Traditionally, dealers have not considered their wholesale acquisition and disposition strategies as revenue-generating opportunities, as many of them have believed that there’s no money to be made in this area of their businesses. But today’s wholesale vehicle marketplace gives dealers many ways to generate revenue and protect their margins, which is good news in a time when dealers are reporting weaker profits.
Dealers now have opportunities to increase speed and expand their margins by rethinking their wholesale strategies and using the latest tools and technologies—on both the buy and sell sides. These tools and technologies can enable dealers to streamline the process of getting vehicles into the marketplace and make buying the right vehicles at the right price even easier.
In this session, Ben Caffee, senior director of Offsite Solutions at Manheim, will highlight how some dealers have saved tens of thousands, and in some cases, millions, of dollars by taking advantage of digital tools in the wholesale marketplace. Some of these strategies include:
- Getting vehicles into the wholesale marketplace faster
- Reducing transportation costs by listing directly from their lots
- Selling vehicles faster by creating compelling, high-tech listings
- Appraising vehicles better to cut losses on trade-ins
- Better assessing vehicle condition to know what they should pay when buying units
- Buying vehicles at the right price to improve retail margins
Primary Learning Objectives:
- Wholesale more efficiently. Learn how to use digital tools and technology to list vehicles quickly from your lot, without sending them to a physical auction.
- Appraise vehicles more effectively. Taking a car in on trade is sometimes necessary to close a new retail deal; Learn how to use and new tools and data for the information you need to make the right offer and protect your margins.
- Make smarter buying decisions. Exponentially improve wholesale buying with data-rich tools and better imaging to get the right car at the right price, increasing profit potential.