A car is arguably the second biggest purchase decision after a home for most people. Statistics show that the used car market is estimated to grow to $885 billion by 2026.
Here are some tips from the best online sales courses to help you seize the opportunity to tap into the growing car buy-and-sell market.
Choose an ideal location
To grab more sales in the used cars trade, your businesses’ location counts. Choose a place that’s easy for your potential customers to reach. Also, make sure your lot is large enough to hold your inventory.
The right location will need to meet a few other standards, like:
- Visibility
- Easy accessibility
- Expansion potential
Statistics show that 79% of buyers start searching for cars online before they buy. So besides nailing the physical location, creating an online platform may help improve your visibility and catapult sales.
Create a website that attractively showcases your available cars and provides your customers with all the necessary information.
According to a Dealer Rater survey, 60% of people said they would be willing to purchase a car online.
To avoid leaving money on the table, make your site as interactive as possible with features such as live chat to better cater to online sales.
Consult with the right experts
Buying and selling cars as a successful business requires a great deal of expertise, so consider taking foundational courses or seeking out expert advice to bring you up to speed.
Get legal help
When you’re starting out, you need to be clear about the legal side of the business and the proper licenses to operate legally in your state.
Once you are licensed, you will be legally obligated to ensure that the vehicles in your lot meet the minimum compulsory checks.
Additionally, the transfer of title for all the cars that move through your car dealership must be transparent and in line with legal requirements.
To avoid falling on the wrong side of the law, consult with legal minds every step of the way.
Consult a mechanic
Apart from the legal side, you will also need to stay on top of matters on the mechanical side. Get a mechanic in your corner to help check the cars before you buy. If the car is in a poor condition, you can negotiate to pay less.
You can opt to employ a full-time mechanic or consult with one occasionally, depending on your budget.
An in-house mechanic can give you an edge over competitors. For example, you can buy cheaper cars, bring them up to code, then sell them for a higher profit.
Work on your pricing
Success when selling cars often comes down to the pricing strategy. Buyers typically approach secondhand car dealers prepared to haggle.
To protect your prices, equip yourself with sales course techniques. One way of holding on to your profits is by displaying your prices in your lot or online. When a negotiator sets an initial price, most times it becomes the anchor point around which the talks will revolve. Any adjustments to the price usually won’t fall too far from the anchor.
It’s also important to determine the lowest price you can sell the car to secure a profit. That way, you’ll know when to call it quits if the customer sticks to a lower price.
The pricing also applies to the buying side of your business. You will often need to haggle with car brands, suppliers, and private sellers for the best prices.
Start marketing
According to the BEEPI Consumer Index, 61% of buyers felt they were taken advantage of at a car dealership. Also, 87% had a gut feeling that something was wrong every time they visited a dealership. These statistics point to the stereotyping that plagues car dealerships.
To sail past the competition, you may need a fresh approach to marketing to turn away from the negative image held by customers. Design your marketing in a way that shines a spotlight on the genuine value you have to offer. Launch your campaign in multiple places to start your business on a high note.
Also, take time to research your potential customers. When you have the full picture of who your customers are, you can figure out how to reach them through print, online media, or other channels.
Consider engaging the services of professional marketers at this early stage of your business to get your sales off on the right foot. You could also consider taking a course in marketing as an investment for the future of your business. Knowing how to craft premium content can heighten your visibility and help you navigate your way to the top faster.
Launch your car buy-and-sell business
To make your launch a success, equip yourself with the knowledge of what it takes to run a car buy-and-sell business. Set up at a suitable location and develop a viable pricing strategy to move past the competition. Most importantly, dive right into a well-planned marketing campaign to give your business wings.
