4 Keys to Better Car Inventory Management in 2021

Posted by Dealer solution on March 31st, 2021

When it comes to stocking your car inventory, you can't afford to take risks. Instead, you need hard data to support your decisions - data that can best be provided by a powerful car sales software package.

1. Car Sales Software That Provides Inventory Analysis

The right software can accurately count and track your stock for you. From the moment you receive a car to the date and time it is delivered to your customer, you'll know precisely the makes and models you have not just on a single lot, but all of those within your auto group. You can then see which cars sell the most quickly to understand where and how you might expand your inventory.

Not only will you no longer need to repeatedly check stock levels, but you can also quickly access advanced information like the number of days each vehicle has sat on your lot and how they compare to average market prices. In turn, you can make rapid adjustments to stay competitive.

2. Overarching Vehicle Review

In addition to a comprehensive study of your inventory, you also need accurate information on each car within that inventory. A robust software package can provide details on any car you want to review and contrast it to similar vehicles in your region. Data you might need to quickly reference and compare include:

• Pricing change history
• Trim, paint color, and upgrades
• Odometer readings

The key to such software is a user-friendly platform that enables you to easily input and edit relevant information. You not only have greater product visibility but more control over your inventory. By using the information at hand, you can identify opportunities to quickly reduce or increase your stock during times of market fluctuations.

3. Vehicle Valuation Information

Pricing may not be the only factor in moving cars, but it is very important. Especially because today's consumers are highly informed. They use the Internet to research market prices and arrive at your dealership armed with that information. If a vehicle is overpriced or they're not getting a fair deal on a trade-in, they'll know almost immediately.

Software that manages your inventory should also be capable of performing a vehicle valuation. Essentially, you should be able to choose a vehicle from a search filter or identify the car you want to value by VIN. Then, after inputting data like overall condition, kilometres, and optional equipment, you get a value based on current market standards.

4. Market Cognizance

You can't rely on gut instinct or personal preference when making inventory decisions; instead, you need a deep understanding of each vehicle's market. A quality software package grants insights into the most common buyer searches to feed you with the makes and models you should consider in your stocking decisions.

From past sales performance to current market trends, you have a lot to weigh when choosing your inventory. Much of this burden can be relieved with used car software for dealers; the right platform will count your stock and also provide crucial market analysis. The ability to quickly access this information will ensure you make business decisions based on real-time needs.