Better Manage Your Used Vehicle Inventory
When it comes to your used inventory, it is important to manage it very well so you know how many of certain vehicles you have. This is highly important as if you have too many of one vehicle on your lot, it will be harder to sell them. There are many ways you can Better Manage Your Used Vehicle Inventory as we can give you some tips and more.
Tips to Help Better Manage Your Used Auto Inventory
There are many tips you can follow and use to help better maintain your used vehicle inventory. The biggest rule you should follow when it comes to maintaining inventory is maintaining no more than 35 days of supply. Stats show that today’s best dealers are maintaining an inventory of an impressive 26 to 30 days’ supply which results in turning it over 12 to 14 times a year. Having your vehicles sit on your lot longer is a waste of space and money.
If you are having trouble getting rid of your vehicle, you need to establish a hard turn policy of 60 days or less. This means that you should transfer ownership of any used vehicle to someone else once it hits 61 days of age. This is a very important tip to help Better Manage Your Used Vehicle Inventory.
Why Managing Your Used Vehicle Inventory Is Important
It is very important that you take time to manage your inventory correctly because one mistake can cost thousands of hard earned dollars. Sometimes a car can “disappear” from the inventory and no one knows why so you cannot effectively order more vehicles you may need or keep a running report. If you do not move your vehicles off the lot soon enough, you lose money on it every day. Another reason why maintaining your used inventory is important is because it is how you keep track of the vehicles you already do have and you will know what sells well and what is not selling well. Staying up with the current trends is huge in the industry.
Your used inventory is one of the biggest things on your lot so it is important that you manage it well. If you need some help, these tips can easily help you to Better Manage Your Used Vehicle Inventory. We at PGI Auto offer products to help better your inventory, ROI, and more. If you have any questions, you can contact us at 877-622-2291.
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