Top 5 Ways You’re Wasting Time Sourcing a Vehicle

July 28th, 2022
Top 5 Ways You're Wasting Time Sourcing a Vehicle

Sourcing used vehicles for your dealership carries direct and indirect costs in terms of time, money, and hassle. In today’s market, those costs are higher than ever with dramatically increased competition for incredibly scarce inventory. There’s a lot of information out there regarding ways to cut costs and maximize profit, but data is only as powerful as how you apply it to your unique operation.

Spreading Your Time Across Too Many Auction Platforms

Technology is supposed to make vehicle sourcing easier and more efficient, but savvy auto dealers know that the availability of auction platforms can be a time-wasting trap. Hours you thought you’d be saving by switching to virtual auctions get easily consumed by the need to keep up with every possible sourcing solution. Look for a centralized platform that supports your vehicle acquisition process based on specific data points rather than just the volume of available inventory.

Watching an Auction For a Single Vehicle

With all of the data available on used car inventory listings, it is no longer necessary to spend time refreshing a page waiting for that one particular car that you know is selling fast in your region. Automation can go a long way in saving time on monitoring auctions by aggregating several online inventory sources and alerting you based on your predetermined criteria when the right vehicles become available at the right price.

Becoming Too Invested In Momentum Bids

In-person or online, when the competition is hot, bidding gets expensive – fast. Momentum bidding based on perceived attachment and cognitive biases can be very hard to avoid and is a sure recipe for buyer’s remorse later in the process. Time wasted watching any one auction, money sunk into a vehicle that will hurt your margin, and operational issues caused by low business value acquisitions create losses at multiple points. Setting parameters in advance helps prevent bids from getting out of control.

Managing Used Car Inventory Logistics

Once you’ve won an auction, a new process is just beginning: taking possession of the vehicle. When you’re already limited on time and talent in a fast-moving market, the last thing you want to sink time into is managing the pickup and delivery process for a car that you know is a bestseller and won’t be on your lot very long. Streamlining this part of the acquisition process also reduces opportunity costs by freeing up your Acquisition Managers to focus on more high-value aspects of the business.

Complicated Financing With High-Risk Terms

When you know exactly which vehicles you want on your lot, you’ve taken steps to acquire your ideal vehicles, and you’re ready to start selling, it can be so frustrating to get hung up on the inventory financing process. Look for floor plan financing options that are designed to support your quickly-moving flow of inventory with no hassle and limited risk.

Ready to Stop Wasting Time in The Acquisition Process?

At CarQuant, our data will position you for efficiency, highlight trends in your market, and find the vehicles that you want to sell. CarQuant gives your business the attention necessary to drive growth, providing you with automated vehicle acquisition along with data-driven insights to make business improvements along the way.

Still have questions? Contact us today!


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