According to figures from accountancy firm UHY Hacker Young, the value of inventory held by UK dealerships has risen to £27.3 billion, a 16% year-on-year rise. Automotive industry software specialist, SalesMaster have created a solution to counter this rising trend.
Its award-winning STOCKBOOK increases vehicle stock turn, freeing up capital and helping to meet targets without resorting to heavy discounts. The software also compiles dealer group information to streamline management processes and enable real-time stock auditing, helping to promote upselling and optimise utilisation of existing stock.
“There is up to £4.8 billion tied up in unsold stock within UK dealer networks, which is an extraordinary commitment of capital that represents a significant opportunity for streamlining of operational retail processes,” says SalesMaster Managing Director, Chris Stott. “Stock flow denotes efficiency levels, and we aim to provide dealer groups with the visibility and accuracy required to remove physical forecourt stock limitations through smarter use of shared stock and order pipelines. STOCKBOOK enables the design of cross-location promotions, targeted offers and ensure that all sales teams are working together regardless of region.”
STOCKBOOK is powered by SalesMaster’s proprietary technology and offers a platform that replaces the excel spreadsheets and printouts that are the industry-accepted method of communicating available vehicle stock. It significantly improves customer response times by combining group-wide vehicle stock from DMS, factory and third-party systems, and provides real-time ability to browse, search and reserve from stock at any time.
“We aim to do more than just compile data; STOCKBOOK provides the intuitive platform to use dealer group data to analyse purchasing trends, stock flow and better understand vehicle lead times and pass this knowledge on to retailers and customers,” continues Stott. “By moving traditional processes online, STOCKBOOK is instigating the evolution of the dealership retail experience. STOCKBOOK increases visibility and the accuracy required for true modern retailing – negating the need for unnecessary inefficiencies and hopefully reversing the trend of increasing inventories and unsold stock. STOCKBOOK eases the process of pairing buyers with their perfect vehicle, at the same time removing the dependency on factory orders, reducing customer lead times and optimising retailer and manufacturer stock.”
As part of SalesMaster’s FLEETBASE solution, STOCKBOOK has been recently presented the Back Office Innovation award by the prestigious International Auto Finance Network (IAFN) Awards. The IAFN Awards reward excellence and innovation within the automotive leasing and lending industries.