What did the dealers do who are out of those pre reg. stock, how can you dispose of yours, and how do you avoid getting stuck the next time?
The key to managing the pre reg. stock is to follow these golden rules:
Know the problem before it becomes a problem
Out of the 403,000 registrations in September, 109,000 were in the last 3 days. Some brands pre-registered as much as 30% of their September volume. So there are many low mileage pre-reg. cars in the market; so make sure YOURS are the most attractively priced. Don’t take that entire bonus you earned to profit; use some of it to write the cars down so they can be marketed at an attractive price to create demand
Make sure the cars are VISIBLE. Everywhere.
Put an attractive offer on the front page of your website.
Place the offers visibly on the cars.
Put the cars in the hot spots on your site and around your territory.
List the cars on Visual Boards and only remove them when they are sold.
Incentivise your Sales team with an attractive commission opportunity
These cars may be written down to sell but if they don’t attract the right level of commission you may be relying on a customer buying them rather than your sales team selling them!
Manage the sales process
Daily, Weekly, Monthly.
Target every salesman with an objective for contacts, test drives and sales.
Hold daily Sales Meetings that are motivational, stimulating and objective oriented.
Update the progress daily on the Visual Sales Board.
Hold a one to one weekly with every exec and coach where appropriate.
Getting back to basics focuses the team on this most important task. Focus on these cars, and keep the processes in place when they’ve gone. Who knows; you may not need to pre-register any cars next quarter end! Now that really would be something to celebrate!