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Business Lessons From the Used-Car Industry

by Michael Polzella
Blue, silver and red parked cars.

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.

Glenn Gillen, APR, S&A Communications

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