Reason #4: If You’re Alert, You’re Proactive

Why Every Dealer Should Track Competitors’ Prices

By: Danielle Longenecker, Product Marketing Manager

Over the past few weeks we’ve discussed three big reasons why auto dealers need to pay attention to their competitors’ pricing on a daily basis – sales trends, real-time pricing, and automated pricing. This week, our message is simple. If dealers are paying attention to the market, they have the opportunity to get ahead of the competition.

Being proactive with pricing allows dealers to:

– Provide increased information transparency to car shoppers
– Increase visibility of detailed information (incentives, rebates, etc.)
– Prepare the internet department with efficient data to move quicker

In order to achieve success proactively, the dealership’s inventory management software should be equipped with real-time alerts.

In order to achieve success proactively, the dealership’s inventory management software should be equipped with real-time alerts. These alerts should allow the user to make adjustments and publish changes quickly to ensure inventory remains competitive.

Additionally, keep a close eye on historical industry results and the daily monitoring that the inventory manager is providing. Daily monitoring should not only cover vehicle pricing, but also a dealership’s online presence across all digital channels, like VDPs, third party sites, and even search result pages.

Price your cars to beat the competition, see how!

If your inventory management software isn’t covering the basics described here, think about where you’re missing out. Some of today’s most profitable dealerships are by no means the lowest-cost competitors. Where these dealerships really shine is in a skillful pricing strategy and tactics like the ones we’ve discussed in this blog series.

Dominion Inventory Manager encompasses custom inventory reporting, real-time alerts, and interactive dashboards and widgets to deliver at-a-glance information to ensure that you maintain consistent inventory data on all of your online marketing sites. Get more information on Dominion Inventory Manager online or call 1-877-421-1040.

Next week we’ll continue the competitive pricing blog series with Part 5 – Programmatic Marketing Competition.

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