Tuesday 31st May 2022 saw Automotive Management host its General Managers’ Guide webinar on Holding the Right Stock. We were delighted to sponsor and participate in this almost 1-hour discussion with industry experts. The panel was hosted by Tom Sharpe, news and features editor at AM, the panel consisted of Nigel Hurley, CEO at CarShop, Matt Kay, CEO at Cartime, Dominic Gouldsborough, Head of Sales at Waylands and John Hogan, CEO and Chief Data Scientist at RWA Automotive.
The webinar began with Nigel explaining how they look at both internal and external data every day to buy and manage stock. CarShop collects data from many different sources using custom built softwares, this gives them the ability to look at their stock from various parameters such as age, price, brand and more. Nigel reiterates the point that looking at the data every day is vital to ensure you manage your stock effectively and to make intelligent decisions about price and stockturn.
A key topic throughout the discussion was how the used car market in 2022 is not the same as 2021 where we saw record profits. Matt from Cartime explains how we’ve entered a different market in 2022 and the market has shifted dramatically. John from RWA Automotive further drills down into this topic stating that in 2021 you could let a car sit for 60 days before selling it and make on average £500 extra per car. Compare that to this year where it is anything from £300 to £1000 of a reduction per car sold. The main takeaway from this is to have a fast stockturn. The ensuing discussion explored how this could be implemented.
If you missed out on the live webinar, on Holding the Right Stock, you can rewatch it HERE:
If you’re interested in the PriceSmart solution mentioned in this webinar and finding out what else RWA can do for you, please visit our Automotive Solution page or email us at auto@realworldanalytics.com or call 0808 1890 617.
About RWA Automotive
RWA Automotive provides a cloud-based Business Intelligence (BI) solution that helps you become a complete data-driven dealer group. By bringing all your data into one place and delivering actionable insights to different levels in the business, everyone has the right information at the right time to do their job efficiently. The management will be presented with executive dashboards where they can drill down to the details for further investigation. Your managers in the outlets get reports such as DOCs delivered to them automatically so that they can action issues on the spot. The solution is designed to help you stay on top of your business with all the information you need at your fingertips.
To find out more, visit our Automotive BI Solution page or email us at auto@realworldanalytics.com