There’s a lot of noise going on about software and tools that promise to do your job for you. As great as that sounds–and as good as inventory technology has become–key challenges remain. For almost every dealer, perhaps the biggest challenge is figuring out how to price cars to stay competitive with the online market, while not giving away your gross in the process. Not only that, but how to do it hundreds of times over.
This is where almost every tool in the market falls short. Good inventory is hard to replace, and getting someone in the door on a low price is not always the best strategy to maximize profit. You can’t always make it up on the back-end if you gave it all away to get them in the door. You can avoid this and develop best practices with the right technology that includes three core but basic “must haves”:
Must have balance between competition and profitability
The key is to be able to price really well, to balance for both competitiveness and profitability, and then do it dozens, or even hundreds of times, per day–accurately and compliantly. To do it well, you should factor a day’s supply and incentives as well as market conditions for every VIN you price. The downside of not doing this well for your entire inventory is fewer leads, less traffic and lower grosses. If you price too high, or at MSRP, then people won’t engage, and if you price too low, you’ll give away gross profit that you don’t need to lose.
Must have total integration capability
So what does it take for you to be successful at your store? Constantly turning over your inventory? Constantly maintaining high average grosses? Today, the only way to do all this is to leverage the advance data power of an integrated solution. A good tool should be easy to use and quickly and automatically scale across your entire operation. It should perform repetitive tasks in an instant, optimize every price, and give you more time to do what you want to do, and then to be able to enjoy the rewards of overall better performance.
Must have an interface that’s easy to use
Inventory+ New Car Pricing tool is designed to handle the complexity of pricing and manage the importance of integration in an easy-to-use package. That’s the value of innovation through integration, with the industry’s best market and transaction data and factory integrations powering the software. It’s been developed over years working in partnership with top performing dealers, taking into consideration almost every challenge that dealers confront in the business today. Inventory+ New Car Pricing module can change the way you approach your daily workload. It will help you optimize your pricing, and by tying in with current programs and offers, it will save you a massive amount of time, time that you need to do those things that matter most.