Acquiring pre-owned inventory is a challenge for many dealerships right now. Trade-ins only happen if you have a vehicle the customer wants. Equity mining in the service lane does yield results, but you are limited to current service customers.
Competition for inventory is fierce, so you need to be aggressive about acquisition. If you want to buy more pre-owned vehicles, you need to shout that message from your dealership rooftop to a large market of current vehicle owners without spending a fortune. That’s where video comes in. Video is the ideal marketing medium to reach a large number of people without a huge expense. Try using these strategies to acquire more pre-owned inventory.
Make an explainer video. Most people driving by your store or cruising around the internet don’t have any idea that you are willing to pay top dollar for their vehicle. Create a short video that explains the types of vehicles that you are looking for, and gives details about what to expect from your appraisal and acquisition process. Include contact information and any incentives you might be giving out, such as gift cards or referral fees.
Post and send the video everywhere. Many dealers post videos to their YouTube channel and call it a day, but that greatly limits the audience that can be reached. Post the explainer video on all your social media platforms and pay extra to boost the posts so that they get seen. Email the video to your database. Text it to your customers who have opted in for text communications. Post it on your website and create a digital video ad campaign that targets active car shoppers in your area.
Create a video experience landing page. An explainer video about your vehicle appraisal process may catch someone’s attention, but then that person has to decide whether they want to do business with your dealership. Are you trustworthy? Why should they sell their vehicle to you instead of to Carvana or another dealership? Answer these questions by creating a video experience landing page that features the explainer video plus several other videos that showcase your dealership’s core values.
When a car owner clicks on your video link, they will be taken to the landing page where they can watch your appraisal video. Then they can choose to watch other videos, such as a value proposition video and customer testimonial videos. If you have a certified pre-owned (CPO) program, include a video that explains the value of CPO vehicles.
Live stream the appraisal. Don’t make interested car owners drive all the way to your dealership to get a cash offer. Use a live streaming video app and ask the customer to show you the vehicle for the valuation process. Make your offer at the end of the video call. You can always say the offer is contingent upon the vehicle being in the condition that the car owner claims it is.
If you are not aggressive about acquiring inventory in current conditions, car owners in your area may never realize that you want what they have. Video is an inexpensive but compelling method of communication that can help raise awareness and encourage people to sell their vehicle to your dealership instead of to competing auto retailers.
