The volume of the global used car market will be $2,150.6 billion by 2027, according to a new report from Grand View Research, Inc. The average annual growth of the market over the next seven years will be 5.5%. Such figures, according to analysts, are facilitated by several factors.
First is the growth of technological achievements, such as the introduction of digital technologies in the market and the development of online sales, which have become particularly popular during the pandemic. Secondly, customers cannot buy new cars due to budget constraints and the simultaneous increase in demand for private transport caused by the pandemic. Furthermore, there have been investments of industry participants in the creation of its dealer network in the market, as well as a new interest in buying cars with a gasoline engine, as they have become cheaper.
We encourage you to speed up the process of selling used cars. Zurich Connected Cars allows you to start doing this as soon as the car goes into stock, which significantly increases turnover and thus gross profit. We offer the top three effective ways, together with a management solution, to increase profits from used car sales.
When you receive a new lot, make sure that all members of the sales team are aware of the novelty. You can conduct an audit, which, thanks to the Zurich Connected Cars solution, has been reduced in time to several hours. Also, the inventory management system allows you to enable custom reports for automated inventory audits. Keeping your hand on the pulse, the sales team always has the following information available: the total number of connected vehicles, the number of inactive vehicles, the number of vehicles with a low battery level, and the number of vehicles with low fuel levels. Key indicators such as VIN, make, model, mileage, and current status are always available for you. This allows you to effectively manage your fleet and quickly get ready for sale.
Sales can also be facilitated by improved communication between all parties involved in the preparation and sale of used vehicles , so that all participants speak the same language to customers. Inventory management systems allow a dealership team that is set up for selling through a web portal or mobile application to get up-to-date information about their fleet, to provide first-class customer service, and to reduce the time spent on inventory and searching for a vehicle for a test drive.
Every sale takes time. Feel free to hold the sales team accountable for exceeding time thresholds using modern software such as the inventory management solution. It's normal and honest to not let customers wait too long, as the average dealer can lose tens of thousands of dollars annually due to poor inventory management. To prevent this from happening, stop losing sales just because it takes too long to find a car. Sell more – by tens of thousands of dollars a month – and improve customer service with Zurich Connected Cars.