especially if you need to reduce your expenses. Streamline your advertising, car listings and lead management.
- lead management — Do not make price changes for the sake of changing prices. Often dealers lower prices in order to generate traffic. But before that, Rice recommends analyzing the specific segments and prices that are performing well. Consider age, mileage and equipment to make better pricing decisions. Most of the time when a vehicle ages in the field, it’s not because of price; it’s due to poor lead management. Don’t let 7-13 day old leads slip through the cracks, especially for cars that are priced high in the market. In this economy, consumers are loyal to segment and price/budget.
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