For RV dealers, the year’s final months often bring a season of slower sales. During this quieter time, your dealership can invest more effort in managing important end-of-year inventory needs. Let’s break down four steps to address essential inventory responsibilities this time of year:
1. Conduct an Inventory Audit
Inventory audits are essential to guarantee your dealership is prepared for the upcoming year. As part of your audit, complete a full count of physical inventory, thoroughly inspect your units, and identify aging stock.
Complete a Full Physical Inventory Count
A full inventory count is necessary for managing inventory effectively and maintaining accurate records moving forward. Adopt a dealer management system (DMS) that streamlines and simplifies the counting process. For example, a capable DMS can run numerous count types, including a full inventory count. In addition, using a DMS allows you to keep inventory information up to date in one place and access accurate data later when making new deals.
Coordinate Unit Inspections
Just as important as verifying inventory quantities, you should inspect each unit to detect any maintenance or repair needs. By proactively inspecting your stock, you can schedule repairs and take care of maintenance promptly to ensure each unit is in sale-ready condition for the start of the year.
Identify Aging Stock
Take advantage of the extra time during the slower sales period to identify your slow-moving, older models. By determining the culprits increasing your holding costs, you can create a plan to maximize their chances of selling and avoid overstocking similar units that may sell slowly in the future.
2. Evaluate Your Lot Logistics
Your lot logistics can either improve or hinder efficiency across your dealership. To maximize your lot’s arrangement, you’ll want to detect any inefficiencies, establish clear parameters, and designate space for new models. When your lot is set up efficiently, your employees can operate at peak productivity levels.
Detect Layout Inefficiencies
Buyers should be able to navigate your lot with ease. Make sure there’s ample room to walk around, with the models you want to highlight easily accessible and in clear view. Ensure there’s a rhyme and reason to your lot’s organization. For example, if your new, used, and consignment vehicles are all randomly spread out, consider rearranging the layout with clear sections for each.
Establish Lot Parameters
Using an inventory management system, your dealership can establish clear lot parameters and maintain organized zones.
Designate Space for New Models
To avoid future lot inconveniences, designate space for new models now — before they arrive at your dealership.
3. Prepare for the Winter
If your dealership is located in an area that experiences low temperatures, winterizing and maintaining your units is just as important as reminding your customers to get their own RV prepped for the cold.
Winterize Your Units
Be sure to take the necessary precautions to prepare your units for the harsh weather that comes with the year’s end. This is essential for maintaining the condition of your vehicles.
Perform Routine Maintenance
Have your service technicians get ahead on routine maintenance for your units during this quieter period. They’ll be glad they got this task out of the way before the busy season starts back up.
4. Hold End-of-Year Promotions
At this point, you’ve already identified the stubborn units that won’t move off your lot. The next step is to plan promotions to entice buyers to consider making a last-minute purchase to close out the year.
Holiday Specials
The end of the year is jam-packed with holidays. Encourage potential customers to stop by your dealership through limited-time holiday financing offers, discounts, or extended warranty packages.
End-of-Year Sale
You can take a more general approach by holding a year’s end final sale and offering discounts on select models, including last season’s units.
Conclusion
Using the slower sales period wisely will do wonders for your dealership when the new year arrives. Take time to address and evaluate all your end-of-year inventory requirements so your business can operate more efficiently moving forward.