The vAuto team had a great time meeting with independent dealers at the NIADA Convention and Expo 2023 in June! While most of the dealers we talked to felt optimistic about the current market, many were also continuing to look for ways to move their business forward. We understand that, and we’re here to help.
LinkedIn Poll Results: Inventory Sourcing Challenges Still King
Last month we created a poll on LinkedIn to understand independent dealers’ biggest concern regarding their business. The results are in from 64 respondents:
- 69% — sourcing profitable inventory
- 22% — finding business efficiencies
- 9% — making confident decisions
We hear you, and we’ve compiled our independent dealer solutions for these challenges below.
- Inventory Sourcing Solutions
The pandemic and chip shortages took almost 7 million new vehicles out of production — which means we have that many fewer late-model used cars available today. And higher interest rates and affordability challenges have made older-model used cars highly competitive. As a result, you’re probably still feeling the supply crunch and looking for ways to make your inventory sourcing process faster, smarter and more profitable. We recommend these inventory sourcing solutions:
- Cast a wider net. You probably won’t find enough wholesale inventory at your local auction. Search more sourcing channels and try buying more online and directly from consumers. vAuto’s Stockwave tool makes it easy, giving you access to vehicles in 300+ marketplaces and the data you need to know what to pay for them. You can also access the world’s largest collection of wholesale inventory through Manheim®.
- Access fresh trades directly from franchise dealer lots. The next time you need help with inventory sourcing, use Upside Direct. Bids start at 50% of MMR, and you’re guaranteed a sale of every vehicle with a bid above the starting price. Plus, you get access to expert-provided cosmetic, light mechanical condition reports and 360° images.
- Business Efficiency Solutions
Time is money, as they say, and one of the top inventory sourcing challenges is the amount of time it takes to find — or to try to find — vehicles and manage your inventory. It’s never been more important to use the technology available to you so you can save time and focus on your business. We recommend these independent dealer solutions to improve your efficiency:
- Finish your auction prep research faster with the right tool. Stockwave from vAuto lets you evaluate a vehicle’s potential in a matter of seconds at the click of a button and provides access to 15+ trusted data points in one view. With Stockwave, you’ll save up to three hours per week on researching used vehicles.1
- Free up time and cash flow. Easily manage your business from anywhere at any time with the new NextGear Capital® app. You can use your phone as a VIN scanner, easily manage inventory insights to move aged vehicles off your floor plan and off your lot, and receive notifications for action items that need your attention.
- Confidence-building Solutions
It’s hard to feel confident about your inventory sourcing decisions in today’s uncertain market. But if you have the right mix of tools, you can gain access to the data and insights that allow you to see what you wouldn’t otherwise know. We recommend these inventory sourcing solutions for building your confidence:
- Source vehicles you can count on. With vAuto’s Stockwave, you can verify demand and determine a profitable bidding strategy with access to 15+ data points with live market vehicle insights on every vehicle — all in one click.
- Take the risk out of wholesale inventory buying. With DealShield®, you can buy online or in person from 120+ auctions in the ever-growing DealShield Network and return a vehicle for any reason.2 This tool helps reduce your financial risk by removing the potential for loss, so you can feel more confident making purchases.
The road ahead will bring plenty of inventory sourcing challenges and struggles to stay efficient and confident in your acquisition and inventory management decisions. Our independent dealer solutions should help. To learn more about how vAuto’s tools can help you overcome your challenges, request a demo today.
1 2022 Stockwave Purchase Motivation Study, August 2022, 35 users surveyed.
2 Does not cover Acts of God.