Auto Trader’s masterclass at the AM DigiTech conference will identify the best used car dealers in the sector and offer 12 tips on how to improve performance.
AM’s DigiTech conference sees expert speakers explore the impact of digital and technological advances in dealer operations, as well as growing trends such as the wider adoption of EV vehicles and changing consumer attitudes to the car buying process.
Auto Trader’s brand director, Chris Penny, will lead the session on April 17 at the Hilton Doubletree in Milton Keynes.
Penny said: “Strategy, attitude and behaviour set the top 25% apart from the rest. By analysing our data we have been able to identify 12 key behaviours which make the difference.
“The top quarter sell their cars twice as fast as the bottom performing quartile so the difference is quite stark. The behaviours focus on the approach dealers take and the culture in their business which dictates success or failure.
“Businesses which are performing well are not necessarily the big players, it is a real mix including a number of independents who have the advantage of being more agile as they are often able to implement changes much more quickly.
“Many retailers are still paying attention to margins as the measure of success, but the Auto Trader top performers focus on stock turn.
“Transparency for the car buyer is another key metric with those deploying an open purchase journey proving most successful.
"It is a myth to think dealers need a gin palace to be successful, businesses which are more customer centric are the ones who perform best.
“The top dealers are customer led and completely in tune with consumer demands. For example, whilst online transactions are few, these dealers recognise this as a growing trend and are reacting accordingly.
“Our view is everyone can win together by learning from each other. If you can adopt these principles and reduce the average time a vehicle is in stock, it makes sense.
“We find most dealers are doing some of the 12 points but not all and in the overall strategy these points can look like small marginal gains but the impact on the speed of sale of vehicles can be dramatic.”