In a recent AM-Online article, experts looked at how used-car dealerships source their stock – and how data and new technology is having an effect on the cars we choose to sell.
Our director Matt Kay was on hand to offer his viewpoint, amongst a handful of other specially selected dealers and explains what effects that these advances in data have had on cartime.
So how do we choose our cars?
The article explains that whilst emotion does still play a part in dealers selecting eye-catching vehicles for the forecourt, stock selection is also now largely affected by rich sources of data.
This data includes all sorts of knowledge that indicates whether we’re buying the right cars, at the right times, and selling them at the right price. It pays to invest in technology and analysts, who collect data from the live market.
We analyse trends, monitor interest online and through telephone enquiries, and record in-depth detail of the cars that sell – all to make sure we’re stocking the makes and models that our customers are looking for.
What about prices?
We’re also always checking our prices. cartime actually re-evaluates its vehicles every week, more frequently than other dealerships. This is so we can ensure value is accurate and to make sure prices remain competitive within the market.
A ‘well-priced’ car is defined as one that is ‘priced to market’ or within 5% (above or below) or customer expectations. Did you know, that cars that are ‘priced to market’ sell, on average, 12 days faster? So, it’s in our interest (and yours!) to put a clear, accurate price tag on every car!
Read more from Matt…
You can read more from our director Matt Kay on the AM-Online article, here. Got something car-related that you need a comment on? We’re happy to help – just give us a call on 0161 825 8157.