Saying “time is money” is cliche at this point, but that doesn’t mean it’s not accurate. Time IS money, and improving your dealership’s efficiency is key to improving your bottom line. If you’re looking to improve your dealership’s spending by increasing its efficiency, there are many ways to do so. One of the easiest is by having a proper inventory management system.
With the right software, a dealership can improve integration, juggle multiple lots, improve financial reporting, reduce waste, and make data-informed business decisions. In this article, we’ll break down how inventory management software, such as Dealer Specialties’
VinMotion®, can improve your dealership’s efficiency, and ultimately, your bottom line.
- Integration With Other Tools
- Manage Multiple Lots
- Improving Financial Reporting
- Reducing Waste
- Data-Driven Business Decisions
Integration With Other Tools
Good inventory management integrates and automates as many tasks as possible. This improves your business efficiency while simultaneously creating smooth, succinct customer experiences. The less time your team wastes on ordering vehicles, performing data entry, and conducting financial analysis, the more resources you’ll have to devote to delighting car buyers. VinMotion® inventory management software seamlessly integrates with other premier inventory solutions to elevate your vehicle merchandising.
- SmartListing®: Manage your Craigslist listings effortlessly. Just define your budget and markets; Dealer Specialties handles the rest!
- StoryBuilder®: Transform vehicle-specific data into engaging stories with our automated vehicle commenting engine.
- New Car Incentives: All OEM rebates and purchase incentives are available when making pricing decisions, comments, and overlays.
- DIY Vehicle Videos: Take videos of any vehicle in your inventory with a smartphone camera and upload them anytime to our video production platform: LiveLot®.
- Facebook Marketplace: This is a popular site for people to discover, buy and sell items. By listing your vehicles on Marketplace, you can reach buyers where they’re already shopping.
With everything in one place, you can easily manage your business without having to switch between systems, improving efficiency and your bottom line.
Manage Multiple Lots
Proper inventory management is even more crucial if your dealership manages multiple lots. With more inventory and more people, there are more opportunities for human error. Without the proper tracking gear, errors that go unnoticed can end up costing your dealership significantly.
Inventory management software empowers you to manage all of your inventory across lots, from wherever is most convenient for you. VinMotion® enables you to appraise vehicles and update vehicle information, photos, pricing, and options, from anywhere, no matter where your inventory is displayed. No more guesswork and far fewer mistakes means more time saved for your dealership.
Improving Financial Reporting
Every dealer knows that a stagnant vehicle isn’t ideal, but losing track of that vehicle is a nightmare. If a dealership doesn’t have an accurate understanding of its inventory, it risks producing inaccurate financial statements. These hiccups in turnover can hurt your bottom line and make deals with lenders all the more complicated.
Inventory management software takes out the guesswork when it comes to tracking value. For example, VinMotion® can quickly appraise vehicles from anywhere using book values, similar market vehicles, and history reports from CARFAX and AutoCheck. With less time spent calculating vehicle value, your dealership can focus on nurturing leads and bringing in new buyers.
Reducing Waste - Improving Efficiency
Reducing waste is one of the best ways inventory management software can help you run your business and improve your dealership’s bottom line. Unleashedsoftware.com defines waste as “the anathema of profit; whether stock or time is being used poorly, the firm is spending money without any return.”
With the greater efficiency provided by your IMS, your dealership can reduce waste. Quickly move vehicles off your lot with merchandising tools like StoryBuilder® and LiveLot®, ensuring that no vehicles remain on your lot longer than necessary.
Knowing what you have in stock - and moving that stock quickly - empowers your dealership to prioritize high value and troublesome inventory and incorporate merchandising and distribution channels for turnover. By leveraging your IMS, you can reduce waste, improve your bottom line, and run your dealership.
Data-Driven Business Decisions
There are many times when gut decisions are welcome — which pet is right for you, what to order off the lunch menu, the color of that dress. If it’s wrong, the range of impact is small. When it comes to making business decisions, your choices can have a lasting effect and serious repercussions. Therefore, you want to make the most educated decisions possible.
To quote Advancedbusinessmanager.com, "...good inventory management is about helping you make smart business purchasing decisions as well as understanding what your supply chain management needs and when”. With the leading inventory management software, you have all the information you need to decide what vehicles to bring in and which ones to move off your lot. No guessing and no gut feelings are needed.
Improving your dealership’s efficiency is one of the most consistent ways you can improve your bottom line. There are many different ways you can improve your dealership’s efficiency. Having the right inventory management software is a small change that can make all the difference. To learn more about how VinMotion® can make your dealership more efficient, schedule a demo with our team of experts.