When you acquire a used vehicle, be it on trade, auction, or from a private seller, the time it takes you to get it market ready and on the line to be sold can be one of the most significant factors that affects your profitability. Most dealers do not have a streamlined process for this and as a result, wind up eating away at their margins.
In this month’s VAN University webinar, we welcome industry veteran Dennis McGinn, who has specialized in auto retail sales process control and used car reconditioning for nearly 20 years. Dennis joins us to discuss the significance of having a reliable process in place to track your time-to line so that you can improve upon it.
According to Dennis, most General Managers either don’t know or don’t want to know what their real time-to-line is, and as you will hear in the video, once that vehicle reaches 21 days since acquired, margin compression begins to accelerate.
What does it take to protect your profits during the re-conditioning phase? Find out in this video.
With the average U.S. light-vehicle franchise dealership losing $2 on every used vehicle it retailed in 2017, margin compression is becoming a frightening hurdle for all dealers. Anything we can do to combat this must be a priority. Tracking your time-to-line so that you can effectively monitor, measure, and improve is one of the key components to your success in the used car business.
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