Strategies and techniques for sourcing vehicles in a challenging market

Yesterday we completed our second training class for the new stocking analyst position. The session began with a dinner on Wednesday evening where approximately 20 guys representing 13 dealerships met and got to know each other. On Thursday, we spent the day reviewing responsibilities, strategies and techniques for sourcing vehicles with high demand, low supply and knowing how to determine what to pay.

The experience was exciting because guys that have been doing this sort of thing for a long time genuinely found value in learning the new approach. For me this is the greatest reward of all. We’ll be running another session in Northern California in two weeks, and hope to soon be doing the same in other parts of the country.

Also in attendance yesterday was one independent wholesale buyer that is attempting to learn the new strategies and skills so that he can work with velocity dealers that want to outsource some or all parts of the stocking analyst position. I hope to include other such individuals in future classes because I believe that many dealerships are not staffed adequately to do every aspect of the sourcing responsibility. I believe that proficiency in sourcing vehicles is and will continue to be a key differentiator between successful and less successful used vehicle operations. We will simply not have the luxury of many trade-ins to fill our needs. Combining a tightened supply with more dealers than ever committed to the used car business, stocking proficiency is paramount.

I’d like to invite any dealership and/or individuals to email me at [email protected] if they would like to be included in upcoming stocking analyst training sessions. There is no cost other than possibly your travel and valuable time. Thanks to all of those that attended the last two sessions. We’re anxious to hear details of your experience with the new strategy.