1. Explore Diverse Inventory Sources

First and foremost, explore all possible inventory sources. Besides the usual auction platforms like Mannheim and ACV, consider social media platforms like Craigslist, Facebook Marketplace, and eBay. Don’t overlook less traditional sources, such as leads from ICO programs offered by companies like Kelley Blue Book. Additionally, reconnect with previous customers and service clients, especially those facing high service bills, to potentially buy their cars.

2. Leverage Your CRM

Untouched leads and clients who haven’t visited the service lane in a while can be great opportunities! Sift through these leads, initiate conversations, and you might not only buy a car but also sell a new one. Being smart and tactical with your CRM can lead to higher quality vehicles and better conversion rates.

3. Offer Your Best Price Upfront

Always put your best foot forward with your offers. Giving your max offer right away shows consumers that you are serious and can prevent them from going elsewhere. Remember, you might face a lot of rejections, but persistence pays off. 

4. Digitize Paperwork and Expedite Payments

Sticking to old methods can seriously slow you down! Digitizing paperwork and ensuring quick payments can streamline the process, making it easier and faster for consumers to sell their cars to you. This not only enhances accuracy but also builds trust and efficiency.

5. Be Transparent with Offers

When providing a price estimate, make it clear that the offer is based on the current information and is non-binding. This honesty helps build trust and sets proper expectations. If adjustments are needed upon inspection, consumers are more likely to understand and accept the final offer.

6. Go the Extra Mile

Be willing to do some legwork for the consumer. Whether it’s sending someone to inspect a car or offering to pick it up, this extra effort can alleviate stress for the seller and demonstrate your commitment. And remember, you can also incorporate this service into your pricing.

7. Understand and Budget for Recon

Every car will require some reconditioning (recon). When appraising a car, be willing to overlook minor issues knowing that you have a recon budget. Avoid nitpicking and focus on the bigger picture. Being aggressive with your offers and sticking to them can help you acquire more vehicles and maintain a competitive edge.

Bonus Tip: Compete with Private Parties

Remember, you're not only competing against other dealers but also against private party sellers. Consumers often look up retail prices on sites like Kelley Blue Book, Carvana, and CarMax. Understanding this can help you position your offers more effectively and stay competitive.

If you have any questions or feedback, please visit our dealer website at thelasso.com/for-dealers. We have a dedicated section for dealers and would love to work with you. You can also email us at support@thelasso.com for a demo request.