Profiling used car stock is a straightforward task to ensure you carry the right stock, said Chris Roberts, managing director if Thurlby Motors, but often we just don’t do it.
By looking at what cars have made the most profit in the last 18 months, dealers can predict prime stock to obtain.
Acquiring the right stock means looking outside the usual channels, said Roberts. Alongside auctions and self-supplied vehicles, there are Motability returns to consider, an ever-growing database and responding to and placing Wanted adverts.
It is also important to have a used car ageing policy that is adhered to.
At Thurlby Motors, if a car hasn’t sold at 45-60 days then its retail listing is re-priced. At 90 days, stock is removed.
When pricing cars, dealers must review competition on the web. Even if you undercut another dealer’s pricing by 50 pence, it will still benefit you in search listings.
To read the complete article as part of AM's coverage of the AM Used Car Conference, view the AMe electronic magazine on Friday, November 6, at www.am-online.com/ame.