- 9 Jul 2024 Author: Michael Johnson
Business intelligence and car dealer analytics streamline inventory management by giving you a centralised platform to access real-time inventory data.
Previously, only big brands could afford sophisticated business intelligence tools. These days, most dealerships can find an inventory management solution to suit their needs. In this post, we unpack how these tools can improve your dealership.
Dealership solutions lead to better inventory management
Top inventory benefits to implementing business intelligence and analytics include:
- Meticulous inventory tracking — by tracking and delivering timely inventory reports and alerts, you can limit shortages, shipment delays and product deterioration. You'll know the status of every car and aftermarket product. This can benefit upselling, as you'll be aware of the options offered both by your dealership and manufacturers.
- Efficient stocking - AI-driven analytics can make supply-and-demand predictions in real-time, helping you avoid over- and understocking. By measuring sales and prices, you can reduce your slow-turnover stock.
- Improve dealership processes — business intelligence can allow for data gathering and dealership analysis, offering greater insight into your performance. You can leverage these insights to optimise your processes and boost performance.
Apart from these general benefits, car dealer analytics and business intelligence can assist your used car and wholesale inventory management. Let's dive in.
Managing your used and wholesale car inventory
The success of your used and wholesale car departments depends on careful inventory management — a factor that business intelligence can greatly improve.
Imagine a trade-in arrives at your dealership. The right inventory solution will limit human error by guiding how this vehicle is appraised and registered. Analytics can be used to decide whether this car should be added to retail or wholesale stock.
As it enters the refurbishment phase, business intelligence can feed you real-time information, helping you keep costs in check while updating your profit forecasts. Efficiency tools can ensure that your stock quickly gets to market. Dealer analytics can also re-evaluate old units and optimise prices.
All this that your used vehicles are accounted for and sold at the fastest possible rate.
Analytics improves aftermarket performance
As aftermarket inventories become more complex, especially with an increase in SKUs, dealerships are turning to analytics to replace aging solutions. A key challenge is knowing what to stock and in what quantities.
Dealer analytics tools solve this by crunching sales and customer data and making inventory recommendations. The more data you feed your analytics tool, the better it gets at predicting buyer behaviour. These tools can also identify old stock and initiate promotions to sell them off.
Another benefit comes from business intelligence that tracks your whole dealership. By providing a holistic view of dealership inventory, aftermarket managers can align their stock with the car models that are sold by the dealership. By keeping the aftermarket department in the loop with deals, they'll have the customer and model information needed for a frictionless sales process.
Improve your revenue with dealership reporting.
How SalesLogs can help
If you’re curious about car dealership analytics or business intelligence, then you might be wondering if there’s a solution that fits your dealership. Fortunately, many software products are specifically tailored for auto dealerships.
At SalesLogs, we offer an easy-to-learn dealership intelligence solution that helps dealers manage their inventories.
Our solution includes the following features:
- Real-time inventory feeds for your whole fleet
- DataGrid — our unique data capture tool
- Refurbishment, wholesale and trade-in tracking
- Communication channels that ensure efficient deal pipelines
- Multi-level permissions to control who sees your data and at what point
- KPI dashboards that drive aftermarket performance
If you want to see how SalesLogs can improve your inventory management, use the link below to book a free demo with one of our representatives.
