PRE-OWNED INVENTORY

I have a pre-owned lot. I am having trouble with stocking what sells. Because what sells this month might not sale the next month? Example I stocked 1 GRAND PRIX GT sold it in 2 days . Bought 2 more sold them that month. Bought another one been in inventory 78 days? Then traded for a car Monday That I would no way buy. Sold the trade never moved the car the next day. Any suggestions?

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Permalink Reply by NANCY SIMMONS on November 3, 2010 at 10:03pm

Hi Karonel...As you know, that is a tough one in today's market! What I am finding, here in New England, is the cosmetically sound "eyeball" car/truck with high miles is high in demand. The mileage factor keeps the value to an affordable price range and this generation wants the status symbal unit sitting in their driveway where nobody can read the odometer.
In a more direct answer to your question, Polk listings will tell you what is being sold in your market area to what demographics via registration records.
Electronic Crystal Balls could be introduced soon.... (kidding)... who knows these days...there really is no science to it as brand loyalty and dealership loyalty are a thing of the past!

Would love to hear what others have to say about this subject...so important when trying to maintain a 60 day supply!

Permalink Reply by KARONEL PLOTT on November 4, 2010 at 2:59pm

Nancy Thanks for your input. Sitting here looking over my inventory tracking cars customers are looking at and phone calls and web traffic. About 65% of my inventory not getting any play. I would also like to hear other input. average days on lot 94!

NANCY SIMMONS said:

Hi Karonel...As you know, that is a tough one in today's market! What I am finding, here in New England, is the cosmetically sound "eyeball" car/truck with high miles is high in demand. The mileage factor keeps the value to an affordable price range and this generation wants the status symbal unit sitting in their driveway where nobody can read the odometer.
In a more direct answer to your question, Polk listings will tell you what is being sold in your market area to what demographics via registration records.
Electronic Crystal Balls could be introduced soon.... (kidding)... who knows these days...there really is no science to it as brand loyalty and dealership loyalty are a thing of the past!

Would love to hear what others have to say about this subject...so important when trying to maintain a 60 day supply!

Permalink Reply by Terry A Powell on November 12, 2010 at 1:39pm

I'm not sure the size of your inventory, but I would set some very aggressive pricing on the oldest units. Perhaps some increased commisions or spiffs will get your sales staff to take a second look at showing these vehicles. Also check these units to see if there is a reason they are not selling. Mechanical probs, cleanliness, and general ready for delivery appearance. A car on the lot 90 days usually needs a good "re-detail". As far as a formula for what will sell, I wish we could develop that app! Use your knowledge and instincts and don't second guess yourself. Best of luck!
TP