Using your Digital Retail App to Stock Up on Used InventoryGreg Kelly
Due to the industry wide new vehicle supply chain disruption most dealership operations have found in necessary to double, and in many cases triple their used inventory to make up for the lack of new vehicles. Many new car dealers are now in a position of relying primarily on selling used vehicles. To keep up with the demand and to compensate for the limited availability of lower priced inventory at the auctions, dealers are now going direct to the public to help keep their used inventory stocked.
Why not leverage your Digital Retail app to both sell and AQUIRE used inventory?
As we have seen, Carvana is extremely aggressive with vehicle acquisition and so should your dealership. The secret to Carvana’s approach is convenience.
Carvana isn’t always going to offer the highest price, but they make it super easy for the consumer. How does your dealership make it even easier than Carvana? Let’s look at what your store needs to consider – advertising, the solution itself, and training.
Advertise this capability and most importantly make sure this option is front and center on your dealership website. Additionally, make sure the CTA provides a smooth transition to the trade-in process on the website. Important note: make sure your trade-in solution provides an accurate hard trade offer – not a range or an estimate. The goal should be to provide an experience that takes 10 min or less to sell their car. Strive to get your customer to shout – “Hooray, I just sold my car for cash in 10 minutes from my couch – Wow”!
The Solution to provide this experience should be smooth and extremely accurate. The CarValuator app by WebBuy provides both a smooth experience for the consumer and protects the dealer by providing a 100% customizable configuration for appraising vehicles online. KBB also provides an Instant Purchase Offer, but it may not be as accurate as it needs to be for your dealership. One very important feature is to make sure the appraisal app includes an automated lien pay-off feature, so the consumer and the dealership know the exact net value.
Training is extremely key to providing a frictionless experience for the consumer. Of course, when the consumer hits the dealer CRM system the lead must be routed directly to the Used Car Manager 24/7. The WebBuy app provides a real-time notification with full trade details to their mobile device 24/7. Of course, the Manager will notice the consumer is only interested in selling their vehicle and see all pertinent details needed to confirm the offer. The dealer will finalize the pickup or in-store drop-off process with the consumer.
It’s really that simple. So, it is time to give your store a re-boot and start acquiring used inventory online 24/7/365.
As forward-thinking dealers embrace the “digital normal” world we live in, they will foster new relationships with customers they likely would never have met. The relationships will begin with letting a customer take ownership of the process and continue through repeat and referral business in the future. Dealerships who truly engage in digital retailing will see CSI scores soar, lead-closing rates grow, and profitability dramatically rise.