Dealership Cheat Sheet: 5-Steps to Marketing with Low or No Inventory

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Dealership Cheat Sheet: 5-Steps to Marketing with Low or No Inventory Whether it's sharing replacement or acquisition offers or promoting service offerings, find a reason to stay in consistent contact with your audience. Start by tasking your management team to develop: ̆ A dealership inventory and acquisition strategy reflective of your brand promise, as well as local, regional and national sales trends. ̆ A plan for both internally communicating inbound units and externally marketing your available vehicle inventory. ̆ Brand-focused messaging that keeps your customers informed about the inventory challenges you're currently facing. ̆ External messaging like your dealership's website or phone recordings, including details related to topics like selling inbound units or allowing your customers to place pre-orders. 1. Plot Your Approach Global light vehicle production impacts are now expected to last well into 2022. IHS Markit While there may not be a true end in sight for the ongoing vehicle delays caused by chip deficiencies, there are still plenty of opportunities available for dealers – even those with no or low inventory. Regardless of their current inventory levels, dealers need to continue marketing to their customers to stay ahead of future challenges and achieve sustainable success. To get started: North American sales through June 2021 grew by 31% year- over-year. IHS Markit Dealers must be strategic to acquire pre-owned inventory from various sources in their market across their loyalty, service and conquest portfolios. To acquire pre-owned inventory from untapped sources in your market, leverage dealership marketing tools that integrate with your CRM, DMS and service data to identify acquisition opportunities that are mutually beneficial for both you and your customer. This includes those who: ̆ Are out of warranty ̆ Are over lease mileage ̆ Could lower their APR or payment ̆ Are approaching the end of a lease or finance term ̆ Are experiencing high cost or frequent service visits 2. Acquire Pre-Owned Inventory In the first two weeks of September 2021, wholesale used vehicle prices increased 3.6% from August and 24.9% compared to September 2020. Manheim

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