Are you consistent with a U/C aging process?
- Determine what your aging policy is going to be, then stick with it!
- Aging policy has to be “pure”. In other words, if your aging policy is 60 days, then a vehicle must be off the books in 60 days, as opposed to, "Well, its 60 days so let’s determine what we will do with it".
- The best approach to aging is to review your inventory for pricing in 15-day increments. By the 45th day (on a 60-day aging policy), you will need to determine what is the exit plan for this vehicle.
- Check your reports for VDPs, price to market, competitive set.
- How many times has it been showed (key track will tell you if monitored)
- Are the descriptions good? Do they need to be revamped.
- Do you conduct daily inventory walks with salespeople first thing in the morning? If so, what are they telling you as to their impression as to why it hasn’t sold?
- Do we need to change anything about the vehicle (de-tint for example)? Detail again?
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