Given the current state of the industry, used car dealerships are turning to buy private party vehicles to increase their used car inventory As an increasing number of dealers abandon the time-honored tradition of going to an auction to find new inventory, the competition for privately sold vehicles intensifies. With the competition heating up, it is time to outdo your opponents in the purchase of private party vehicles.
Buying Private Party Vehicles
Your sales staff may be hard-pressed and overworked in their quest for buying private party vehicles to restock inventory in the face of a shortage of trade-ins. With auctions becoming more expensive as too many bidders drive prices up, there is no choice but to turn to the private party. The first step is finding those private party vehicles, then vetting them to make sure that they are up to the standards that will make their acquisition profitable for your dealership.
Closing the Deal With Private Party Sellers: Getting the Car
Just because you have great leads, does not mean you have the acquisition locked up. Make sure you are ready to go to work to make the deal.
Prepare For Resistance
Once you have received a fully vetted lead, you can go after the deal itself. Your acquisition staff will need to be prepared for the resistance that some private sellers are likely to bring. They will need to be reassured that they are getting a good deal and that, just because you are a dealership, that selling to you is not only in their best interests but also will be profitable to them as well. Communication is the key. You don't want to come across as pushy, but you do want to come across as being interested in their vehicle and their best interests.
Timing Your Follow-Up Calls
Make sure that you follow up with the seller. The stronger a rapport you can build, the more likely you will be to close the deal and have an opportunity to do future business with them as well. The seller will know you care when they hear from you consistently. Remember though, that hearing from you consistently does not mean hearing from you constantly. You need to be solid in your contacts without overwhelming them.
Show That You Are Better Than Your Competition
You will need to move more quickly than your competitors. If a potential seller is being contacted by multiple dealerships, they may be holding out for the best deal. Let them know that you respect them and are more interested in bringing them the best deal and the most money. Your acquisition can go much smoother if the seller is convinced that they are your primary concern. The more respect you show the seller, the better your chances that they will choose you to sell their vehicle to.
Make Sure the Seller Has an Enjoyable Experience
Attention to detail can go a long way. Listen carefully to what the seller says. You may be able to pick up on a memory of theirs or a detail about the vehicle that you can bring into your final pitch to them. If they feel that you honestly care about them, they will be more likely to not only make the deal but refer their friends to you as well.
Even in this digital age, word of mouth can go a long way. If a private party seller walks away from their transaction with you feeling that they had a great experience, they are more likely to tell friends and family who may be contemplating parting ways with their vehicle. To take it a step further, that first seller may bring you the lead directly.
Turning That Single Acquisition Into Future Acquisitions
When you can close your acquisition positively, that person is going to remember you and the name of your dealership. The next time they or their friends are looking for a new or used car, they will be headed your way. Turning one deal into several is a sure-fire way to outdo the competition. Whenever you are buying private party vehicles, you have a great opportunity to turn one opportunity into many. To make sure that you get started with the right leads for that opportunity, contact us today to learn more about the VETTX system.