Live Market View with Randy Kobat Q2 2021 | vAuto
In this edition of Live Market View, Randy Kobat talks about how vehicle data insights can help you make better-informed pricing decisions to optimize used vehicle turn and gross.
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Pricing
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A Misunderstood Aspect of Investment Value-based Pricing–“the Overlap”
When dealers use ProfitTime’s investment value-based method of pricing vehicles, they will often see vehicles where the ProfitTime price recommendation range doesn’t seem to make sense. For...
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ProfitTime in Practice: How Days in Inventory, Days to Sell Work Together
One of the biggest benefits the ProfitTime system provides dealers is the ability to manage and price vehicles based on their unique investment values. It’s a more sound and sophisticated approach...
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3 Tools to Price Used Cars Competitively in a Hot Market
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.
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Downside Up
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ProfitTime 2.0 in Practice: A Case of Moonshots and Missed Shots in Used Vehicles
If you examine how dealers are pricing used vehicles in the current market based on the investment value of each vehicle, it amounts to a tale of two cities. Or, more specifically, it boils down...
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3 Ways to Maximize Your New Car Sales With Improved New Vehicle Management
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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3 Essential Steps To Maximize Gross Profits On Auction Cars
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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4 Ways To Turn Auction Cars Into Advantage At Your Store
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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A Dealer’s Evolutionary Velocity Journey In Used Vehicles
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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A Call For Improved Effectiveness and Efficiencies In Human Capital Management
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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5 Pointers To Preserve and Protect Profitability As You Acquire Used Vehicles
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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4 Used Vehicle Fundamentals To Help You Stay Strong As Fall Unfolds
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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A Market-Minded Path To Improved New Vehicle Inventory Profitability
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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A Telling Dive Into Used Vehicle Inventory Age and Front-End Gross
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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6 Benchmarks Top Used Vehicle Dealers Achieve to Outpace Others
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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3 Reasons A Chief Complaint About Auction Purchases Falls Flat
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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3 Tips To Tune Up Your Used Vehicle Performance and Profitability
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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Chevy Bolt Pricing: A Sign Of The Times
I was intrigued by an Automotive News article this week that highlights pricing disparities among dealers as the new Chevrolet Bolt EV arrives in showrooms in select markets. The story notes a mix...
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Two Perspectives On Sourcing Auction Vehicles
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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