By: Shane Marcum, General Manager, Cross-Sell and Inventory Solutions
Identifying the right vehicles to stock is a constant challenge. Local market trends can turn the best strategies into disaster. If your dealership acquires vehicles based only on what’s selling at your dealership, you could be missing hidden sales opportunities. It’s important to keep your fingers on the pulse of the local market.
Take a look back
The most recent sales activity can identify specific areas where market share is waiting to be captured. But, the data from your own dealership doesn’t tell the full story. Details about which models are hot and which zip codes are delivering the most local sales will determine the best vehicles to stock. A six-month snapshot provides the insight needed to spot upcoming trends and acquire in-demand vehicles ahead of the competition.
Make sure your dealership has the ability to see what’s selling and where — down to the exact zip code. Get access to underlying data like specific models, so that adjustments can be made quickly. A current view of the local market pinpoints vehicles gaining popularity and those to avoid.
Monitor the competition
Look for insights on which dealers are performing better or worse than the market. Then, create a strategy to gain market share with smart vehicle acquisitions and a targeted marketing strategy.
Look for new selling opportunities
Look for the ability to identify new selling opportunities in previously untapped zip codes within your own market or where you can increase sales from out-of-market shoppers.
Use a trusted resource
The Dominion Cross-Sell MarketINTEL Report provides the insights needed to understand the trends in local markets, identify the hottest selling vehicles, and gain a competitive advantage. The first quarter report will be available for order beginning April 1, 2016. Published at the end of each quarter, the report includes sales data from the previous six months; compiling local vehicle sales and registration details within a specified market into an actionable report to help dealers identify opportunities to gain market share.
Cross-Sell Reports are the industry’s most respected research and reporting resource for local market vehicle sales and registration activity. You can view detailed segments, and make and model information to help you identify trends and quickly make adjustments. Dealers get an accurate, current view of local markets to pinpoint vehicles gaining popularity and those to avoid. Statewide heat maps make it easy to track trends. The MarketINTEL Report also provides deep insight to help keep inventory current and in-demand.
For more information, or to order the Dominion Cross-Sell First Quarter MarketINTEL Report, contact us at 1.877.421.1040 or visit our website.