Retailers with under-priced stock left, on average, £11,000 each in potential profit on the table in July
Retailers are at risk of losing crucial profits due to using editorial opinion instead of up-to-date data to correctly price their used car stock. When you split the data, franchised retailers are losing on average £12,700 per month while independents are missing out on an average of £10,000. Stock that’s priced too cheaply not only runs the risk of not appearing in the results of a consumers’ initial budget range search, but it can also often create that ‘too good to be true’ situation, casting doubt and mistrust in the eyes of the buyer.
In today’s market conditions, it’s easy to lose track of current market value of your used car stock. But with significant profits at stake, it’s more important than ever retailers keep using the data to regularly update their forecourts and ensure they’re getting the best possible margin for their stock. Ask yourself what daily, weekly and monthly checks you should be carrying out to ensure you’re not leaving profit on the table. It’s also important to note that this figure could be significantly more if retailers choose to follow unsubstantiated speculation or editorial guidance instead of the data, so check your sources carefully.
Data & Insight DirectorCONNECT
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