The used-car industry enjoyed sales over $100 billion in 2016. Here are some good business lessons from the dealers.
1. Know your local market
Successful dealers know what models sell well in their market, who their competitors are, and what margins to expect.
2. Data is critical
Online platforms now track both the local wholesale and retail prices of used vehicles.
3. Collaborate with peers
Distant dealerships help each other out by selling and trading models that sell well in their market.
4. Maintain good vendor relationships
Dealers work with vendors for everything from signage and advertising to software.