Acquiring Used Inventory

How to Acquire Quality Pre-Owned Vehicles in a Tight Market

If the last few years have taught us anything in our industry, it’s to roll with the punches and accept disruption as a normal part of our ever-changing sales plan, and nowhere has this been more true than in the need to acquire quality pre-owned vehicles while new vehicle inventory is low. In an ever-changing market, it’s important to leverage the tools you already have, like equity mining solutions and your CRM, to find and reach targeted sellers to bring used vehicles on your lot, fast. Below are three easy ways you can use your data equity mining and CRM solution to bring in quality pre-owned vehicles, starting today.

Leverage Used Car Trends

By looking over the used car trends at your own dealership over the last 30, 60 and 90 days, you’ll get a clear picture of the vehicles your customers are looking for and which vehicles need to quickly be priced to sell and get off your lot. By mining your data for customers with vehicles coming off lease, ready to be traded in, and a certain number of years owned, you can define the exact criteria needed and design a campaign around those data points to push out through your CRM. This specific targeting can result in big monthly profits from your used car inventory.

Instead of Auctions, Turn to Your CRM

Using a CRM and equity mining tool helps proactively pull your customers into market vs. them finding another option for selling their car. Taking the initiative and playing offense, through designing campaigns based on the needs and wants of your customers, leads to higher grosses on each sale and savings on acquisition costs—which ultimately saves you the time, money, and headache of having to go to auction. This also helps boost owner loyalty and builds lifetime value for those customers. Why deal with the uncertainty of auctions when you have plenty of drivers ready to trade in their used vehicles sitting in your database, waiting to be discovered by you?

Don’t Miss Out on Co-Op Funds

Having an equity mining solution that can seamlessly communicate or integrate with your CRM and push used vehicle acquisition messaging to the right seller at the right time is key. But there is another area of hidden savings many marketing managers don’t necessarily think of when actively marketing – Co-op dollars from the OEM! Many CRM and data mining providers can obtain OEM or co-op approval prior to launching these marketing efforts, helping you not only bring in additional profits by acquiring quality cars but also saving you money on these marketing campaigns, If you’re not sure if your provider currently offers co-op dollars for these services, be sure to ask. You may be missing out on opportunities to grow your business at little to no cost to you.

By taking just these three simple steps above you’ll be well on your way to acquiring quality used vehicle inventory, creating a loyal, lifetime customer base, and using very little of your own funds to do it by taking advantage of co-op dollars.

    See our newly released Peak Insights Report for top converting lead sources and partners for Q1 2022