3 Tools to Price Used Cars Competitively in a Hot Market
By: Provision Product Expert
The best used car managers are always looking for ways to save time and reduce excess costs.
With a lean operation, there is less margin for error so used car managers can be more effective at the job. As dealers look for ways to minimize error and reduce wasted time, looking at used car pricing strategies is a perfect place to start.
Humans have been leveraging tools to better perform tasks forever. Just as one uses a dolly to move furniture, we are always looking for tools to help us with our heavy lifting. This is no different in used car pricing software.
With three simple tools, dealers have the furniture dolly to do the heavy lifting, so they can stop wasting precious time pricing and start maximizing profit selling. vAuto's Provision is a trusted tool that offers superior data and insights to help drive appropriate vehicle pricing that’s tied to a current market where it competes.
Let data and analytics do the heavy lifting: it’s exactly what used car managers and directors should be requiring of their software. Good enough data isn’t going to cut it in today’s market, where dealers should be squeaking out every extra dollar they can to keep up with sourcing shortages and heightened consumer demand.
Through the vRank, Multi-Trim Comparison, and vMax features, dealers can lean on Provision to do the heavy lifting and stop the pricing guesswork.
When used car managers are not using exact odometer readings to price, they don’t know a car’s true rank. While Provision’s competitors use price ranges, Provision’s algorithm uses exact mileage and price data to optimize a vehicle’s best position in the market, so users are comparing against like vehicles on competitive lots.
vRank shows dealers how they truly stack up. In a market like this, not ranking correctly means missing out on maximum opportunity and profit. When they know the vRank, users can increase or decrease pricing to put the vehicle where they want it to be in consumer search results.
The competitive edge starts with vRank.
Often, dollars are in the details, trim details that is. With the multi-trim comparison tool, dealers compare vehicles for a true like-mine view by quickly situating the vehicle against ones with the same trim details, right in the pricing dashboard of Provision.
With cars flying off lots, now’s the time to truly maximize what dealers can be making on every deal. Provision has so much trim data, users are able to compare to what’s beyond the VIN.
Think used car managers don’t have time to make more cash and keep a car’s rank? Think again. The average used vehicle can earn over $300 more with vMax. By clicking a single button, users are able to see exactly how much they can raise your list price and still maintain vRank.
On average, vAuto Provision dealers can earn over $35,000 more dollars with the vMax feature, which is included in all Provision packages.
When used together, the sum of these three features is greater than their parts. They not only allow used car managers to make all they should be making on every used car sale, but they provide more time to sell vehicles on the lot, which is invaluable in this market. These tools allow the used car team to be the hero of their dealership and deliver record returns.
Your current software may be good enough, but good enough isn’t good enough for your dealership. Request a Provision demo to see how these tools can give you the confidence that your list prices are competitive in this hot market.