The Importance of Inventory Management in Your Powersports Dealership
The Next Topic!
Inventory management is our next topic, and it’s one that every dealership needs to have a handle on—both literally and figuratively speaking. Sure, you need to know what units you have on hand and what’s coming in and going out. But there’s also a lot more to it than that. Managing your inventory means having a full bird’s-eye view of the dealership, including your new and used inventory, and having instant access to reports, analytics, and inventory information at your fingertips. Having the right Powersports Inventory Tool can make a large difference as well.
CONTROLLING YOUR INVENTORY!
Controlling your inventory is easier when you take advantage of technology. Automated inventory management tools will give you everything that you need to improve your business in many ways, all thanks to having better control and awareness of your inventory. This is beneficial for every employee in your dealership as well as every customer that comes through the door.
WHY IS IT IMPORTANT?
Imagine you’re making a trade deal. Someone brings in a unit and expects to get a little more than the fair market trade value because theirs is in slightly better condition. If you know what you’ve got on hand, or that you’ve sold five of that same unit in the past six months, you’ll know it’s worth the investment. On the other hand, what if it’s not selling and you take the deal, only to end up losing money by having it sit or selling it for less to get it off the floor. With a Powersports Inventory Tool, it will show you the importance!
FASTER RESPONSE TIMES
When you rely on your sales team to handle lead responses, you’re going to have to wait for them to get around to it. With automated systems in place, you can have your lead responses sent and great leads cultivated while your team is closing deals and making new sales.
GET AN EDGE ON THE COMPETITION!
What if you’re looking to get an edge on the competition by increasing stock on the best accessories and parts for your top-selling units? If you don’t know which ones are selling best, you won’t know which extras to stock up on. With an automated management solution, you can pull up reports to see which units are performing best and which ones have the most accessory or add-on sales, too.
INCREASED PROFIT MARGINS
All of this will make it easier for you to increase profit margins. These are just two examples but think of all the ways that you can capitalize on having instant, accurate, real-time access to all of your inventory information in one place. It's going to change the way that you do business. In Powersports, profit margins are close, and you often have to fight for scraps. By working smarter and taking advantage of technology, however, you’ll be able to find plenty of little margins that can add up to big profit growth over time. Utilizing the Powersports Inventory Tool at had can benefit your dealership!