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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.
