By: Shane Marcum, General Manager, Cross-Sell & Inventory Solutions
The latest issue of The Definitive Guide to Automotive Inventory Management discusses how to measure inventory performance to drive profitability. Multiple factors affect which vehicle consumers will purchase and what they’re willing to pay. Traditionally, dealers have relied on historical data from previous sales and local market reports to determine where to post vehicles and how to competitively price them. While it is still critical for dealers to track vehicle performance, the method has changed.
Get a complete view of your dealership’s inventory performance by looking at how new and used vehicles for sale are performing on sites like Cars.com, Cargurus, as well as on your dealership’s website. Make sure to understand how each new or used vehicle on your dealership’s lot is performing in terms of Search Result Pages (SRPs), Vehicle Detail Pages (VDPs), and lead activity. It’s important to understand that SRPs on Cars.com will vary from SRPs on Cargurus. Each site measures views differently, so comparing results site to site will deliver inconsistent results.
Track and report SRP, VDP, and lead activity at the VIN-level to manage automotive vehicle performance and view online metrics according to channel. Once you understand why some retail vehicles for sale are performing better than others, you can determine the necessary adjustments for your auto dealership. Track what’s working or not working to ensure that your new or used cars appear in search results, improving performance.
Get the latest issue of The Definitive Guide to Inventory Management. Stay tuned for the seventh issue next week.READ MORE >