In the world of retailing data is everything, it has to be accurate and most importantly it has to be used. Too many dealers are using outdated information based on systems that were designed 10+ years ago. What's the problem with that? The market has substantially changed in 10 years. I compiled a few tips when pricing your vehicles to get you the most money.
Tip #1 - Market Days Supply
Market days supply is one of the most important numbers when analyzing a unit. @ Alpha Price we have a unique number that gives dealers a much more complete picture, however each syndication company provides a figure it just isn't as accurate. At a bare minimum your sales manager should be able to explain how this number is factored into their price.
Tip #2 - First Banner should sell the car
When most dealers pick a banner for their inventory, a banner that brands their company is the most used. This is a tactical error that may bruise an ego, but it helps the CTR. Banners are used to make a vehicle stand out of the search results. A banner that highlights the car itself delivers more clicks than your dealership's name. The branding banner should be placed on photo number 2, after they have clicked into the vehicle itself.
Tip #3 - Descriptions are meant to highlight equipment
Descriptions are used in retailing to ensure that all equipment is included on a vehicle to allow consumers to not have to come into the dealership. Frequently, people use the generic description builders thus leave out key equipment. Options are generated from these tools to match additional options on a window sticker, however, options like "navigation" are becoming increasingly standard across the board. Although equipment is becoming standard, customers are still searching by those terms, not packages. Ensure that you have the right equipment listed, not just the package name.
Tip #4 - Don't waste your budget for google AdWords on used inventory
Spending money on google AdWords is a large part of the budget for dealerships. Sometimes the budget is spent on highlighting certified inventory. Although you get click throughs, it doesn't match how the consumer shops for pre owned inventory. You always want your marketing budget to follow the road to the sale for consumers. Instead spend that budget on service and parts because it has greater competition and higher margins.
Tip #5 - Create custom content
Most dealerships use an ad agency to manage their social pages, and when you work with as many stores as we do, we notice they are all the same. Be different, find a way to become unique in this category and you will gain results.
Let us help your dealership make more money. We are financial advisors for your inventory, and have the best results. Contact us today to learn more tips and how you can retail your vehicles for more money.