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. Check out these four ways to fall into additional revenue by targeting vehicles in demand to stock your pre-owned inventory.
Determine High Demand Vehicles
No one knows the vehicles that are in high demand with your particular customers and market area better than you. You also know better than anyone which vehicles you can mark up to achieve better ROI when they drive off your lot as a certified pre-owned. In addition, your staff is 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 high demand vehicles.
Host a Private Invitation Event
Use your high demand vehicle list to target customers, prospects, and members of your community to invite them to a private invitation event. Let them know that no purchase is 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 dealership and foot traffic to your door.
We Want Your Vehicle
If you’re not up for hosting a big event, you may want to try a simple we want your vehicle campaign. 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
Another approach to informing customers about your need to buy quality pre-owned vehicles, is by communicating positive 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 how much equity they have in their vehicle. This lack of knowledge 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 fall into additional revenue and stock your pre-owned inventory lot at the same time, now is the time to put together a vehicle in demand campaign. You’ll achieve higher ROI and increased repeat and referral business.