How important are vehicles to your lot’s success? Chances are that your answer is loud and clear — VERY. Sure, that may seem obvious, but breaking down the importance of cars in our modern society makes it more and more evident just how critical automobiles are to people and communities. Without them, your dealership won’t have a store, a brand, or a purpose. Vehicles are a constant in American culture, with over 275 million cars registered in the country as of 2020.

This statistic tells us about the important role automotive retail plays in the daily lives of consumers across the nation. Moreover, with cars typically being the second-largest purchase the average American makes, it is increasingly important that automotive dealerships are equipped to handle demand with a steady supply of inventory that is appropriately priced. Because the customer experience is so important, how can dealers position themselves as a quality option for selective shoppers?

Acquisition plays a major factor in your ability to meet the needs of customers, but let’s face it — yesterday’s methods for stocking dealership lots are antiquated, lacking the zest and speed that modern consumers desire. Shopping for cars has evolved into a hybrid approach that combines traditional brick-and-mortar interactions with digital touchpoints. That means dealers need to be dynamic in how they acquire vehicles to meet the needs of a rapidly evolving consumer in the marketplace. The best avenue to achieve that is by learning what consumers want.

Put simply, the 275 million used vehicles that are driving on American roads are continually sought out for a variety of reasons. As consumers grow out of their leases, payments or simply want something new, your dealership will ultimately play a vital role in providing used vehicle options.

As a result, those vehicles on the road are potential pieces of inventory. A dealership’s goal should be to shorten the gap and provide opportunities for consumers to trade in their cars no matter what their situation is. This approach toward consumer acquisition is important as it provides dealerships the chance to stock automobiles that will sell quickly to their unique customer base.

How Can Dealers Accomplish This?

The first step should include covering your basics. Start with a process that simply asks customers to trade their vehicles into your dealership. This can be done through your sales team, BDC, or even the service lane. Don’t be afraid to ask your customers if they are thinking about moving into a new car or truck. Many shoppers may not realize they are ready to get rid of their vehicles, so give them the motivation to do so. You don’t have to create a hostile, high-pressure environment; rather, you can act as a consultant and provide them with options while they are on your lot. Be transparent in your approach and use a walkaround method for appraising their vehicle. Establish trust and be honest in pricing from the beginning.

What About Shoppers Not On Your Lot?

This is where digital marketing, social media, and widgets come into play. Acquiring consumer inventory requires you to break down friction points and offer bridges that connect your team with potential sellers. Particularly for widgets on your website, consider moving past antiquated solutions and integrate a modern tool that can increase your form completion rate, provide better accuracy on pricing, and deliver an improved overall experience. This is a surefire way to drive more street leads and pack your lot with not just any inventory … but the right inventory.

When it comes to acquiring consumer inventory, it’s about getting creative. Many dealers will put a sign in front of their store, while others try cold calling. Some will pay for advertising via TV commercials or billboards, but when it comes to grabbing the attention of drivers, the sky is the limit. Bring your team together and run a contest to see who has the best idea. Get a game plan in place based on your team’s feedback and execute them based on fresh ideas. Successful consumer acquisition comes from innovation, and now is the time to push the envelope.

At the end of the day, you need to think outside the box. As it was once said, “The definition of insanity is doing the same thing over and over and expecting a different result.” Stop doing things the old way and thinking they will net you more inventory. Approach consumer acquisitions as if your job and dealership depend on it — because in 2023, it does.

Strive to provide a transparent experience to your customers when looking to acquire their car. Platforms like ACV can help in providing a fair and honest price to your customer by leveraging advanced, accurate data. When it comes to buying vehicles wholesale, work with a partner that offers a full vehicle inspection so you know exactly what you’re buying before you make the investment, thus maximizing your overall profit.

Stu Zalud is Director of Strategic Partnerships at ACV Auctions. He can be reached at (843) 247-3565 or via email at szalud@acvauctions.com.