Resource for Staying Up on Used Vehicle Appraisals & Managing Inventory

First Look Sys­tems has a week­ly blog, , which is com­mit­ted to help­ing deal­ers dri­ve more traf­fic from the inter­net, cap­ture more appraisals, and stock more of the “right cars” for their lot through cut­ting edge tech­nol­o­gy. A recent blog post by Patrick McMullen, VP, Account Devel­op­ment of First­Look and MAX Sys­tems, looks at used vehi­cle inven­to­ry hit­ting a record high, while used vehi­cle prices declined. It wasn’t all bad, accord­ing to CNW Research, with online pro­mo­tions help­ing used inven­to­ry turn faster and an increase in sub­prime approvals is help­ing used-car pur­chas­es remain rel­a­tive­ly sta­ble.

Ed Sin­gle, Senior Account Exec­u­tive at First Look Sys­tems, warns against over apprais­ing used vehi­cle, or sell­ing your­self short and miss­ing a deal by under apprais­ing. There are effec­tive meth­ods for keep­ing a close eye on auc­tion data, along with retail mar­ket data while apprais­ing. Offer­ing employ­ees learn­ing expe­ri­ences is a good way to improve deal­er per­for­mance – such as tak­ing man­agers out­side and hav­ing them appraise five employ­ee vehi­cles. They would each keep their appraisals to them­selves to dis­cuss lat­er and com­pare. Have them use all the appraisal tools they have at their fin­ger­tips – retail and whole­sale mar­ket data, books, Car­fax reports, etc. Doing their home­work and debat­ing with col­leagues is about as good as it gets when it comes to man­ag­er train­ing.



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