How to Address an Inventory Shortage

According to a recent survey, 76% of in-market car shoppers are aware of the ongoing chip shortage. While car buyers may be aware of the impact this shortage has on the market, they're not necessarily more understanding when it comes to limited availability. This might sound bleak at first, but in reality, it presents you with a unique opportunity to build trust with your customers.

Though there’s no complete certainty with regards to when inventory levels will return to “normal,” there are a few things your dealership can do to minimize the impact that this shortage has on your customers’ car buying experience.

Improve Communication

The single most important thing you can do to navigate inventory shortages or production delays is to create a data-driven approach to your customer communication efforts.

Though it’s likely that your available inventory is flying off the lot, it’s instrumental that your dealership does not stop communicating with your customers. With both – inventory availability and dealership loyalty at all–time lows, engaging buyers with personalized messaging is critical in standing out from the crowd. Identify opportunities to engage audiences with on-brand messaging that keeps customers informed throughout their entire car buying journey.

Your sales team is likely following inbound units just as (if not more) closely as your customers that are eagerly awaiting for an opportunity to buy. And as your dealership acquires more pre-owned units via trade or auction, your team needs to have a concrete strategy for marketing your newly available inventory.

What this means, is that your dealership needs to create a plan reflective of your brand promise, while keeping your customers informed in how your team is handling the inventory shortage, and provide various opportunities to meet your customers’ unique wants and needs. It’s imperative that you remain transparent and proactive throughout this process.

Maintain Transparency

Dealers should consider creating an easily accessible information center on their website, where any frequently asked questions are answered. For example – is your dealership selling inbound units or allowing customers to reserve specific vehicles while they wait?

If you are taking reservations, one way to provide more transparency on your website is to clearly tag and label your “reserved” and “in transit” inventory. Driverseat allows you to do both of these things, while also suggesting other available vehicles as an alternative to every car shopper.

Schedule a 15-min demo, and we’ll show you how your dealership can improve your customers’ car buying experience without any additional efforts from your team.