Spring is in the air, and with that comes some much-needed cleanup. Here are 6 ways to refresh your aged inventory strategy for Spring with a focus on: merchandising, AI video, and getting your team involved.
As the snow finally starts to melt in the North, many dealers realize they are carrying more than just road salt into Q2; they’re also carrying excess winter weight in the form of aged inventory. If your VDPs still show cars covered in snow or vehicles with winter tires still mounted in the photos, you are sending a signal to buyers that the unit, and likely others on your lot, are getting stale.
At sMedia, we believe spring cleaning starts on the lot. Here is how to refresh your aged inventory strategy and move units that have overstayed their welcome:
1. Watch Out For Snow
Nothing says “this car won’t sell” like a June shopper seeing snow in your inventory image gallery. Audit your aged units for snow or other seasonal elements that would suggest it’s been sitting on the lot for a while. Merchandising units within the first 72 hours is key all year round, but this also means that those photos will likely need a refresh if it doesn’t turn quickly.
2. The Visual Refresh
Images are great, but video is better. AI-powered video can be your new best friend. Buyers shop with their eyes first, so catching their attention and quickly is essential. A stitched-together 360-view isn’t the AI-powered video solution we have in mind. While those tools can be great, they don’t typically generate a high-quality and professional video look and feel. If you’re looking for a standout solution, check out our AI Video Solution, which can give your age inventory a ‘new arrival’ feel without the labor, time, and cost.
3. Price To Win
Start flagging all inventory over 45 days, and look at what pricing adjustments can be made. If you’re a franchised dealer, are there additional OEM incentives to move the previous model year out? If you’re focused on your used inventory, how are you managing your market pricing strategy? While daily price adjustments may not be the winning ticket, are you priced competitively or priced to move?
4. Get Creatives With Promotions
If you’re maxed out on discounts, and financing incentives aren’t an option, don’t call it quits. Instead, get creative with promotions. You’d be surprised how far a pair of tickets to a game, or free oil changes & car washes can go. Think outside the box so you can stand out from your competitor down the road, who may have a similar inventory mix.
5. Get The Team Onboard
Who doesn’t want to get spiffed? Creating an incentive program for the sales team to focus on aged units can help increase the urgency and drive the momentum needed. An ongoing spiff could be as simple as adding a dollar figure daily to the commission for every day that a used vehicle is on the lot beyond 60 days, or for every day that a new vehicle is on the lot beyond 120 days.
6. Dominate the Search:
If you aren’t leveraging Google Vehicle Ads and Google Dynamic Search for your inventory, it’s definitely time to start. While shoppers aren’t going to search ‘[your dealership/OEM] aged inventory,” they are more likely to add a year to their specific make/model search, which is where your ads can help get the right eyes on your units, at the right time.
The Bottom Line: Aged units, whether new or used, can provide an opportunity to get creative and change things up. Refresh the dealership narrative around these units, and leverage new tactics like video and search visibility.
Let’s Refresh Your Inventory Now!
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