Today’s used car market is tighter than ever. With limited inventory and high demand, prices remain high and margin is down. While we can’t change basic market forces, we can work smarter to find solutions that keep our costs down and maximize our profits.
One of the easiest places to cut overhead in your used car department is by reducing auction fees. With auctions charging up to $500 per vehicle, some auction vehicles offer very little profit margin by the time they reach your lot. This is why so many dealers now have programs designed to get customers to sell their car even if they are not buying from you.
Today there are new more efficient tools to help you get the inventory you need without the auction overhead.
Fortunately, digital tools continue to offer alternatives to building your inventory through auctions. One of those tools is Road Dealer, powered by CarSoup.com. Road Dealer is a private online network that allows dealers to buy, sell and trade inventory without auction fees or commissions! The Road Dealer network includes hundreds of dealers in the Midwest and tens of thousands of vehicles updated daily.
Road Dealer lets you search for exactly the type of vehicle you need to fill your inventory. The simple online portal searches thousands of local and regional vehicles and finds the vehicles you need in seconds.
Purchasing vehicles is done through a safe online process and you can purchase an unlimited number of vehicles all without additional sales fees or commissions. The best part is, most of these vehicles are front line ready! Compare that to the auction process, where purchasing 10 vehicles per month could cost you $2500-$5000 just in auction fees, to say nothing of transportation and reconditioning.
In addition to buying vehicles, you can sell your aged inventory to over 200 dealers through the Road Dealer network. Loading your vehicles into the online system is easy and you never owe any commissions on the selling price. Road Dealer is a great way to manage your inventory turn and increase your sales velocity.
As reported on Forbes:
"The free ride for brands on Facebook is coming to an end, and Mark Zuckerberg’s network should now be moved into the ‘paid channel’ in the marketing budget. The end game here is that a message posted on a brand page will not be shown to anyone unless it gathers a notable number of likes from a user’s friends. If their friends like a post, if there is a visible adoption of the post by the community, only then the post has earned the right to be shown organically."
While the number of things you post on your business Facebook page may not be getting the organic reach you need, the things your customers post on their wall are! In this new world relevancy is king, engagement on social media is what drives relevancy. How do you build engagement? Not by posting pictures of your customers who bought a car... Your other Facebook fans don't even know those those people !
If you want to post a picture of your customer, do it on their Facebook page not yours.
You can do this two ways:
1. Ask every customer to let you take a picture of them with their phone and then have them post that picture to Facebook and "tag" the dealership.
2. Use a tool like LotsoLikes to take the picture and do the posting for the customer.