Tackling the biggest challenge facing the independents in the used car market - stock acquisition - and urging dealers to embrace EVs to help futureproof their businesses is part of the remit of Independent Motor Dealer Association’s (IMDA) session at Automotive Management Live 2022 on November 10.

IMDA chair Umesh Samani will share his insights when he hosts an AM Live panel discussion,  entitled ‘Five ways to excel as an independent used car dealer’, at this year’s AM Live event for the UK motor retail industry, being held at Birmingham's NEC.

Samani will be joined by fellow guests Stuart Saunders, fellow IMDA founder and managing director of the Urban Car Company, Cambridge, and IMDA colleague and Jim Read, managing director of Jim Reid Vehicle Sales and Service, Kintore, Aberdeenshire.

The panel will explore current issues and how to succeed as the cost-of-living crisis deepens. Whilst stock acquisition continues to plague used car dealers, Samani will explain why he never buys from auctions and how forging local relationships provides a source of vehicles and customers.

He said: “Independents are facing big challenges in stock acquisition with the likes of large organisations such as Cazoo and Motorway taking huge slices of the stock opportunity. Franchised dealers don’t face quite the same level of stock acquisition problems since much of their forecourts are stocked by part-exchanges. I never buy at auction but buy all my stock privately which relies on building relationships locally and undertaking targeted marketing at grassroots level.

"One of our IMDA members, for example, is experimenting with highly targeted advertising on Sky.

“As a sector, we also need to ensure we are marketing our vehicles properly including checking the spec and highlighting features likely to attract enquiries whilst images and video are crucial. As a sector, we also need to ensure we are responding to customers in a timely manner so they don’t simply move onto the next business due to a lack of response.”

The panel discussion, which forms part of AM Live’s Operational Excellence theatre and is sponsored by Oodle Finance, will also explore stock funding, consumer vehicle finance and the importance of embracing the fledgling used EV market.

Samani added: “As independent dealers we are a little bit scared of selling EVs. We ran a poll through the IMDA recently and the majority of our members have decided sit back and wait rather than get involved in a market where they are not comfortable and lack confidence.

"The feeling is very much: why invest some £30k for such a small margin? But the fact is, EVs are not going away and, as a sector, we need to try and get ahead of the game.”

As such, the IMDA is planning to host an EV experience day for its members where they will have the opportunity to drive EV vehicles and gain the knowledge and confidence to forge ahead in this emerging market.

AM Live is free for both franchised and independent retailers and manufacturer delegates by booking at https://www.automotivemanagementlive.co.uk/