If you’re like most dealers, acquiring quality pre-owned vehicles can be difficult and costly. You’ve probably experienced the hustle and bustle of the local auction floor or the endless hours of searching private party entries to leave yourself thinking, “There has to be a better way!” Well, there is.
The truth is no one knows which vehicles are in high demand with your particular clientele and market area like you do. Plus, you know which ones you can mark up to achieve better ROI when they drive off your lot as a certified pre-owned. Most importantly, you and your staff are professionally trained to spot vehicle warning signs and access vehicle maintenance records to determine which ones have the highest resale value. Start by simply making a list of these vehicles and perform a database query to locate the highest desired vehicles. Once you’ve determined who you will target with your buy-back campaign, craft a marketing strategy. Here are three quick ideas to get you started.
Private Invitation Event
To get customers into your store, invite them to a private invitation event. Let them know that no purchase will be required, but if they are interested in selling their current vehicle, to stop by during the event for a free appraisal. You’ll drive top-of-mind awareness for your campaign and foot traffic to your door.
We Want Your Vehicle
Sometimes all customers need to know is that their vehicle is in high demand and you want to buy it. This type of customer has already been thinking about purchasing a new vehicle and they are just waiting for an opportunity to unload their current one. This type of customer is also more likely to purchase a new vehicle.
Communicate Equity
Most Americans don’t understand how or when their vehicle builds equity. They know that a new vehicle starts losing value the minute they drive it off the lot, but other than Kelley Blue Book searches, they really don’t know what equity in a vehicle means. This type of misconception presents your dealership the perfect opportunity to reach out to these customers and explain what vehicle equity is and how they can capitalize on a new vehicle for the same or sometimes lower payments.
If you’re looking to spark additional revenue this summer and stock your pre-owned inventory lot at the same time, now is the time to put together a vehicle buy-back campaign. You’ll achieve higher ROI, increased repeat and referral business, and save yourself time and money than your average sales event.