NATDA Magazine May/Jun 2018 May/June 2018 - Page 44

The ultimate question to ask when contemplating the right mix and quantity of inventory to carry for your dealership is simply “what products best meet the needs of my customers?” Successful dealers meet the needs of their primary customers by carrying a diversified product line that captures the price point of their customers. It rarely pays off to stock product, regardless of the discount received from your OEM partner if you are not an expert on the product or it hasn’t traditionally been sought after in your market. Turning inventory more than 2.5 times should be the primary focus. When it comes to deciding what lines to carry or how many lines to carry, it is important to align yourself with reputable manufacturers that can meet peak season stocking requirements and can be resolved to a dealer’s parts and service needs. – Brad Hegemier, Wells Fargo Commercial Distribution Finance Want to improve the efficiency of your shop? At the end of each work day, do this! Before leaving the shop at night, the service manager should make sure that his or her department is set for the next day’s work. This includes making sure work orders are assigned to techs, parts are pulled and the first job of the day is in each tech’s bay and ready to go when they walk into the shop in the morning. When you prepare for the next day, you are helping your technicians increase efficiency and your service department increase profits. – Sara Hey, Bob Clements International You spend so much time and money advertising your inventory online and driving traffic to your website. Be sure you are giving those shoppers the best online experience you can! Buyers are doing the bulk of their shopping online, with most visiting only one dealership during the buying process. Be sure your online presentation captures the attention of your potential customers. Create a streamlined process for taking images of your inventory as soon as it gets on the lot. Establish an image cheat sheet so each unit has the same number of images taken at the same angles. This way, everyone at the dealership can fill in when images are needed. Write detailed descriptions of each unit that goes beyond just standard specifications, providing the shopper with useful information such as the unit’s condition, towing specifications or maintenance tips. Sell the shopper on your dealership and your inventory before they ever speak to a member of your team! – Tracy Amato, Auction123, an ARI Company 74% of consumers have at least one promotional product in their workspace. 92% of consumers have at least one promotional product in their kitchen. 77% of consumers say a promotional product’s usefulness is the #1 reason to keep it. 80% of people own between one and ten promotional items. Men are more likely to own shirts and caps while women are more likely to have bags, writing instruments and calendars. So, when you’re looking for a unique item for your customers, be sure to think about these demographical statistics to get the most bang for your buck. – Melinda Fox, Victory Designs Promotional Products 44 NATDA Magazine www.natda.org