New-car sales are red hot this year; however, many dealerships still feel the pinch when it comes to acquiring used-car inventory. A missed opportunity, one of the biggest pools of quality used-vehicles is largely untapped: customer trade-ins.
According to a recent study by C+R Research, less than half of all consumers who initially consider trading in their car or truck to a dealership actually do. Rather, the bulk of consumers opt to sell their vehicles independently for cash, leaving the average dealership out of the loop. Another issue of perception, dealerships have to go above and beyond to show how their vehicle trade-in programs are as competitive as other trade-in options.
To begin to shift this trend, dealerships should work to merchandise their car buying programs online and in-store, and look for new channels to connect with potential sellers. Doing so can help promote a positive, mutually beneficial vehicle trade-in experience and lift the number of vehicles a dealership acquires each month.