The microchip shortage makes it difficult for motor vehicle dealers to expand their inventories with new vehicles. Many of them have resorted to used car inventory to maintain their business. This is a great way to keep your car dealership afloat during this microchip shortage. Keep reading to learn how to expand your used car inventory.
Ways to Expand Your Used Car Inventory
Accelerating your car dealership's growth is suitable for coping with the microchip shortage. How do you expand your inventory with used cars and positively impact your dealership's growth? Here are six strategies to help you.
Find New Ways to Source Used Cars
It would help if you found new ways to source your used cars apart from your traditional means. For instance, if you used to buy used vehicles from an auction, you can choose to buy them directly from their owners. It would be best to adopt cash offers and trade-ins for new cars.
Create Accurate Inventory with New Technology
By adopting dynamic, accurate, and user-friendly online inventory, you can easily target customers. Ensure your online inventory is model-specific and features up-to-date prices. Don't forget to include contact information that customers can use to make inquiries.
Look for New Channels to Advertise your Incentives
Some 80% of American households have a streaming subscription. Most of these streaming services offer ad spaces that businesses can use to reach new customers. This can be an excellent opportunity to reach out to new customers. Ensure that you use clear and compelling marketing strategies to make the best use of these platforms.
Promote Your Services with Text Messages
Emails are becoming less effective in marketing. However, text messages stand to be a suitable platform where you can reach out to clients. At least 95% of text messages are read within three minutes. It would help if you used this opportunity to effectively add your used car inventory by promoting trade-ins and other incentives for most-sought used cars.
Establish a Dedicated Buying Center
Even though many clients prefer online sales, local dealerships still stand as one of the best ways to reach out to new clients. There are still those that believe in trading tangible products from a specific place. In that case, set up your business in an accessible location and add enough signet to keep your business visible to your clients.
Adopt Digital Ads
Work with your digital advertisers to create real-time advertisements for your used car sellers. Your digital ads should constantly deliver new offers and keep up-to-date with your used car inventory. This will attract new sellers and avoid disappointing your clients when they find out their desired vehicle isn't available.
Expanding Your Used Car Inventory
Used vehicles are in high demand right now but VETTX can help you track down the exact models you are looking for. You don’t have to rely on auctions or trade-ins anymore. Our software will pull qualified private seller listings in your local market based on what you’re looking for. Contact us today or visit the VETTX University to learn more.