As consumer confidence is beginning to come back to normal and the outlook on the auto industry is improving day by day, auto dealers are starting to find themselves with another challenge…diminishing inventory.
Since vehicle factories have been either closed or running at low capacity for the last few months, many car dealerships are worried that they might have trouble stocking up as car buyer demand continues to increase.
Here are a few ways your dealership can replenish its inventory cost-effectively.
Stock up on inventory as car buyer confidence rises
Used inventory is a big part of any car dealership’s business, but with more dealers relying on auto-auctions and trade-ins, used car supply is scarce and the cost for a vehicle is a lot higher. A more affordable solution is sourcing your vehicles directly from consumers via Buyback campaigns, Trade-in campaigns or Trade-up campaigns.
Many are looking to sell their cars right now, especially those that are trying to cut down costs. By targeting car owners nearby via Facebook Buyback campaigns, you can stock up on car inventory as well as get more people to your dealership.
Let your target audience know that you’ll pay them a great price for their car, even if you don’t buy their next car from your dealership.
Take advantage of the spike in car owners looking to sell, and try to compel them to buy their next car at your dealership. Running trade-in campaigns might drive higher engagement than simply showcasing your inventory as they might appeal to a wider audience of car owners.
Many car owners prefer staying with the same model they’re driving. By running a trade-up campaign, you can lure consumers into coming in for a new model, allowing you to make a sale while also stocking up on a desired used unit.