The Used Car Business IS the Internet Business
San Diego Monday and Tuesday was a great location for the Auto Remarketing CPO Forum, The Certified Conference. I was fortunate enough to be invited to be on a panel of Dealers speaking on Inventory Management and being as this was a one room conference I got to see everyone’s presentations…so here’s my unofficial review of what you missed if you weren’t there.
First to present was Arianne Walker from J.D. Power Automotive Remarketing who had lots of great information on the customer awareness as well as motivators to purchase a Certified Pre Owned Vehicle. A couple stats I found interesting were almost 80% of CPO buyers set out to purchase a CPO vehicle and 42% of people found the exact car they purchased online. On a customer service note, not explaining all fees and charges created the biggest drop in satisfaction.
Next up was the panel I was on which included Howard Hakes from Hitchcock Automotive Group, Kevin Nachbar from McCarthy Auto Group and myself. The discussion was inventory management and quickly became how technology has taken over as the driver of used vehicle management. Each of us is on different inventory management software but agree it’s what you do with the information not the information that breeds success. Digital advertising was the choice of marketing with 14-25 pictures as the norm. It’s going to be an interesting ride as supply tightens even further in the next 18 months, get ready to have to inflate your game!