Inventory Guidance from Latest ARTS Webinar Draws More Than 700 Registrants

More than 700 dealership managers and auto finance professionals registered for the latest free Auto Remarketing Training Series Webinar, which gave participants the opportunity to gain fresh strategies for a host of store operations.

The Webinar panel included top trainers from AutoTrader.com, Carfax, OPENLANE and DealerTrack, who all delved into best practices that can help any sized dealership turn inventory quicker and boost profit margins.

Tori Morandi, of AutoTrader.com, presented findings from the 2011 Automotive Buyer Study: Sources That Influence Purchase. Morandi discussed how shoppers — especially potential used-vehicle buyers — are spending as long as 18 hours online looking over dealer inventory and comparing models before they even arrive at the rooftop.

“Most people are shopping online so the dealership really needs to be a 21st century dealership,” Morandi advised. “Everyone needs to be aware of what you’re doing online, how you’re marketing and advertising. Everyone needs to think about your store website as the first showroom. You have to keep your Internet showroom up to date.”

Chad Goodson, of Carfax, shared tips that stemmed from a principle that says, “Always buy the right car at the right price.”

Besides analyzing the key points contained within a Carfax vehicle history report, Goodson touched on a new development that dealers who “think outside the box” are utilizing. These dealers are placing sales and F&I personnel in the service department to spot vehicles coming through that could be superb trade-in candidates.

“They’re basically buying and selling cars in their service lane,” Goodson explained. “Even if it’s just one more deal a week, or one more deal a month, I think we would all take that. The bottom line is when you share with that customer that they’ve maintained that car and will offer top dollar for that car, that only enhances the chance they’ll buy a car from you.”

Ed Berkowitz, of OPENLANE, meanwhile,  focused on applying retail discipline to a store’s wholesale process and how to bridge the gap between retail and wholesale to maximize margins.

Berkowitz asked dealers whether they have a hard turn at 45 days or 60 days or even 90 days before sending those units off to the wholesale market? He believes that making these units available online while it’s still on the retail lot can greatly increase exposure.

“That car doesn’t have to leave your lot,” Berkowitz maintained. “By operating in a parallel, you can maximize your opportunity to turn that vehicle into cash and hedge your bets, before that car becomes an aged unit so you can get inventory that will turn better.”

Finally, Dennis Carey, of DealerTrack, whose presentation was titled, “Where to Find the Cars We Need: Stocking, Pricing and Profits,” shared how he has the opportunity to criss-cross the country talking with all kinds of dealers who are using a variety of ways to find inventory.

Along with the practice Goodson touched on — delving into the service lane — Carey mentioned how some dealers are scouring private party sales to find vehicles, taking it as far as having personnel take varying routes from their home to the dealership to see if anyone is selling a unit in their yard.