Parkway Motor Group who represent Volkswagen across 4 retail car dealerships in Derby, Leicester, Kettering and Northampton, have seen a 20% year on year increase in used car sales to July since installing eDynamix StockMaster. Used vehicle profits in this period also increased by almost £750,000, while average days in stock across the Group has decreased by nearly 40% to 42 days.
Mark Barrow, Group Head of Retail Sales at Parkway, said “StockMaster has helped keep myself and my team focused on the key metrics any business should be looking at, including the days in stock trends and the stock mix. Both are crucial elements to a successful used car business, however these figures aren’t readily available for most DMS systems on the market and can easily be overlooked or ignored without it.
“What we are now able to do is manage the process a lot closer and react real time during the month if we have concerns over vehicle run rates or margin/stock mix trends. As a business that holds over 800 used vehicles on stock, this is invaluable.”
eDynamix StockMaster uses stock data from DMS systems to provide a consolidated group view of vehicles available for sale. With tight integration with Autotraders iControl software the system alerts users to price movements, ad view shifts and desirability changes for vehicles in market, nationally and regionally, on a daily basis. This allows dealers to actively monitor and adjust their selling prices to ensure all stock is competitively priced. Stock videos and photographs are also populated using eDynamix VIDEO1st app, with all stock and media available within Sales Desk, eDynamix new lead management platform.
Barrow added “Key tools are now available to use such as vehicles missing images or video, vehicles not advertised or price differences during a price change exercise meaning we can manage by exception on the cars that aren’t performing as well as other cars and we can really understand the reasons why – and most of the time it’s not the price!
“We are set a specific target by Volkswagen to achieve our used car target, and YTD we are currently 115% of that objective, with some huge momentum behind us to hopefully end the year even stronger.
“The majority of this has been down to being able to have such an interactive and visible stock system. From the Managing Director down to the Sales Executives, we can see the stock and have real ability to poke those dark corners to ensure no stock goes unnoticed. This is crucial to affect all areas of the business, not least the profitability. StockMaster is now a hugely crucial cog in our business and I’m looking forward to building on the success we have had already in the short time we’ve used it.”
Iain Nickalls, eDynamix Director, said “Pricing used cars can sometimes be seen as a dark art with a lot of how people have previously priced to market or price checked been on “gut” feel. With StockMaster and Autotrader iControl integration dealers can use a much more scientific and measured approach. StockMaster actively alerts users that there are certain cars that aren’t performing to market allowing them to act accordingly to positively affect vehicle turnover and profitability.”