The used vehicle market landscape has shifted gears radically in the past five-to-six years, according to FirstLook’s white paper, “Retail Performance Management.” As for causative factors, FirstLook points to:
• Buyers were kicking tires at five or six different dealerships years ago, and that’s now dropped to 1.8 in-person store visits.
• As the recession slammed down hard, used car supply waned and commoditizing of the used car industry was born. Many dealers have sold inventory as cheap as possible, turning them as fast as possible for tiny margins, then ran back to the auctions to scoop more supply.
• The “velocity only” approach hasn’t gone so well. Gross profits have been eroded.
It doesn’t have to be that way if you can access both the tools and philosophy necessary to turn cars while achieving high gross profits. FirstLook set out to deliver a new generation of retail automotive software in its Retail Performance Management (RPM) product that combines both analytics and cutting edge practices – giving customers the visibility and control required for turning inventory with higher gross profits. The reports digs into the “dealership DNA” and “market DNA” issues shaping the market today. Click here to download FirstLook’s white paper on this leading edge topic.