Maximizing Car Dealership Inventory Management: Strategies for Success with Jasen Rice!

Dealer Talk With Jen Suzuki

Welcome to a special series where I interview industry leaders LIVE during the NADA Show!

Meet Jasen Rice, CEO/Owner of LotPop! We delve into the critical aspects of inventory management in the automotive industry, focusing on the challenges and strategies for success when it comes to handling inventory volume and gross. We explore the key principle of "Carry what you sell - sell what you carry" and how dealers can optimize their inventory to drive sales efficiency.

Jasen sheds light on the significance of the first 30 days in inventory turnover, emphasizing that a substantial percentage of cars, typically 60-70%, are sold within the initial 60 days. We discuss the impact of fast depreciation rates on inventory value and the evolving dynamics of managing inventory in today's market environment.

Moreover, we uncover the importance of lead management in maximizing sales opportunities, revealing that a significant portion of leads may not immediately convert into purchases. By reevaluating how dealers engage with leads, leveraging data analytics, and refining the sales process, dealers can tap into a goldmine of potential sales from both new and aged leads.

Jasen shares insights from a revealing study on lead conversion rates, highlighting the extended timeline for lead conversion and the need for persistent follow-up strategies. We explore the concept of "working the driveway, not the lead" and how this approach can transform dealerships' sales performance by prioritizing personalized customer interactions.

Furthermore, we discuss the power of leveraging data, customer behavior insights, and optimized sales processes to enhance lead conversion rates and maximize inventory turnover. By reevaluating how dealerships allocate resources to leads and inventory, dealers can unlock hidden sales opportunities and drive sustainable growth in a competitive market landscape.

Tune in to gain valuable strategies and actionable insights on how car dealerships can revolutionize their inventory management practices to boost sales performance and drive business success in the digital age!

Dealer Talk with Jen Suzuki Podcast |[e-mail] | 800-625-1590 | edealersolutions.com

🔥Check out our sponsors!🔥

LotLinx.com is a VIN Management Platform that enables precision automotive retailing via /AI/ technologies that improves dealership profitability.

CallRevu.com is the leading automotive communications intelligence platform, offering call monitoring and call analysis, with technology optimized for sales, service (fixed ops) and marketing.