In case you missed it, we’ve got a brand new show on CBT all about the used car industry. On today’s show, we’re pleased to welcome the host of Used Cars Weekly, Jasen Rice. Rice is also the owner and founder of Lotpop, a leading car dealership consulting firm, specializing in inventory sales and profitability.
The COVID-19 pandemic has created a unique situation for car dealership inventory levels. Used vehicles have been in higher demand as new vehicles have run short on supply. As a result, obtaining used cars has become a challenge for many car dealers as prices have reached all-time highs.
Rice begins by offering the advice he is offering his clients, which is to stay disciplined. He adds that car dealers and their teams have a tendency to get sloppy when they are meeting their goals. The dealers who remain steady in their process will be the most prepared to take on future challenges when the market begins to stabilize.
Rice then emphasizes the importance of looking internally at creating a strong process for selling used cars instead of relying on market data. There are many factors that continue to skew the market, making it very difficult to predict the future. Rice says that strong internal processes will remain steady through market fluctuations.
The conversation then shifts to used-car marketing. Rice says that many car dealers are cutting back on marketing due to the high demand. The problem with this approach is that car dealers can lose their competitive position when the market begins to change. Though the market can change at any moment, marketing campaigns can take close to 90 days to make an imprint on customers.
Rice concludes the interview by discussing his new show Used Cars Weekly. In the show, Rice will dive into all the trends and news that are impacting the used-car market. He will also conduct interviews with car dealers, vendors, and used-car experts. Topics that will be discussed on the show include managing used-car inventory, constructing top-down management, learning to do more with less, and much more.
You can catch Rice on Used Cars Weekly at CBTNews.com every Thursday at 1:00 p.m. EST.
