In last month’s article, Think Differently: Window Stickers Matter on Pre-Owned Vehicles, we talked about the importance of sharing the OEM window stickers with customers for your pre-owned inventory to create transparency and trust. In today’s competitive market, consumers expect a superior digital experience with all the information at their fingertips. This begins the moment they visit your website and continues through the entire buying process at your dealership. Customers want information first, then they will reach out. Today, I’d like to continue the conversation but shift gears and discuss how leveraging the original window stickers can help you acquire more inventory at a better price at auction, setting you up for higher gross profits.
Inventory is the major challenge right now; you need to be quick and proficient in your decision-making process. Today, a significant amount of auction purchases are currently being made online in a used car buying war room through simulcast. This approach has its pros and cons. Pros, it allows you to be efficient and agile. However, one of the cons is that you don’t have the in-person experience to thoroughly inspect each vehicle yourself to ensure what you see is what you get. Even with great tools like vAuto’s Stockwave or Manheim’s M LOGIC™ data insight tools, you are still lacking a full perspective of each vehicle and what it offered at the time of original manufacturing.
As every vehicle is unique, window stickers can contribute to setting you up for the right inventory and higher profit margins in your market. Utilize a solution that integrates easily through your inventory management system and merchandising tools for accessing the original build information quickly when you are competing for high demand used inventory. It’s critical in today’s market to understand each vehicle’s uniqueness of options, allowing you to see the real value to not overspend and get buried in the wrong vehicle.
In addition, window stickers enhance your auction sourcing volume by accelerating how quickly the needed information is accessible. Throughout the bidding process, you want to retrieve real-time market data that supports your business plan and profit goals. Utilize a window sticker engagement solution that integrates directly into your auction dashboard to provide quick access to the information you need to validate market data that drives your buying decisions. Furthermore, the original manufacturer information can assist with validating auctioneers market reports for price optimization.
OEM window stickers are more than a sales tool for your customers. They provide meaningful information that expands into how you purchase and remarket your used inventory. In such a competitive market, it’s smart business to arm yourself with the information you need to be inventory experts to increase retention and profits per vehicle.