Mastering the Market, Maximizing Value: The ASOTU CON 2024 Guide

So you missed ASOTU CON 2024, an annual gathering of automotive geniuses. Don’t worry, I’ve got you covered.

Industry experts shared their best-practice philosophies in managing used vehicles. They discussed the market’s future and let us in on the secrets behind their recent wins. Here is some great feedback from the event:

Crafting a Winning Sales Strategy

It’s no secret: the used car market moves fast. Your strategy starts long before a vehicle hits your lot. Craig Gaddis is the pre-owned operations director at Ourisman Automotive Group. He noted the need for training and shared philosophies among team members. This foundation includes understanding your data sets. They cover market demand, customer preferences, and pricing analytics. You also need to know which vehicles to choose for your specific dealership: selective acquisition. Additionally, understanding comprehensive exit strategies is key. These strategies are tactics for managing inventory turnover while maximizing profits.

Joel Bassam, president of Easterns Automotive Group, added a key perspective. He emphasized selling a car starts when it’s acquired, saying, “You sell the car when you buy it. Fundamentally, if you buy the wrong car… you cannot dig out of a bad acquisition.” For him, the dealership’s plan-of-action is more important than the car’s value. He cares about the fit and the chance for more sales. He shares the need to take a cohesive stance to integrate buying with sales.

AutoVision’s president, AJ McGowan, stressed the need for simple processes and better tools. They’re vital for raising efficiency and profits. Today, success hinges on fast market entry, low prices, and using tech for live insights. Managing used cars is now about effective inventory management and strategic decision-making. This applies from acquisition to sale. The right approach can turn a losing asset into a profitable opportunity.

Staying Ahead of the Market

Your dealership faces the challenge of staying top of mind and meeting consumer demands. The right tools can help you grasp and predict market trends, giving you a competitive edge. Currently, public sentiment is favoring used cars. This has prompted a trend towards idealizing them. Yet, educating your customers about vehicle features remains intimidating. AJ emphasized the importance of using real-time data. This data identifies competitors and highlights unique selling points. Listing these features on platforms like Kelly Blue Book helps customers understand the vehicles value. It then raises the odds of informed purchases. This approach shows a shift. It’s from old, brand-focused strategies to ones that rank consumer education and transparency higher.

Beyond the Lot

The customer experience landscape has changed. It now demands seamless integration of digital and in-person interactions. Caleb Torello, product director at Gubagoo, highlighted that digital retailing is now the norm. Your online customers expect experiences equal to those in physical showrooms. Understanding every sales journey touchpoint is crucial. Ashley Cavazos, marketing director at DeMontrond Auto Group, added that teaching sales teams about their dealership’s tech is important. She reinforced the need to start where customers left off in their research. Staying connected to lead sources is key. Using available technology is crucial for long-term success in your dealership. It also emphasizes personalizing interactions beyond transactions, pushing human connections and thoughtful follow-ups.

Beyond Pricing, Embracing Uniqueness

Andrew Breedlove of iPacket advocated for customized, consumer-centric experiences that empower informed decision-making. He warns against one-size-fits-all approaches. He stresses the need to tailor interactions to individual customers.

ASOTU host, Michael Cirillo, highlighted the blending of mobile accessibility with in-store communications. He introduced the key role of mobile tech in dealership success. Accessibility is the top player in growing and retaining your customer base. This panel on building smoother communication flows looks ahead to the future of mobile connection through video. In it, technology helps rather than hinders. They promote role-play training to increase consistency and comfort in customer interactions. It ensures a customer-focused journey from start to finish.

Shifting from comfortability to innovation requires a fundamental rethink of automotive dealership strategies. AJ emphasizes the uniqueness of each dealership’s markets and inventory mixes. Differentiation in pricing is important. But, AJ argues that real innovation is in creating value. This value goes beyond mere pricing. Each vehicle has a unique VIN, that should embody your dealership’s identity and value. This approach challenges dealerships. It asks you to move away from the pricing strategies you’re used to. Innovative thinking should leverage uniqueness and value creation.

Above all, understanding your dealership from every angle is key. It’s the secret to standing out in the ever-changing used car market.

To hear more from ASOTU’s dealership experts, check out their ASOTU CON 2024 playlist, on YouTube.

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