GNYADA September 2017 Newsletter

AlliedMember Memo

Speeding the Wholesale-to-Retail Process 9

Since 2009, the gap between list price and transaction price has steadily declined. Here are some ways dealers can overcome this margin compres- sion by infusing speed and efficiency into their wholesale-to-retail process: Inventory Acquisition Technology can provide dealers with specific stocking recommendations based on their market demand, sales volume, and profit goals while factor- ing in reconditioning, transportation, and other costs. For example, vAuto’s Stockwave can aggregate listings from auction houses across the coun- try, displaying profit potential and maximum recommended bids for each vehicle. Buying inventory online, via simul- cast auctions and digital wholesale marketplaces, can expand a dealer’s

radius to provide fast and convenient access to a larger pool of vehicles. Floor Planning To fund vehicles that have been sourced, consider partnering with a vendor that can offer the capital and expertise needed to make inventory available without spending dealer capital. A floor-planning provider that offers integration with auction plat- forms can provide the agility needed to get sought-after vehicles to market quickly. Transportation Logistics Consider centralizing with an insured transportation provider that special- izes in smaller loads and can match the best carriers to your specific loads, location, and budget. Also look for guaranteed prices, transportation routes, and schedules. skills in this ever-changing environment, dealers can turn to the Association’s 2017-2018 Workshops & Seminars booklet. In addition to our workshops and courses, GNYADA is also offering four Dealer Essentials Seminars , addressing the complex regulatory and legal issues dealers face on a daily basis. New for 2017-2018, the Association will conduct webinars on a number of topics relevant to franchised new car dealers in metro New York, allowing you to experience GNYADA’s educational offerings from the comfort and convenience of your dealership. As always, each GNYADA Education and Training program features skilled

Rapid Merchandising Getting Vehicle Detail Pages (VDPs) online before they leave the auction can significantly improve the chances of moving inventory quickly. When possible, photos can be taken, acquired from a wholesale listing, and posted online while the vehicle is in transit. This article was provided by Cox Automotive, a GNYADA Allied Member offering dealers industry-leading digital marketing, software, financial, wholesale, and e-commerce solutions. The Cox Automotive family includes vendors who can assist with each of the above whole- sale-to-retail steps, such as Manheim®, NextGear Capital®, vAuto®, and others. For more information, visit www.coxautoinc.com . speakers with hands-on dealership experience. You can identify the educational programs that meet your dealership needs by reviewing the 50+ options in the course catalogue, which has been sent to your dealership, or by visiting www.gnyada.com/education . Pricing is $120 for a half day class, $175, for a full day class, and $199 for 2 day seminars, a slight increase from last year. For more information about GNYADA’s educational offerings, or to reserve a seat at a seminar, call 718.640.2012.

GNYADA’s 2017-2018 Workshops & Seminars 10

A dealership’s need for education and training is never-ending. Necessities evolve, new challenges arise, and priorities shift. To continually enhance their staff’s knowledge and

Greater New York Automobile Dealers Association • www.gnyada.com

The Newsletter • September 2017

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