The internet makes competitively pricing your used car inventory essential. To arrive at the right price, do you trust your instincts or shop ’till you drop? Like many dealers, you’ve likely relied on intuition, priced your inventory from cost up or spent countless hours poring over other dealers’ ads and scouting their stores. Now, thanks to new reporting tools included with your Cars.com advertising package, the market pricing information you need is just a few mouse clicks away.
Price with the market
As you know, price – particularly car buyers’ perception of it – plays an important role in driving traffic for your listings. If you don’t include a price or set it too low, customers assume the worst about the vehicle; set it too high, and they won’t look at it. Dealers with the highest close rates tell us they take their lead from similarly equipped models in their market and adjust up or down based on their listing’s mileage, condition and availability.
Cars.com OnlineAdReports make pricing easy
What was once a tedious and time-consuming process can now be accomplished in a matter of moments, thanks to market pricing information from Cars.com. In the Cars.com Vehicle Inventory Report, the price of your vehicle appears above the average price for vehicles like yours in your market.
To get this information:
1. Access your Cars.com OnlineAdReports by logging in to your MyDealerCenter account at http://dealer.cars.com. (If you need your user name and password, please contact your Cars.com sales representative or Cars.com customer support at 800.298.1460 or firstname.lastname@example.org.)
2. Click on “View Inventory Report.”
3. To the right of each of your listings, compare your vehicle’s current Cars.com price with the market-average price for that vehicle to the make/model and trim level on Cars.com. Also in this row, you can see how many days the car has been listed and the type of traffic (e.g., phone-ups, walk-ins, emails and clicks to your store’s website) it has generated.
4. To adjust your price, click on the vehicle’s model name or vehicle identification number, then click “Edit Vehicle Info” when the new page appears.
Remember to sell the sizzle
Once you’ve set a competitive price for your car, be sure to tell its story. Customers form the emotional bond that leads to a sale when they understand what makes the car special and that they’re getting a fair price.