Consumer demand and sales performance have shifted significantly in 2020 with a strong start to the year halted by lockdown restrictions. Preparation was key for the reopening and retailers were able to bounce back quickly, with many reporting record performance in July, August and September. Following such steep ups and downs, now is a great time to take stock and revisit your year-end goals. Focus on the opportunities that lay ahead and adapt your online forecourt to capitalise on strong consumer demand.
Source: n=65 Live webinar poll: Finishing the year strong with Nathan & Daksh. Watch on demand
Revisit your year-end target and work out your gap to goal
Identify the opportunities in the market
Review your forecourt stock with Retail Check
Consider your stock profile with Market Insight
Can you still hit your year end target?
Now is a great time to think back to your year-end goal when you set out in 2020 and how it evolved during lockdown. Most retailers were overwhelmed by the speed of the recovery and some are now reporting that they are back on track to hit their year-end goals or even ahead of target. Work out your gap to goal and think about whether you can push on towards the same target or if you need to reset ensuring a strong close to the year. Our Account Managers can help plug the gaps and accelerate your sales performance towards a goal.View our masterclass module on building a strategy
There’s a number of opportunities to succeed
Performance remained robust throughout September on Auto Trader despite the tightening of Government restrictions. Financial support packages for businesses and the furlough scheme are currently underpinning the economy and has increased cash reserves for many households according to the Bank of England. Throw into the equation travel and leisure restrictions and people have more disposable income for big ticket purchases such as a car or van. Driving school RED told us that enquires for driving lessons are up over 100% YoY, as people look to avoid public transport, as people look to avoid public transport, an indication of further pipeline demand for new buyers entering the market. It seems the window of opportunity has been extended and just how much of that lost revenue can you as retailers recover?
Source: Auto Trader on-site surveyRead our latest blog from our CEO on the performance of our marketplace
Our latest data shows huge demand for commercial vehicles
Reviewing your forecourt stock
Consistently reviewing the strength of your live market positioning for your forecourt stock is essential. Use Retail Check to review supply and demand in your local area, plus how you’re priced versus your competitors. Making slight adjustments will help reduce your average days to sell and provide an indication of what’s selling quickly in your local area. Look for stock with a high retail rating and support your experience with valuable data and insights.
For vans, regularly check your pricing for all vehicles versus the live retail valuation. You should also review your positioning versus your competitors in search to optimise your price positioning and days to sell.Find out how Retail Rating works and how it can help you
Watch the masterclass on pricing to market
Find out more about van valuations
Is your stock profile right?
You need to strike the balance between popular stock that sells quickly and profit margin. The wholesale market was slow to pick up compared to the retail market, which led to high demand and inflated prices at the auction. It’s likely you’ll face stiff competition for the most sought-after stock, so don’t be afraid to switch-up your profile to capitalise on the opportunities in the market. A low risk strategy could be to hold onto your part exchanges and use them to target that segment of new buyers entering the market.Use Market Insight to identify what’s happening in your region