Welcome to another edition of Inside Automotive with Jim Fitzpatrick. Used-vehicle inventory has reached its lowest point in almost 10 years, and analysts predict that this problem isn’t going away in 2022. So, how can dealers acquire used inventory and how can they do it fast? Here to discuss this issue and more are Hugh Hathcock and Kalah McCoy, Owner and Executive Vice President of Velocity Automotive, respectively.
Right now, Velocity Automotive has the largest and fastest-growing division of digital retail window stickers which are comprehensive and accurate profiles of each vehicle that comes through the lot. For one flat rate, dealers can automatically generate stickers that are not only an excellent selling point for the customer but also an excellent appraisal tool when acquiring trade-ins.
“This is something every dealer needs,” says Hathcock. “All dealers understand the window sticker and what the value is and the ROI.”
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Window stickers are not only a useful tool for the consumer, but they can also improve a dealership’s entire acquisition process. The used car manager can increase the accuracy of their appraisals with ease. Once the used car is acquired, it then heads to reconditioning. Despite lower inventory levels for used vehicles, consumer demand is still through the roof and every extra day a vehicle sits in reconditioning is potentially a missed opportunity.
“We have such high demand that an extra two or three days you know, means the customer is going somewhere else because they are ready to buy a car right now,” says McCoy.
In the three years that ReconVelocity has been available, every single dealership that has implemented the system has reduced its recon time. Without a metrics-based platform, dealers and recon directors are making an educated guess about the recon timeline. With ReconVelocity, the guesswork can end because the system tracks every phase of the recon process and hold team members accountable for their work.
Velocity Automotive is now offering to bundle its suite of software including VelocityEngage digital portfolios, Window Stickers, and ReconVelocity. To learn more about Velocity Automotive, be sure to visit VelocityAutomotiveSolutions.com.
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