Mastermind News: Product Enhancement Helps Dealers Better Manage Inventory

by automotiveMastermind

In the fast-evolving automotive industry, inventory management has always been a major factor in a dealership’s bottom line – with a variety of factors influencing a dealer’s turn rate. But now as inventory levels are finally returning, dealers will once again need to carefully manage those slower-moving models that create a drag on profitability.

To empower dealers to improve their vehicle turn rates by predicting the exact customers among the vast digital audiences who are most likely to purchase that vehicle, we’re excited to announce the launch of Turn – a new feature on the Mastermind sales and marketing platform.

Accessible to all Mastermind users, the enhancement enables dealers to manage their automotive inventory more effectively and improve their vehicle turn rates by predicting the customers that are most likely to purchase that vehicle.

Challenges Addressed by Turn

The reality of automotive sales is that every day a ready-to-sell car remains on the lot, it costs the dealership money. The longer a vehicle remains unsold, the more its profit margin will diminish.

With Turn, Mastermind users can intelligently sort vehicles based on various factors such as age, make, model, and the number of days on the lot, to identify and sell aging inventory.

Sales teams can then use this data to pitch a qualified list of loyal customers identified as the best potential buyers for each specific vehicle – saving time and increasing the likelihood of a sale while maximizing profitability by ensuring that vehicles do not sit unsold for long periods.

Benefits of Turn

Turn not only helps dealers improve their inventory turn rate by identifying and selling aging inventory, it also enables them to replenish inventory by strategically identifying customers who have high-value trade-ins.

With Turn, dealers can:

● Improve their profitability by better -managing inventory that has been on the lot for 30 days or longer

● Strengthen the value of used vehicle inventory by identifying customers with a higher potential to trade in their vehicles

● Improve the efficiency of the overall floor plan by increasing their inventory turn rate

This dual approach maximizes the value of both new and used vehicle inventory, addressing the immediate issue of unsold inventory, and setting the stage for improved efficiency and customer satisfaction.

By identifying customers with a higher potential to trade in their vehicles, dealers can continuously restock their inventory with in-demand, high-quality used cars. With an increased inventory turn rate, dealerships can maintain a dynamic and profitable inventory, adapting quickly to market and customer-specific demands.

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Turn delivers on our commitment to continuously enhance the Mastermind sales and marketing platform to enable our dealer partners to increase profitability and provide the best experience to their customers.

Beyond just helping dealers to avoid floor planning fees, this targeted approach enables dealers to maximize their gross profitability by prioritizing and selling their existing inventory while acquiring in-demand trades.

Want to learn how Mastermind can help your dealership transform its inventory from a liability into an asset? Contact us for a free demo.