As innovators in the automotive inventory photography and merchandising industry, CarData, Inc. is always curious to find out how others are helping dealerships move more vehicles off their lots. Recently, two major names in the auto marketing space announced a partnership that should serve to shake things up at car dealerships across the country.
Lotpop is a dealership data collection and analysis firm that helps automotive retailers address common issues like staffing and sales processes. By creating data trends and discussing them with an industry expert at Lotpop, dealers can find new ways to improve your lot’s activity and sales.
MAX Digital helps automotive retailers design digital showrooms to create interest in your customers. With a detailed inventory management system, you can update listings with valuable information like sales history, market data, and other data sets.
Inventory Merchandising is arguably the most important aspect of any retail operation. That is especially true in the automotive space. The article below highlights a partnership between 2 awesome companies that help dealers to sell more cars!
CHICAGO – With a service partnership between auto industry software provider MAX Digital and inventory consulting company Lotpop, MAX Digital says participating dealers can sell more cars and capture more gross through the use of its inventory management product along with Lotpop’s staffing and process guidance.
MAX Digital says it provides a dataset for inventory management with millions of VINs analyzed daily, and also provides rich market data and stores specific sales history to help drive what it describes as smart stocking decisions. Performance tracking can be customized by dealership. The tracking focuses on improvement areas such as time to market for vehicle descriptions with a dealer-set number of minimum images.
In addition to staffing and system guidance, Lotpop provides ongoing review of dealership inventory processes that it says builds sustained results over time.
MAX Digital says Galpin Honda is the second-highest-volume U.S. Honda store, and Galpin’s reconditioning manager Joe Uphoff said in a news release that since starting with Lotpop and MAX Digital, the company has begun producing record used car sales.
“We’ve seen a 36% increase in front end gross year-over-year, all with millions less in carry costs,” Uphoff said. “[Lotpop owner Jasen Rice] and the Lotpop team offer you easy-to-understand usable data so that you can focus on the areas that matter for your store.”
Everything Max Digital builds is focused on delivering performance for its dealerships, said MAX Digital executive vice president Mike Cavanaugh.
“Lotpop has the same total results focus,” Cavanaugh said. “Adding the dedicated experienced team that Lotpop provides to MAX tools [simply] creates a system that delivers undeniable results.”
Cavanaugh also said MAX Digital’s pricing advantage is important for Lotpop, “because it allows them to bundle in their hands-on services and fully engage in the dealer’s processes, while still delivering significant total savings over tools clients had been using.”
Rice of Lotpop said his company is proud of the “exceptional value this partnership provides.”
“MAX Digital has rock-solid professional grade tools that help us drive meaningful unit sales growth for our clients with a better gross per vehicle at a surprisingly low cost,” Rice said.
Big Data Means Bigger Sales
There’s no denying that the way car dealers do business has changed. An obvious change has been the migration to the internet and drawing customers through online sales. But another more nuanced change is the use of data and data analytics to sell cars. In our own work, CarData, Inc. has seen the value of harnessing the information you collect daily to improve your sales.
In an era where retailers across all industries and verticals are producing more information than ever before, putting that data to use through products and programs like those offered by MAX Digital and Lotpop is crucial. By examining your big data, you can make informed decisions about your sales campaigns, redirect your marketing efforts, or find new ways to make the most out of the efforts of your employees.
Use Your Data to Make Smart Inventory Decisions
While there’s still a place for time-tested sales strategies and techniques, analyzing the data that your dealership produces every day can help you sell the right cars to your customers, and more importantly, sell more of them. When you examine the data you’re producing and examine it carefully, you can create action plans, and even predict the results of those plans. For instance, if you track data about something as simple as which cars sell the best and who they sell to, you can refocus your marketing and sales strategies on those specific buyers. This can help to increase the chances that a simple tire kicker becomes a paying customer. By creating predictive data sets, you can help to mitigate inventory problems, like stocking too many examples of a model that doesn’t sell well. This minimizes your overhead while increasing your sales.
Outpace Your Competitors With Data Analytics
Another reason to consider adding a data analytics program to your sales strategies is that it hasn’t been widely adopted by the car dealership industry yet. Since the technology and software to collect, refine, and interpret all of your sales data is still fairly new, many dealers aren’t even aware of the value it has to offer. That means adopting technology and processes like this early means you’re putting your dealership at a competitive advantage. Rather than adopting this new strategy at the same time as the dealership across the street, embracing it now can help you get new customers and retain old ones.
Your Data Could Help Engage With New Customers
Finally, using this data helps you to create a more compelling and personalized buying experience for your customers. By tracking customer data, you can create accurate profiles of the demographics of your customer base. This means that you can tailor your sales efforts to meet their needs. For instance, if your customer base is largely mid-30s young professionals, you’ll know how to engage with them more effectively.
See How Automotive Inventory Photography Can Improve Your Online Sales
There’s no denying the power of data in helping your dealership make more sales. But when you’re looking to engage and retain more customers online, one of the best ways to do that is with incredible photography and video elements. CarData, Inc. recognizes that more sales start online now than by any other means. You can create more effective automotive inventory merchandising by enhancing your listings with interactive and high-quality photos and videos. Connect with CarData, Inc. today to find out more about our services and to get started!