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Car shoppers are going digital, favoring more time shopping online and less time on your lot. To make sure your dealership adapts, you’ll need to deliver the immersive online experience shoppers expec
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Most dealers agree that if you’re going to profitably and successfully sell a lot of used vehicles, there are many things you have to get right. With this thought in mind, I analyzed the...
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It’s not uncommon for dealers and used vehicle managers to complain that “we have to pay too much” to acquire auction vehicles. On one hand, I get it. The auction environment is one where...
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It’d be wise for dealers to take a deeper look at three aspects of their used vehicle inventories: What percentage of your used vehicles are less than three years old? How does this figure compare...
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Nearly a decade ago, I met Brian Benstock, general manager and vice president of Paragon Honda and Paragon Acura in Queens, N.Y. At the time, Benstock thought he was doing pretty well in used...
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If a new or used car manager made the wrong decision nearly 75 percent of the time, chances are pretty good that individual wouldn’t be working very long at your dealership. Most dealers would...
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Most dealers would agree that you make your money in used vehicles when you acquire a car. If you pay too much for an auction or trade-in vehicle, you’ve shrunk the spread between your costs to...
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It’s sometimes startling to see the disparity in the ways dealers manage their new and used vehicle inventories. As a dealer recently put it, “I have $1.4 million in used vehicle inventory, and we...
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If you ask dealers for their top complaint about the used car business, many will say it’s difficult, if not impossible, to acquire wholesale vehicles “on the money.” Dig a little deeper, and the...
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You could say auction cars offer a blessing and a curse for dealers. The blessing is that auction cars are always available—offering a way for dealers to acquire inventory they need that they...
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For the past several years, I have been encouraging dealers to retail at least 50 percent of their used vehicle inventory in less than 30 days. In more recent months, I’ve upped the ante, urging...
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It’s here—the slowdown in new vehicle sales that many dealers and industry observers have expected to arrive for some time. As one analyst puts it, “the new car market is no longer growing, which...
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There appears to be good news and bad news on the horizon in used vehicles. The good news first: The healthy pace of used vehicle sales, particularly in near-new segments with good-credit buyers,...
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It’s not a very pretty picture when you open the hood on dealer financials in new and used vehicles. Consider the following data from the National Automobile Dealers Association (NADA): New...
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“How has your auction-sourcing process changed in the past 12 to 18 months?” I’ve been asking dealers and used vehicle managers this question a lot lately. It’s interesting to note the four...
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Let’s imagine there are two dealers in the auction lane, bidding for the same car. The first dealer wants the car because he’s sold a few of the same units recently, and did pretty well in terms...
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I received the following thoughtful note from Terry Wichmann, a retail solutions consultant at NCM Associates. Dale, Thanks for your continuing help when I ask you to send your books to current...
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“A single individual is enough for hope to exist, and that individual can be you.” In a surprise appearance via video at the TED 2017 conference in Vancouver, Canada, on Tuesday evening, the...
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Dealers often have an “all or nothing” view of digital retailing. That is, to them, digital retailing represents the full monte of selling a new or used vehicle online. You’d have a “buy it now”...
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