Tips for selling used vehicles

As in any type of sales, marketing and selling used vehicles benefits from implementing effective marketing techniques and strategy. Both short term and long term sales can be impacted by a weak marketing campaign which can hurt more than just business revenue. Not putting a marketing plan into action can also affect business financing, effectiveness of advertising, inventory, and competitiveness of an automotive retail business over time. To avoid these things marketing foresight and business acumen can be invaluable in putting together and making the selling of used vehicles operational.

Marketing and selling used vehicles involves key aspects of business competitiveness that optimizes advertising and inventory assets for the highest possible earnings potential. Careful attention to the used car market, the cars themselves, sales team and method, and competitor pricing is invaluable when selling used vehicles. These tips are listed and discussed in greater detail hereafter.

• Match or beat competitor pricing

Competitively pricing vehicles is important especially in a buyers market. Some consumers are more adept at shopping around than others and others may simply not have a budget for overpriced vehicles. Attractive pricing is key in both drawing in and informing potential clients of the benefits a used car has to offer. If a business has its financing in order, margin for negotiation and price flexibility is ideally built into the business model. If  lower pricing leads to higher inventory turnover that more than makes up for the cost of competitively pricing vehicles then it could be a good idea to adjust pricing techniques and strategy. A number of pricing techniques exist including interest free financing, no money down, cash back, reduced price, and limited time offers.

• Clean up the vehicles

If a potential buyer looks under the hood of a used vehicle and finds an oil stick with black oil it is less likely to impress than a vehicle that has clear oil. Basic maintenance of vehicles can be incorporated into the vehicles price and demonstrate a care for the vehicles that consumers might like to see. Not too many people prefer to buy lemons, why convince them they are buying one? Vacuuming and detailing, the vehicle’s interior and washing and shining the exterior can dramatically improve the appearance of vehicle. First impressions count, this can also be true in used vehicle sales.

• Advertise to the right market

Not everyone is interested in used cars, and still more aren't interested in particular brands and types of used vehicles. Locating and targeting the right market for selling used vehicles is important in making efficient use of advertising dollars and market research. For example, if the majority of used car(s) for sale are Asian compacts, marketing to married mothers with children may not be such a good idea if that particular demographic prefer larger vehicles.

In other words, find out who is more likely to value and be interested in the vehicle type and advertise to them. A number of methods exist for doing this including statistical graphing and analysis of demographic data, and primary research such as focus groups and surveying. There'sa chance there may already be marketing research on the car type, in such case accessing it through a dealership or alternate data source may be more convenient.

• Improve sales pitch

A sales pitch is the potential customers first contact with the used car sales representative, try not to make it the last with a good sales pitch. Sales pitch involves more than just script, it involves knowing each individual who a marketing campaign targets, every person who walks in the door, drivers of older models of the same car and anyone who might even think of buying  a used car. In other words, being people savvy sometimes has a steep learning curve and a new one with each possible client. Employ a sales pitch that is effective in delivering essential information and techniques, but that is also flexible enough to account for each individual buyers personality.

• Stock in demand vehicles

There’s not much point in trying to sell a vehicle nobody wants. The type of vehicle that is for sale can also affect how well that vehicle sells. If a low demand vehicle has been acquired via a trade in, consider lowering the price or trading that vehicle at a loss for a more in demand vehicle. The difference in price loss may be more than made up for if the inventory space is replaced by a different model that would lead to faster turnover. If there is a choice in inventory, researching current regional used vehicle sales data and trends may be helpful in acquiring a more in demand used vehicle or fleet of used vehicles to sell.