6:22 am, July 7, 2024
For many years, people have thought that because I work in marketing, all I do is play on social media all day.
Typically, what people see is only the final result, while 90% of the work in marketing is done upfront and consists of data, research and planning.
Having spoken with thousands of car dealers over the past decade, I know they face similar misconceptions.
People often think dealers just sell cars, but dealers work very hard to run their businesses, and getting a sale is just the result of all that hard work.
Not many people see or understand the graft that goes into sourcing stock, preparing vehicles and managing day-to-day tasks such as payroll, paying bills, managing staff and ensuring there’s enough left in the account to keep the bank manager happy.
I admit that analytics, data insights and spreadsheets aren’t the most exciting things in the world. Even thinking about them can put the most detail-orientated among us to sleep.
However, I can’t overstate the importance of data in some reports on the motor trade that are freely available online.
Recently, I came across a few reports that I think dealers should take notice of.
An Auto Trader report highlighted that the used car market is strong, with the typical used car selling in 26 days.
The one aspect that made me sit up and take notice, though, was that its data indicated dealers were under-pricing their stock!
Another report I read was released by Motors, indicating that dealerships have much more confidence in stocking used EVs, as evidenced by the record number of used EVs now sitting on dealers’ forecourts.
When it comes to stocking cars and pricing them, I know that some dealers will want a certain margin they are happy with on top of what they’ve paid for the car and will go by experience.
However, when faced with the huge amount of data available in these reports, I think it’s vital that dealers make the most of every opportunity they have.
These are just two examples of many reports that are out there, and when it comes to data and the motor trade, I think it really does pay to keep your ear to the ground and stay up to date with what’s going on in the industry.
Data can be boring, but I really believe that some of the information in these reports could help dealers sell more stock and improve their bottom line – and that’s not something I think dealers will find boring at all!
If you’re not already working with First Response Finance and want to discuss how we can help boost your bottom line, drop us a message on WhatsApp.
This column appears in the current edition of Car Dealer – issue 196 – along with news, views, reviews, features and much more! Read and download it for free here!
