At a Glance
For those too busy to read the whole article, we’ve created the “At a Glance” section with hyperlinks so you can skim the important points and get deeper insight by easily visiting the section that interests you.
The last few years have been a wild ride for automotive dealers.
New car demand plummeted due to high prices and low supply, leading to a boom in used car sales and higher profits. However, now used car prices are dropping fast. Additionally, car dealerships are expecting a shortage of used cars as those three years of low new car production catch up.
To keep up with these changes, automotive dealerships must rethink their vehicle acquisition strategies. Your acquisition strategy is crucial to your automotive marketing as it brings in the inventory you need at the right time and ideal price.
Sounds like the dream, right?
Time to rev up your engines and drive through the top tips and vehicle acquisition tools your dealership needs to supercharge your vehicle acquisition strategy.
1. Expand Your Acquisition Opportunities
Is your dealership relying too heavily on trade-ins for inventory?
Trade-ins passively bring in inventory, but to keep up with the increase in used car sales and the potential increase in competition, you also need active channels.
Here are some examples of inventory strategies to use when buying a car:
- Lease returns
- Remote appraisals
- Auction purchases
- Wholesale purchases
- Private purchases
2. Streamline Your Lead Generation
Manually looking for leads is a strategy of the past. Today, you can automatically identify and qualify for opportunities. CarPraze’s Service Drive Accelerator pulls purchase and trade-in opportunities, so you only invest time in quality leads.
That way, leads can jump directly to sales rather than going through a tedious manual evaluation and qualification process.
3. Organize Your Appraisals
Update your inventory management system so all your acquisition channels save inventory in one database, providing the most accurate overview of available vehicles. A leading tool for unifying your database is CarPraze, which allows you to seamlessly manage and process inventory.
4. Manage Your Inventory
Update your inventory management system so all your acquisition channels save inventory in one database, providing the most accurate overview of available vehicles. A leading tool for unifying your database is CarPraze, which allows you to seamlessly manage and process inventory.
5. Quickly Flip Cars for Resell
Pricing newly acquired cars steal hours of your time as you analyze the market to find profitable prices while remaining competitive.
If you’re using CarPraze, you save those hours. The platform provides access to the most updated market data, so you always make informed pricing decisions to maximize your profits and sell your cars sooner.
Where should you post that steady stream of new inventory?
Facebook Marketplace has been a hot zone for car sales for years. Even with the new regulations on dealership listings, you can still use the platform using the convenient lead generation and qualification platform, DrivingIt.
Unified Acquisition Strategies Are Successful Strategies
Time to ditch your spreadsheets and siloed processes. Unifying your acquisition data, channels, and strategies boost your profits and creates a seamless acquisition process.
Time to put a turbo booster into your acquisition strategy so you can drive through 2023 with a full inventory and even larger profits.
Book a demo to learn more about our Facebook lead generation software for automotive dealers.
