Tom Gregg, the founder of Vehicle Acquisition Network, stresses the importance of setting clear expectations with private party sellers in our ongoing efforts to refine vehicle acquisition strategies. Proposing a price range or making a specific offer is not merely a transactional gesture; it demonstrates respect for the time invested by both the dealer and the seller. However, this approach requires thoughtful execution to avoid potential challenges for your dealership.
Presenting Offers Effectively and Respectfully
A key consideration is how dealers present a price range or offer to consumers before their visit to the dealership. This must be done in a way that is both effective and respectful. Modern tools and resources empower dealers to make informed and reliable offers on vehicles, fully understanding their market value. This capability is crucial in today's dynamic automotive market.
Leveraging Transparency in Pricing for Increased Acquisitions
Tom illustrates the importance of transparency in pricing through a personal anecdote, noting that contractors who failed to provide quotes or estimates often missed out on business opportunities. More quotes lead to more acquisitions. By including upfront pricing in the acquisition process, dealers are likely to purchase more vehicles from individual sellers.
Adapting to Remote Vehicle Purchasing Trends
The shift towards remote vehicle purchasing offers new challenges and opportunities for dealerships. This method, increasingly popular in the post-pandemic era, requires dealerships to innovate. Many are now offering remote appraisals and complete purchasing processes online, which includes everything from vehicle inspection to finalizing the transaction, thus making it convenient for the customer without losing personal interaction.
The Role of Phone Conversations in Private Vehicle Acquisition
An effective vehicle acquisition strategy also involves communication over the phone. Tom underscores the importance of this tool, which allows dealers to personally engage with potential sellers, build trust, and articulate the 'why sell' message. Phone conversations also enable dealers to provide context and maintain transparency regarding their pricing, which is vital for successful acquisitions.
After a successful phone conversation, sending a follow-up text or email to formalize the offer is crucial. This could be in the form of an 'offer certificate' or a similar document, providing a tangible record of the offer and adding professionalism to the transaction. This reinforces the commitment made during the phone call and ensures clarity on the terms discussed.
Tom observes that the most significant disruptors in the used car market have focused on enhancing the customer experience and reducing friction in the buying process. Companies adopting comprehensive online transaction models are leading this evolution, changing the landscape of vehicle purchasing.