Manheim’s The Wholesale Institute Shares Advice for Online Showrooms
ATLANTA — For dealers unable to attend the National Independent Automobile Dealers Association's Annual Convention ongoing in Las Vegas, Amanda Savage from The Wholesale Institute offered some tips on how to boost a store's online showroom.
Among the 10 recommendations, Savage covered several topics often discussed through TWI, Manheim's free traveling workshop series. She was expected to expand on these themes during her presentation, "The Internet: Your Virtual Showroom," which is set for Thursday during the NIADA event.
Here are Savage's points:
1. Exercise your options. Multiple in-lane and online buying and selling channels translate into one comprehensive marketplace. Try combining options: Take the car to a physical auction a day early and get a condition report. This will help you better position yourself as an online seller for buyers using remote tools, such as Manheim Simulcast.
2. Save time. Time is money so reduce the time you spend "pointing and clicking" each day. Use Manheim online tools like PowerSearch to find precisely the inventory you need. Be the first to know and act on just-listed inventory with "Notify Me" alerts.
3. Get out there. Manheim tools are available online to use anytime, anywhere. You have 24/7 mobile access to the Manheim Marketing Report, Manheim.com and your saved workbooks and Manheim's PowerSearch.
4. Be up front. When buyers decide between your vehicle and someone else's, the deciding factor is condition. When listing inventory online, describe the car properly and use Manheim's Seller Tool Kit to pinpoint trouble spots visually. Add the right price and watch your unit move.
5. Hire summer support. Your local college students are hungry for summer jobs. Take advantage of their online skills and hire summer interns to help manage online inventory.
6. Get a post-sale inspection. Post-sale inspections give buyers added confidence in your vehicles — and they'll qualify units for Manheim's online buyback policy for even more peace of mind.
7. Expand your showroom, virtually. Technology is your — and your customer's — friend. Tools like Manheim's Retail View allow you to show your retail customers exactly what they want, regardless of what's on your lot.
8. Know what it's worth. Use condition reports and Manheim Market Reports to accurately price vehicles you're selling to ensure you make informed purchases on the vehicles you are buying. Don't be afraid to reach out to sellers to negotiate pricing.
9. Do your homework. Research and compare vehicles before you participate in any sale, in-lane or online, to keep emotion out of your purchases. Also, find out in advance what the local and national arbitration, online buyback and post-inspection policies are for each auction.
10. Keep up to speed. Take advantage of free training opportunities, such as TWI workshops, to add the latest industry best practices to your arsenal of buying and selling tools.
For more details on upcoming TWI workshops, visit www.thewholesaleinstitute.com.