4-Step Guide to Acquiring the Best Pre-Owned Inventory Amid Chip Shortages

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800.801.0018 | info@automotiveMastermind.com ©2021 automotiveMastermind ® . All rights reserved. | A business unit of IHS Markit™ LEARN MORE automotiveMastermind.com 2. Identify Local Trends & Demand Consistently acquiring the best pre-owned vehicles requires well-defined criteria for deciding which vehicles to keep and which to auction. Leverage customer insights to determine your best buy-back and trade-in opportunities by identifying local, regional and national trends driving demand. To create a checklist of requirements, consider: • How many similar vehicles have you sold in the last 30, 60, 90 days? What was the average gross of those sales? • What is the make/model/trim availability in your market? • What has the market looked like over the last 60 days for the vehicle? • Which makes and models have sat the longest – and why? • Which vehicles are fetching higher fees at the auction than on the lot? • What inventory is already on its way – and how can your team supplement those vehicles? 3. Standardize Your Process Standardizing your pre-owned acquisition process empowers your team to acquire the best vehicles by making consistent, data-driven decisions on incoming trades and service customers based on the wants and needs of your audience in real-time. Not only will this create a uniform process for populating your lot, it will also motivate your team to be part of the process. Consider: • Incentivizing sales teams to bring in highly-sought-after trades or buyback opportunities. • Ensuring buyback messaging is consistent across every channel, including signage. • Track their acquisition process, including setting clearly defined goals and objectives. 4. Optimize & Automate Trying to acquire the best pre-owned inventory from your customers may seem like an endless task with little-to-no reward, especially when you are working with limited or dated technology. With dealership marketing tools that integrate with data from a dealership's CRM, DMS and sales platforms, dealers can maximize their existing customer portfolio by automatically identifying and engaging their best prospects. These tools enable dealers to take this process even further by delivering personalized messaging and specific offers that set the stage for a tailored buy-back or trade-in experience – and opens the door to a possible sale. While inventory, sales and production forecasts will inevitably continue to evolve, the dealers set to perform the best are the ones following the numbers by a data-driven approach to portfolio management. Interested in learning how Market EyeQ can help your dealership acquire the best pre-owned inventory? Contact us for a free demo.

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