The Formula for Successful Used Car Sales
- April 16, 2018
- Posted by: Kari Jones
- Category: Tips For Dealers
If you are fairly new to used car sales, or want to refresh yourself on best practices, check out Click Dealer’s formula for selling used cars successfully!
Keep it Quality
As if stock acquisition wasn’t challenging enough already, increased demand for used cars is making it harder to obtain decent vehicles for a good price. While it may seem appealing to lower your quality standards under these circumstances, this should be avoided at all costs. Instead, review your acquisition options and see if there are more sensible ways to buy, like visiting online auctions to save on mileage!
Read the Market
The key to success with any form of retail is being able to read the market effectively. You may want to consider mixing up the vehicles you stock according to consumer demand as a way of increasing revenue. You should also try to tailor your service as consumer patterns change, for example, you could increase your social media presence or give consumers the option to create their own deals online, to cater to the younger generation who are buying their first cars.
Prepare with Care
Customer standards are at an all-time high and it is becoming a necessity for vehicles to be fully serviced and have an MOT before collection. To help make sure prep work is completed swiftly, you should keep track of the process with a schedule dedicated to vehicle preparation.
Perfect Your Part-Exchange Formula Process
If your screen prices are high, not only could this deter customers in the first place, but you may have to raise part-exchange values so that they feel like they have a substantial percentage to put towards their next car.
Part-exchanges must be efficient to keep your stock turn healthy. You should ensure that your stock is well-presented to attract auction buyers, and vehicles should be prepped and delivered to your remarketing or auction company as soon as possible.
Give Customers a Reason to Return
Past customers are cheaper to market to and easier to sell to, so make sure you hold on to them! Deliver exceptional service, high-quality vehicles and value-added extras. Make sure that your sales team are selling insurance and warranty products based on how beneficial they believe they will be to the customer, rather than how much commission they will gain.