WILKES-BARRE, Pa. -

The first month of 2020 already might be nearly gone, but the team at GWC Warranty emphasized that dealerships still have the opportunity to generate more profit this year compared to 2019.

“It’s worth your time to consider any opportunity that could bring in more profit,” GWC Warranty said in a blog before delving into four actions dealerships can examine, including:

1. Do Your Homework

Before heading off to auction, GWC Warranty suggested that it’s helpful to take a look back at the last year to see what vehicles moved most often and which were the quickest movers.

“You may have a sense of this already, but doing this prep work in advance can confirm your instinct for what vehicles to go in on at auction. It might even highlight a new focus for the next time you’re on the lane,” the company said.

2. Try a New Spot

GWC Warranty offered that dealers can step out of their comfort zone for an auction further away from home or even online that might be the ticket to scoring high-demand vehicles at a premium.

“If you’ve done your homework on what sells well in your market, you might even be able to find auctions or wholesalers that specialize in the exact inventory you want,” the company said.

3. Master the Upsell

Even if you’re already prioritizing vehicle service contract (VSC) coverage for your customers, GWC Warranty noted that there may be an opportunity to get them into higher levels of coverage.

“By working on your skills to get customers in increasing coverage, you stand to make more profit at the time of the sale and maximize your incentive program potential available as part of your VSC business,” the company said.

4. Get Into the Renewal Game

GWC Warranty stressed that “it’s the perfect time” to get back in touch with the dealership’s past customers.

The company noted that GWC Warranty Elite Dealers get access to an exclusive Elite Lead Generator report that provides a list of all customers with expired contracts who may now be in the market for a vehicle purchase or perhaps renewing their VSC.