Acquiring vehicles efficiently is crucial for any automotive dealership aiming to boost its inventory and improve profitability. BDCs and vehicle acquisition are integral components in this endeavor, especially when harnessed correctly.
For dealerships aiming to acquire a significant number of vehicles monthly, such as 40 cars or more, having dedicated personnel is indispensable. According to Tom, "For dealers looking to buy 40 cars a month, having a dedicated BDC manager or a couple of buyers is essential." This ensures that the process remains streamlined and efficient.
On the other hand, if the goal is more modest—say, acquiring five cars a month—the sales team or the existing BDC can handle it with proper tools and strategies. "It's too few to warrant a dedicated buyer, but it’s achievable for a sales team or BDC," Tom highlights.
One of the key insights Tom provides is the significance of efficiently offering products that align with what the dealer is willing to pay. "Success comes from having the right tools in place—like access to efficient offer products that align with what the dealer will pay," Tom explains. When BDC agents can swiftly and accurately communicate these offers to sellers, the results can be highly favorable.
However, streamlined communication is vital. Tom emphasizes, "If the process involves too many steps, like constantly needing input from the used car manager, the success rate tends to drop." Therefore, minimizing steps and ensuring clarity in communication can enhance success rates.
Integrating Customer Relationship Management (CRM) systems with strategic insights can revolutionize vehicle acquisition. Tom suggests using partnerships like VAN and vAuto to push favorable strategy actions and stocking grades directly into the CRM. This approach allows the BDC to focus on the most profitable cars, maximizing efficiency without additional resources.
"By pushing favorable strategy actions and stocking grades directly into your CRM, your BDC can focus on the most profitable cars in the market, without needing additional resources or logging into separate systems," Tom notes.
Innovative solutions that streamline vehicle acquisition processes can significantly enhance return on investment (ROI). By ensuring that BDCs have access to efficient tools and clear communication channels, dealerships can optimize their buying processes even with limited resources.
Ready to optimize your dealership's buying and selling strategies? Contact VEHICLE ACQUISITION NETWORK for expert guidance and to achieve better outcomes.