The Price is Right
On the long-running TV game show, The Price is Right, contestants compete to identify the pricing of merchandise. “Contestants” shopping your online inventory shouldn’t have to identify whether your pricing is right or not either.
Rather, you want prices on your online inventory to reflect national and more importantly, local, market factors if you want that inventory to sell prudently quickly and at good margin.
Perhaps the more seasoned used car managers who’ve survived numerous market difficulties can guesstimate the “best” prices for his or her inventory. Why bother though, when technology makes pricing inventory a better combination of art and science?
The proliferation of inventory comparison tools now make online pricing comparisons much easier and much, much faster to change prices across all sites on which that inventory is listed. Some of these pricing tools let customers click on the image of a vehicle of interest and from there a report pops up offering independent pricing validation. Pricing tools like this help you inform customers whether your inventory is priced relative to the market. Some of these reports also help you highlight the other unique values offered by your vehicles.
These reports may also display similar vehicles for sale in your local market, and compare what those vehicles don’t offer that your vehicle does. Other confidence builders integrated with many pricing tools include vehicle history reports and dealership-reputation management tools. These tools should be printable so you can email them in PDF format to lead inquirers, whatever the lead source. Pricing tools also make great confidence builders in the showroom as well as in the BDC.
