Managing inventory efficiently allows a dealership to stock a sufficient quantity and desired variety to meet the public demand. Insufficient levels can be detrimental to your business by causing delays and loss of sales. Stocking units that are unpopular can be costly and result in lack of sales.

Inventory purchasing is typically one of the largest expenses of a dealership. Consider the following to obtain a guideline of how to purchase and determine quantities:

Use market research to identify popular sales in your target area. An excellent choice to aid you with this process is BookItOut.com.
Analyze sales from previous years.
Study the economy forecast for the coming period and determine how purchasing will be affected.
Compare the effects competitor sales have on your sales.
Learn from experience of what to buy and in what quantity.

Managing your inventory is best resolved with a Dealer Management Software which provides the ability to track your purchases and sales data. Deal Pack software offers a superior solution to accomplish this goal giving you access to detailed reports as well as accounting integration for the ultimate advantage.