Dominion DMS

#RefreshFriday Merchandizing - Someone is Launching a new Service | Joe Pistell

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#11
Need some advice on how to communicate this concept.
AutoMagicLabs.ai is a startup in beta. We're nearly 1000 VINs into this journey, we're gathering the statistical evidence (i.e. top down data), but, our service is soooo "One VIN at a Time", we get excited when we see old iron selling.

We begin our process with merchandising the oldest units in stock 1st. We've chosen to track sales are our KPI (leads and engagement stats will come later.)

We're seeing great before and after stories like you see below.
1688563700126.png

I have dozens and of these occurrences
1688564206223.png

1688591490745.png


From the top down POV, the Before and After looks great.
1688650007312.png

We're in beta, the sample size is growing fast, but is still small.

Thoughts? Questions?
-Uncle Joe
 
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#12
Bill Bertram at Reymore Chevy (the dealership referenced above) and I were on the phone this morning. He said he's turning cars so fast he's got a whole new stocking problem, but he loves that problem!

Bill will be on TradePending's next webinar on July 12th. He's doing a few things to be as transparent with the shopper as possible while doing all he can to work within the hoops GM is pushing. I like what he's doing!

Link to webinar
 
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#13
joe.pistell said:
Need some advice on how to communicate this concept.
AutoMagicLabs.ai is a startup in beta. We're nearly 1000 VINs into this journey, we're gathering the statistical evidence (i.e. top down data), but, our service is soooo "One VIN at a Time", we get excited when we see old iron selling.

We begin our process with merchandising the oldest units in stock 1st. We've chosen to track sales are our KPI (leads and engagement stats will come later.)
Click to expand...


That's impressive @joe.pistell - to see vehicles in stock for that long to turn around and move so quickly after your added touch. Can you confirm nothing else changed with those vehicles (photo retake, pricing, added ad sources) other than what AutoMagicLabs added?
 
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#14
Jeff Kershner said:
Can you confirm nothing else changed with those vehicles (photo retake, pricing, added ad sources) other than what AutoMagicLabs added
Click to expand...

Great questions @Jeff Kershner. We only have top down data on price discounts (i.e. Dolan rolls all price drops into a single bucket). We're building a VIN discount tracker.
That being said, I think a better data point would be what 'deal bucket' is this VIN in? Or, what is vauto's Profit TIme ranking (Bronze, SIlver, Gold, Platinum)

Dolan Toyota:
1688674295522.png

Before: 94 Days online. After: Sold in 4 Days​

1GCHTCEN5H1327340

Unscientifically, I am seeing best performance if the VIN is in good/great deal buckets. This Colorado has spent weeks in good/great before we added the 'AutoMagic' to it.
 
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#15
Alex Snyder said:
Bill Bertram at Reymore Chevy (the dealership referenced above) and I were on the phone this morning. He said he's turning cars so fast he's got a whole new stocking problem, but he loves that problem
Click to expand...

Here is a look at AML's performance with our pilot store Reymore.com. We began very slowly in mid Jan. with the oldest VINs 1st.

Results? This chart shows what "retailing out of aged" best case looks like.
1688913681771.png
This chart (above) looks at Reymore's aged units as a % of it's standing USED inventory.

From my POV, Reymore.com was a perfect test bed (see below).

Looking at avg age of used retail SALES, we get confirming trends
1688914146040.png
SALES of old VINs is how you whittle down the pile.

Reymore.com was a perfect test bed.
  • Small Chevy point in semi-rural setting. Shoppers have to drive by the 'big chevy points to get to reymore. (i..e. Reymore is not a big brand store, they have to work hard to draw traffic past the mega stores)
  • A very progressive GSM (Bill Bertram) knows he has to work harder to get the sale. He has near zero sales rep turnover, a 'team sale' payplan, high review ranks, and liberal use of D.I.S.C. tech. Bill prefers small batch IPAs and he prefers Small Batch Vendors too (i.e. frikentech, Search Engines MD, AutoMagic Labs, etc). He keeps his ad budget low, works the classified sites, prefers not to buy upgrade packages. Reymore has a dedicated UC buyer that is an exceptional sniper ;-)

Reymore chooses to retail out of aged.
They don't use mega discounting to sell down it's aged.

Below is Reymore's current 'deal bucket profile' for it's > 70 day old VINs. Very sleepy
1688914309633.png

This is Reymore's current 'deal bucket profile' for ALL VINs.
1688914735677.png
Very sleepy. Bertram chooses to out work his sleepy competitors. Small batch vendors are his 'ace in the hole'.

Summary: Reymore spends less,
  1. less on ads,
  2. less on VIN discounting.

p.s. Dolan Toyota is our 1st beta and the end of June marks the 45 days. Data is being compiled... more as it comes.

p.p.s. if you have questions or thoughts, feel free to post or DM me.
 
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#16
Hey JoeP I think you stole my idea? see link below. LOL

New Inventory - Photos/Transparency

If "Using the right strategy on today’s savvy internet car buyers can dramatically increase shopper trust, maximize brand loyalty and greatly improve customer satisfaction", then why not populate ads instead of photos in your VDP's? Sick of reading all over this forum about how bad the website...
forum.dealerrefresh.com forum.dealerrefresh.com

Congrats on the automation. If you ever need any manual entry help please let me know.
 
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