Used vehicles continue to play a vital role in helping dealers satisfy consumer demand. In fact, despite the many economic headwinds, retail demand has surpassed expectations so far in 2023, meaning it is more important than ever to keep your forecourts filled!
While used supply remains down, being able to find – and more importantly win – the right vehicles is crucial. How are successful dealers doing this? Follow our tips below to find out…
1) Be flexible
It’s important to utilise every stock source at your disposal to avoid missing out on the vehicles you need. Leveraging digital platforms can help as these often collate multiple stock sources in one place. For example, Dealer Auction lists Manheim and Auto Trader consumer vehicles in addition to those already on the platform.
Don’t be afraid to adapt your stock profile too. Savvy dealers are expanding their age and mileage range, or even stocking different brands than usual.
2) Receive notifications
Personalise your Dealer Auction experience with notifications! Set the profile of stock you’re looking for and we’ll notify you the instant they hit the platform or when an auction is about to end. If you’d prefer, you can choose to receive daily or weekly notifications instead.
Notifications help you keep your finger on the pulse of the wholesale market. In fact, we sent out 19 million of them to buyers in 2022 alone. Don’t miss out!
3) Set your stock policy
There can be thousands of vehicles listed on Dealer Auction at any one time, but did you know that at the click of a button, you can filter to only see the vehicles you’re interested in? Simply set your stock policy and hit ‘view’ and we’ll do all the heavy lifting and show only the vehicles that match!
4) Get data-savvy
It goes without saying, you know your business and customers better than anyone, but market data can be used to back up your instinct and possibly introduce you to stock you wouldn’t have considered. For example, Dealer Auction features Auto Trader’s Retail Rating and ‘days to sell’, helping you see how different vehicles are performing in your local area and which are likely to bring you the most profit.
5) Find recommended vehicles
We don’t say Dealer Auction is the smartest remarketing platform without reason. Simply, click the ‘Recommended’ button to see a list of vehicles we think you’ll like. We analyse your Auto Trader forecourt (vehicles sold on Auto Trader) as well as your Dealer Auction buying habits to pick out those gems you wouldn’t want to miss.
6) Explore newly listed vehicles
It’s tempting to only view the vehicles that are ending soonest to get a quick turnaround, but it’s more important to buy the right vehicles to make the most profit. Try searching ‘newly listed’ vehicles to find the freshest stock before other people. Not only that, you can sort listings by factors such as Auto Trader Retail Rating, estimated margin, and average days to sell, helping you find the right – and most profitable – vehicles for your business in just a few clicks.
7) Use proxy bids to avoid overspending
As the auction timer ticks down, it’s easy to be swept up in a bidding war and spend more than you had anticipated. You know beforehand what the vehicle is worth to you, so don’t be afraid to step away from a vehicle if that price is exceeded. To help, Dealer Auction features a proxy bid system. Simply set your maximum amount and we’ll bid automatically on your behalf!
8) Get creative with your bids
Do you normally bid in even numbers? You’re not alone, in fact, most people do! Instead, try placing bids (or proxy bids) in uneven increments, for example, £213 instead of £200. That way, you’ll often outbid those who place even bids. Job done!
Take Dealer Auction for a free 30-day spin
Finding the right vehicles is one of the biggest challenges for used car dealers, but it can be easier with Dealer Auction. By following the above tips, you can not only find the right stock for your forecourt but also be in with the best chance at winning the auction once the digital hammer falls!
Sound good?
Then why not take us for a free test drive for 30 days? Buy faster. Buy smarter.
