Used car trends and what you need to know now.

Online inventory platforms like SmartAuction don’t just save time and create efficiencies. They can also help you navigate market uncertainty. To help you maximize our platform’s potential, we sat down with Josh Callahan, Senior Director, Remarketing Services at Ally SmartAuction, to talk about the used car landscape, what’s next on the horizon, and how online auctions can help you come out ahead.

The State of the Market

From high interest rates to lingering supply chain issues and a global chip shortage, a wide range of factors have recently exerted pressure on the automotive industry (and will likely continue to do so). What hasn’t changed is customers’ need for the right vehicles at the right time and price. An online auction platform can help you manage your inventory and stay ahead of the curve. In today’s climate, your online auction platform is your best friend, allowing you to do your job faster and on your own time. While in-person auctions will always have their place, virtual auctions allow you to take a broader view of vehicles available nationwide.

With SmartAuction’s two live auction windows, you can see a car in the morning, have time to assess key information regarding the vehicle’s value, and then place a bid accordingly that feels in line with your profit objectives.

Maximizing Opportunity

When it comes to pricing decisions, trusting your gut is easier when you’re backed by solid research and real-time data. Josh Callahan, Senior Director, Remarketing Services at Ally SmartAuction, calls this the “half art, half science” of auction bidding. SmartAuction contributes to this equation by offering more cars and a longer bidding window so you have time to assess what’s out there…and then get exactly the cars you need to drive your dealership goals.

Here are five tips to help make the most of Ally SmartAuction:

1. Look daily: Every day, 30k+ cars are on the platform for your perusal, and approximately 12k vehicles are first-day vehicles. New inventory gets added with every auction window. If you don’t see what you want today, there’s a good chance you will tomorrow.
2. Use the “Saved Search” function: Make sure your preferences are optimized to your market and to your lot. Then, set your search criteria to help you find what you’re looking for with preferences such as vehicle type, year, make, model, vehicle mileage, distance and more.
3. Buy your way: Play the long game and bid, or choose to “Make Offer” or “Buy Now” if you see exactly what you’re looking for. Also, don’t miss out on available rebates, incentives and rewards. The more you purchase through SmartAuction, the better your rewards will be.
4. Sell your way: Use the SmartAuction mobile post app to log new vehicles quickly and get them on the platform ready for sale. Capture accurate condition reports and upload other pertinent information in a matter of minutes. Once your inventory is listed, trust our platform to go to work. Almost 70% of dealer-owned vehicles sell by the first or second auction day.
5. Plan ahead: Don’t let existing inventory sit too long. Our rule of thumb: keep 30–60 days worth of vehicles on your lot at all times, and update them frequently so that customers always have fresh options.

Looking Toward the Future

The world is only getting more digital. Now’s the time to get up to speed on new ways of doing business, especially as the market continues to evolve. When buying or selling online, it’s critical to trust the platform and the people behind it. Callahan notes, “Ally’s a trusted name — a lot of dealers do business with Ally on a daily basis, whether through SmartAuction or our other business lines in Auto Finance.”

Add to that our dedicated Remarketing team and our SmartAuction Call Center, and you’ve got a powerful tool in your arsenal to manage inventory, roll with the punches, and outpace the competition. Log in today to see what SmartAuction can do for your lot.