Vehicle Stock Management is a vital task for all Motor Dealerships. With that being said, many Motor Dealers in the UAE make simple, and common mistakes during the stock management process which often results in increased costs or loss of customers.
Here are 5 Common Vehicle Inventory Management Mistakes UAE Car Dealers Make and How Your Dealership Can Avoid Them.
1. Wrong Choice of Vehicles
It may sound obvious but the cars your dealership sells will determine if you are successful or not. One of the biggest mistakes car dealers in the UAE make is selling cars that are not popular. To be successful in the UAE Motor Industry, it is so important that your dealership sells cars that customers are looking for.
To avoid having cars sit in stock for an extended period of time, motor dealers in the UAE need to research the latest trends and understand what cars customers are looking for. Look at the recent sales charts, see what cars are popular, and try to find ways to source those cars. The more your dealership understands the market, the less likely you are to have a vehicle sit around without being sold.
2. Wrong Vehicle Pricing
The price that you sell your cars for will make or break your dealership. Another massive vehicle stock management mistake that many car dealers is having incorrect vehicle pricing.
Before your dealership starts selling a vehicle, it is important that you research the market and understand what similar vehicles are selling for. Once you understand the industry standard pricing try to match or better what else is on offer to gain a competitive advantage. Most of the time a customer will choose a dealership who presents the best deal. The better your pricing strategy is, the more likely you are to sell vehicles quickly.
3. Not Updating Online Vehicle Stock
As a Car Buyer, one of the most frustrating things you can experience is enquiring about a car that you are interested in and only to find out later that the car is no longer available. When this happens, you usually never want to deal with that dealership again.
Many Dealerships in the UAE make the mistake of having vehicles advertised online that are no longer available. The problem with doing this is you risk frustrating potential car buyers. For Motor Dealers in the UAE, it is important you implement a system that automatically updates your online vehicle listings as you buy ad sell.
Related Article: 5 Vehicle Advertising Mistakes UAE Motor Dealers Make in 2022.
4. No Reporting
Reporting is the most important part of vehicle inventory management. If your Dealership doesn’t report on vehicle inventory numbers, you could be losing money!
To put your dealership in the best position for future growth, you need to frequently report on your vehicle inventory numbers. The benefit of frequently reporting on vehicle inventory is it gives you the ability to see what cars are selling and what cars are not. For the cars that are not selling, your dealership can quickly implement solutions that help increase the chances of getting a sale.
Related Article: How UAE Motor Dealers Can Improve Reporting.
5. Managing Vehicle Inventory Manually
Many Dealers in the UAE make the mistake of managing vehicle inventory manually. The problem with doing inventory management manually is it is time-consuming and extremely prone to error. Making one slight mistake during the vehicle inventory management process can cause major problems and take many hours to fix.
To reduce time-spent on the Vehicle Inventory Management process, Motor Dealers in the UAE need to implement an industry specific, dealer management software like EasyCars. The benefit of using a solution like EasyCars, is it automates the entire inventory management process. In EasyCars, vehicle stock numbers automatically update as you buy and sell. Your dealership can quickly export beneficial management reports that instantly tell you how long vehicles have been in stock for and much more. The less time your dealership spends on vehicle inventory management, the more time you have to focus on selling vehicles.
Related Article: How Using a Dealer Management System Helps Customers.
Vehicle Inventory Management is an essential task for all motor dealerships. The better your dealerships vehicle inventory management process is, the better position your dealership will be in. Using EasyCars dealer management software will streamline the entire vehicle inventory management process and give you more time to focus on increasing sales.
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EasyCars by Jeal is a UAE Motor Industry Specific, Dealer Management Software that automates the daily tasks of running a motor dealership. Using the latest technologies, EasyCars removes frustrations experienced at the dealership - opening the doors to future growth.
EasyCars features include Simple Stock Management, Automated Advertising, Automatic VAT Calculations, Xero Accounting Integration, Facebook Automotive Inventory Ads, Dealer Websites and Business Reporting in the one central management software.
To learn more about EasyCars or to arrange a no-obligation free demo of the software, please submit the form below.