If you are wanting to maximize your gross profit on your inventory, the importance of a proper trade walk/stock walk cannot be understated. This process is, after all, one of the original training programs created in auto sales. Why? Because teaching all salespeople to walk the inventory every morning is a foundation for success in variable operations. As a salesperson, you should always be aware of what is in stock, and you should always learn what options or equipment (safety features, power steering, technology packages, capacity, etc.) will help set any particular unit apart from another. You can’t recommend the perfect car for your buyer if you don’t know the inventory available to them. This is just one of the key issues that a daily trade walk/stock walk will address.
After decades of working with automotive professionals, we have identified a variety of fundamental tasks that, when followed appropriately, breed consistent success. For the used vehicle department, one of the most critical of these daily tasks is the trade walk/stock walk.
The Biggest Impacts of This Standard Practice:
Having a trained and knowledgeable sales staff helps you avoid the aging issues that occur within pre-owned inventories.
Salespeople are aware of the incoming inventory, the reconditioning needed to get each car ready for retail, and how the pricing of the vehicle is generated.
Salespeople can more easily develop a value statement, providing them with additional details to present to the customer with confidence.
The trade walk/stock walk helps protect against wholesale losses and identifies potential warning signs early.
The fundamental practice also provides a review of all new trades and purchases each day and helps determine if you are going to keep a unit or wholesale it.
Simply put, the trade walk/stock walk is the linchpin process to consistent success in the used vehicle department. If this process is performed daily, it can boost every single department, and will ultimately sell more cars.
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While perfecting the trade walk/stock walk process takes time, it is an invaluable tool used by the best dealerships across North America. As a partner to automotive professionals for more than 70 years, NCM Associates has helped dealerships of all sizes, markets, and OEMs improve their financial and operational procedures.
If you are looking to take your career to the next level or have a unique business challenge you are striving to overcome, we are ready to help you succeed with this free guide.