Increase in unsold vehicle stock turn could release up to £27.3 billion according to leading UK Accountancy firm
Increasing stock turn efficiency releases capital and reduces the need for heavy discounts on stock vehicles
STOCKBOOK from the SalesMaster platform enables effective utilisation of vehicle stock
STOCKBOOK enhances and displays vehicle data across multiple locations and devices in real-time
Milton Keynes, UK, October 26th, 2017... 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.
SalesMaster is an automotive industry software specialist that is using data and technology to evolve the way vehicles are transacted. The company works with vehicle manufacturers and dealer groups, providing the software to host, amalgamate and display live data across multiple locations and devices – enabling end-to-end lead management, precise stock tracking, real-time access to nationwide new stock vehicles and greater visibility and understanding of supply chain processes within dealer groups and across the automotive industry. SalesMaster provides a more dynamic automotive retail experience for car buyers and enables a streamlined management process for dealerships that can also promote up-selling.
The SalesMaster range of FLEETBASE, STOCKBOOK and DEMO DIARY products are powered by the company’s proprietary technology, which has been designed to optimise the benefits that can be brought by precise data management and analysis through visibility of business operations.
SalesMaster products have recently earned industry recognition from the International Auto Finance Network (IAFN) Awards. Its FLEETBASE platform won the Back Office Innovation category, which recognises the processes that support client-facing activity within the automotive leasing and lending industries.
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