As the auto industry emerges from the COVID-19 pandemic, the used car business has, like many, been experiencing a unique unprecedented season. With new vehicle supply in a seemingly indefinite holding pattern, used cars have become one of the hottest commodities, with both wholesale and retail prices at record levels.
Last month, wholesale prices for vehicles sold at auction were up 26% since the start of this year, according to data from JD Power, and the higher wholesale prices were pointing to bigger increases on the way. With so much competition amongst dealers to acquire the prized commodity, gaps in your inventory are difficult to avoid.
Which is why we kicked off our all-new media initiative - The Acquisition Council, with a focus on ways to supplement those inventory gaps by sourcing used vehicles from consumers. Or more specifically, from individual private party sellers.
The average dealer doesn’t want to go this route. It can be a tricky road. But for the more savvy dealer, sourcing from consumers can be a real winner. For one, the vehicles themselves offer more variety from what you generally find at auction. And even better, there is less competition because, like we just said, most dealers don’t proactively pursue consumers as a vehicle sourcing option.
In this inaugural episode of The Acquisition Council, the evolution of our monthly VAN University webinars, we welcomed Wholesale Director Danny Moreno to share his insights for supplementing inventory gaps, and Senior VAN Performance Manager Emily Gehrke for a conversation with Ben on best practices for acquisition specialists.
The original plan was for Ryan to interview Danny and then rejoin Emily on the virtual stage with Ryan after her conversation with Ben to continue the discussion in a panel-like format for the remainder of the show. There were some technical challenges as the show went live that prohibited us from starting with Danny, but we were able to accommodate him on the show in the panel as planned.
The Acquisition Council - Live Streaming Show for Used Car Managers and Buyers
The Acquisition Council is a live show we just began facilitating this month. It is streamed live on YouTube and open to the public for viewing, typically on the last Wednesday of every month.
For more information about the show, see, Introducing the Acquisition Council by VAN and VehicleHero.com.
Sign Up Free in the Learning Center
The live show is an extension of our Learning Center where our commitment to provide the “best communication tools and methods available to assist our Dealer Partners in acquiring pre-owned inventory direct from private sellers” begins. In the Learning Center you have access to all the great tips, strategies, and best practices, mostly in video and blog form that we have assembled over the years to help make your job easier and more productive.
To get involved with the Acquisition Council, head over to the Learning Center and sign up. Whether you just want to tune in once in a while and watch, or come onto the virtual stage and be part of the live event, get yourself signed up in the Learning Center to get started.
By signing up free in the Learning Center you will…
- Receive exclusive inside information about the live show
- Receive free access to our growing library of video tips, strategies, and best practices
Alternatively you can subscribe to our YouTube channel here and be notified of when we schedule new live events, and upload new videos, too, of course.