Workflows help get the most value out of your auto dealership’s inventory. Here’s how to develop and implement workflows that make your turn time measurable and efficient.
Like every auto dealer, a fast, efficient inventory turn time is essential to your bottom line. But, achieving that result can be difficult, particularly if you ignore workflows.
Ultimately, workflows make your turn time more measurable and efficient. They consist of a set of observable and repeatable activities that can be used to automate all or part of a business process and ensure that process will be executed correctly time and time again. As such, workflows help you save time, money, and resources by improving operations and providing your customers with the best products, services, and support.
What workflows do for auto dealers?
In terms of your auto dealership, inventory workflows help you keep stock up to date, offer the best pricing, and improve customer satisfaction. Inventory workflows put processes in place for whenever a car is sold or acquired that quickly update your inventory, allow you to see which cars are selling quickly, and help you map out future inventory requirements.
These kinds of inventory workflows ensure you’re well-equipped to set minimum and maximum quantities for certain cars, too. As a result, you can use workflows to avoid the risk of keeping too many or too few of certain models in stock at the wrong times.
Let’s not forget about the benefits of using workflows to account for new cars, either. With workflows, you can seamlessly incorporate new cars into your inventory. That way, you can use workflows to ensure your customers can consistently access the best cars, at the right prices, time and time again.
3 Ways to create effective inventory workflows
Inventory workflows that work well for one auto dealership won’t necessarily benefit your dealership. These workflows can vary based on the size of your dealership, the time and resources at your disposal, and other factors. Fortunately, there are several things you can do to create effective inventory workflows, including:
1. Examine your everyday inventory processes
Assess current inventory and the processes used to manage it. To evaluate inventory, examine the number of cars currently available, recent sales, and other pertinent data. Meanwhile, to review inventory management processes, evaluate the length of time it takes to update your inventory after a car is sold.
There is always room for improvement, particularly when it comes to your everyday inventory processes. If you examine your inventory and the processes used to manage it, you can identify the steps that take place from sales process to acquisition. Then, you can look for ways to consolidate steps and optimize inventory turn time.
2. Perform continuous workflow monitoring
Conduct regular assessments of inventory workflows. In addition to tracking inventory turn time, you should establish baselines for your workflows. Turn time and workflows can be monitored daily, weekly, monthly, and annually, which enables you to find ways to drive continuous improvement.
Thanks to regular assessments, you can identify workflows that are ineffective or inefficient. If workflows are causing problems that hamper your ability to engage customers and provide them with cars they request, you can modify them.
3. Leverage a recon management platform
The recon process is a huge sticking point for most dealerships’ turnover rates. You can’t sell a car quickly if it spends two weeks in reconditioning. That’s where a recon management platform that offers transparency into every stage of the recon process becomes essential. This platform helps streamline inventory workflows, as well as accelerate recon time, reduce expenses, and cut down time-to-sale.
A recon management platform can also be used to provide visibility into the exact location of recon vehicles. This ensures the platform can track cars both on- and off-site to hold vendors accountable for their work and deadlines.
Additionally, a recon management platform can help you identify potential buyers for units still in recon. You can leverage these platforms to push early steps of the sales workflow into the recon workflow, which lets you start scoring leads, setting up test drives, and driving sales faster than ever before.
Need help creating workflows to improve your turn time?
Establishing inventory workflows can be challenging for an auto dealer, but ReconVelocity can help. We offer a recon platform that lets your dealership use a proven process to create and execute inventory workflows.
To ensure you get the most value out of our platform, we follow a comprehensive implementation and success process. First, we conduct a situational assessment, so we can perform a custom buildout of your automotive recon steps and process. Then we learn about your dealership’s unique logistics. Finally, we get down to the nuts-and-bolts of your day-to-day operations to make sure effective inventory workflows are established, and you can use these workflows to consistently optimize your turn time.
We are happy to teach you about our recon management platform, how it works, and its benefits. Request a demo today or talk to a recon expert: Call us at (850) 616-6294.