“You’re saying the same thing Kenny Rogers did in that song, ‘The Gambler.’” A used vehicle manager made this observation after I finished talking about how Provision ProfitTime offers a better, new way forward for dealers to manage the investment value of their used...read more
A read-through of the findings in Cox Automotive’s just-released 2019 Car Buyer Journey study made me think of a conversation with a dealer about two years ago. The dealer wasn’t doing well in used vehicles, and I was there to help him, and his team, discuss a better...read more
If anyone needs evidence that car dealers can no longer simply sell cars to make money, I’d offer the following nuggets from the recently released, NADA Data 2018: Annual Financial Profile of America’s New-Car Franchised Dealerships. Nugget 1: In 2018, NADA reports...read more
It’s long been a best practice of Velocity dealers to review the prices of their used vehicles every day to ensure the prices fall within the top three value rankings within a competitive set. The approach is intended to reflect how today’s online vehicle shoppers...read more
There was a time not long ago when selling used vehicles and making money were synonymous.
Those were the days when you could take a used vehicle into inventory, price it to achieve your gross profit objective and reasonably expect to make your money, or at least a decent portion of it, even if it took 60 days or more to find a retail buyer.read more
One of the key benefits Provision ProfitTime offers dealers is the ability to appraise an auction or trade-in vehicle, enter a potential purchase price and see, instantly, what kind of investment potential the vehicle offers as a retail unit…read more
Since the dawn of the used car business, it’s always been true that the retail fate and fortune of every used vehicle starts with the appraisal.
This is the moment, whether it’s an auction or trade-in unit, that gives dealers their sole opportunity to size up a vehicle, determine whether it’s a good fit for your inventory and market, and establish the vehicle’s money-making potential, based on its purchase price.read more
Note: The following is the first in what I intend to be an ongoing series that details best practices, key insights, lessons learned and retail results of dealers who are putting ProfitTime into practice at their stores.
There are typically two pricing hurdles dealers face right away when they implement Provision ProfitTime.
I haven’t talked to a single dealer who’s happy about how they finished January at their stores.
In some cases, February is looking a little better, particularly in used vehicles in areas of the country where weather conditions have been tough the past several weeks.read more
You’ve undoubtedly heard the phrase that oil and water don’t mix.
If you try to mix them, the oil floats on the water. Each liquid stays separate from the other, even if they’re in the same container or glass.read more
Latest Blog Posts
When Phillip Gill took over the used vehicle department about four years ago at Tom Gill Chevrolet, Florence, KY, he had a singular goal—expand the Velocity Method of Management mindset and principles to all parts of the dealership. “Our used car manager moved to a...read more
I can scratch another to-do off my list—a rebuild of my blog. It’s been on the docket for some time as I’ve heard from regular readers and visitors that the old blog, while it did the job, wasn’t as up-to-date in terms of features and functions as it should be. In...read more
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