Sourcing dealership inventory efficiently and effectively is a key component of auto dealer success. Many dealers know their market and know what type of inventory sells, so the next dealership inventory search challenge is finding and sourcing that type of inventory. Utilizing a variety of inventory sources ensures that a dealer can always find the vehicles they are looking for. So, what are the different options available for an auto dealer to find inventory?
Physical Auctions
Many dealers say there is nothing like being able to touch, feel and smell a vehicle before purchasing it to retail. One of the few places for dealers to purchase inventory in-person are physical automotive auctions, such as Manheim. Dealers can walk the lots before a sale, note the vehicles they want to purchase and then bid on those units when they go through the auction lanes.
Online Auctions
One of the most convenient ways for a dealer to source inventory is thorough a digital auction, such as OVE, Simulcast and ACV auctions. These auctions allow dealers have convenient 24/7 access to conduct a dealership inventory search to view both new and used inventory, and allow dealers to bid and purchase various vehicles from all over the country.
Consumer Trade-Ins
Many consumers visit dealerships willing to exchange their current vehicle for another vehicle on a dealership’s lot. Especially for used car dealers, consumer trade-ins can be an excellent way to source inventory. In addition, dealers that use Kelley Blue Book’s Instant Cash Offer service have the additional flexibility to decide what they are going to do with the consumer’s vehicle. After the vehicle is acquired, a dealer has three days to decide whether to resell it on the lot, take it to auction or to sell the car to Autotrader for full trade-in price.
Local Dealer Network
A local dealer network can take some time to build, but it can also be one of the most powerful tools available for local auto dealers to exchange aged inventory. Aged inventory at one dealership could be a quick sell at a different dealership.
Utilizing a mix of these sources ensures that each and every automotive dealer acquires the type of inventory they are looking for. Looking for new locations to source inventory? Be sure to check out our Auction Finder tool.