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.