null 4 Keys to Having a Successful Inventory Reconditioning Process
In order to sell cars, you need to have a variety of inventory on
your lot. One of the main advantages of enrolling in the Credit
Acceptance auto finance program is it enables you to provide customers
with credit approval for nearly any vehicle, including new vehicles.
The key is having an inventory reconditioning process that can help
you improve your used car sales. Here’s how you can do that:
Do your research Before purchasing a new or used vehicle, do your research.
Find out if there are common issues with specific vehicle types and
check the Carfax® or AutoCheck® reports for previous accidents or
other negative vehicle history.
Know which vehicles are popular in your market Car dealers enrolled in the Credit Acceptance program can
use the Top 25 Sellers report in CAPS® to determine the most popular
vehicles sold by car dealers participating with Credit Acceptance
over the last six months. It also shows average initial profit,
portfolio profit, total profit, ACV and Black Book® spread and
mileage on these vehicles.
Establish a written reconditioning process Develop an inspection checklist that you use to check every
vehicle in your inventory. It is important to enter service records
and the costs into your Dealership Management System (DMS).
Remember that time is money Be sure to calculate your dealership’s daily holding cost so
that you are aware of the optimal number of days you should spend
reconditioning your vehicles.
When followed consistently, these four steps can help save time
and money in getting a used car ready for a retail sale. Interested in
enrolling in our auto finance program? Fill out the form on our Become a Dealer page to get started!