You’ve heard me talk about embracing a “new mindset” in the used car business. Some would argue there’s nothing new at all, but I believe there is, particularly in how dealers source used vehicles and how they should be marketing to consumers.
Recently, I had the opportunity to get with a few top pro’s in the field and explore these ideas and see how they are pursuing the used car business at their dealerships.
During this discussion with Vehicle Acquisition Network Founder Tom Gregg and Guests Aaron Gomez of Epic Auto Sales and Gary Wade of Morrie’s Auto Group on “Buying Used Cars from Private Sellers,” we determined that only about one in five dealers deploy a proactive strategy designed to source used vehicles outside of auctions and vehicle trades.
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Offer Great Value
In the video, Aaron Gomez explains:
The wholesale market is completely different from the way it was even just a few years. We are seeing dealers unable to acquire all the used vehicles they need from the auctions. One of the more effective ways for us to provide our dealers with the vehicles they need is to offer great value to customers off the street.
Aaron and I talked about this in more depth during our interview on Vehicle Acquisition Network, where he explained what the new mindset is, how dealers can apply this way of thinking to used cars, and why a consumer would want to sell their car to a dealer.
Shift in Mindset
Many dealers are reluctant to change their approach and focus on establishing (and growing) a high-profit used car buy center. They persist to rely on vehicle trades and auctions. But progressive dealers understand that – buying used cars from consumers is more profitable.