BEST INVENTORY MANAGEMENT SYSTEM- CAR DEALERS

Inventory Management - Car Dealer

BEST INVENTORY MANAGEMENT SYSTEM- CAR DEALERS

Inventory management refers to the process of ordering, storing, and using a company’s inventory. Inventory management is a very important function that determines the health of the supply chain as well as the impacts the financial health of the balance sheet. Every organization constantly strives to maintain optimum inventory to be able to meet its requirements and avoid over or under inventory that can impact the financial figures.

NEED FOR INVENTORY MANAGEMENT

To meet the Production demand, Production plan changes in response to the sales, estimates, orders and stocking patterns. Accordingly the demand for raw material supply for production varies with the product plan in terms of specific SKU as well as batch quantities.Holding inventories at a nearby warehouse helps issue the required quantity and item to production just in time

Market demand and supplies are seasonal depending upon various factors like seasons; festivals etc and past sales data help companies to anticipate a huge surge of demand in the market well in advance

Buying raw materials in larger lot and holding inventory is found to be cheaper for the company than buying frequent small lots. In such cases one buys in bulk and holds inventories at the  warehouse.

To take advantage of discounts and pricing.

If there is a price increase expected few months down the line due to changes in demand and supply in the national or international market, impact of taxes and budgets etc, the company’s tend to buy raw materials in advance and hold stocks as a hedge against increased costs.

Companies resort to buying in bulk and holding raw material inventories to take advantage of the quantity discounts offered by the supplier. In such cases the savings on account of the discount enjoyed would be substantially higher that of inventory carrying cost.

Long Lead and High demand items need to be held in Inventory

INVENTORY MANAGEMENT – CAR DEALERS

For most car dealers, the inventory management is a reactive process. But in the recent times, car dealers are opting for a proactive approach by actively seeking new inventory and streamlining the process.

The process includes

1.Source

The car dealers overlook the best source they have, i.e their existing customers. To best take advantage of existing customer inventory, sales and service must be connected, and dealership software can be a great facilitator. Your CRM, when integrated with an inventory management solution, can provide real-time inbound service appointment alerts. This enables dealers to make timely offers on customers’ vehicles.

Connecting your CRM and inventory management solution also helps inform smarter selling decisions. You can tie active leads in the CRM to individual vehicles in your pricing screens. When it is time to reprice, you have a clear picture of the customers you already know are interested in that vehicle. This eliminates the need for staff to try to remember (or guess).

2.Streamline your workflow

Software integration is critical. Without it, staff are forced to reenter customer appraisal information that has already been entered into another software platform, unnecessarily sucking up valuable time.

3.Appraisal

Proactive car dealers know that customers need to be provided with the best experience, every step counts — including appraisals. You must stay connected and transparent with each customer during appraisals, and technology can play a key role in making that happen.

The Mobile App feature helps to stay connected with the customer. With the CRM on Mobile App it is a big boon as the staff are always at the customers side and in turn provides a good experience for both the Mobile technology, in particular, can enable a better appraisal experience for customers. With the mobile functionality of some CRMs, salespeople can receive push notifications on the status of appraisals in real time. Equipping staff to stay by their customer’s side throughout the process will improve the experience for both parties.

BEST INVENTORY MANAGEMENT – CAR DEALERS

Moiboo offers the solution for inventory management with CRM for car dealers.

The main features include

1.DIGITAL AGREEMENTS

Agreements can be saved on the cloud. They can be created on the tab and signed digitally. Saves space and time.

2.INVOICING

Invoices can be sent through whatsapp / email/sms to customers. Great way to save paper

3.CONSIGNMENTS

Some jobs require approval from customers, this can be obtained over SMS

4. PROFIT PER CAR

Calculate the cost of every car sold and profits made real time. Helps you quote the right prices and reduces losses.

5. MULTI-CURRENCY

Transactions can be done in any currency as multi-currency facility is available.

6. VEHICLE MANAGEMENT

Set SMS reminders for due dates of Insurance, Maintenance etc of every car. Along with all statutory details

7. PURCHASES

Make informed purchases based on what is selling. Helps you reduce non-moving stock purchase.

8. DOCUMENT MANAGEMENT

Attach pictures, Insurance and other documents to every invoice on the cloud Never miss a document again

9. MOBILE APP

Be updated of the work being done on your mobile app.Helps you control your business from anywhere.

10. COMMISSION CALCULATION

Calculate commissions for mechanics automatically with pre-defined details. Save time at the month-end

11. ACCOUNTING

Create payment vouchers for driver payments and expenses. See Profitability of Business.

12. FLOOR CREDIT MANAGEMENT

Manage Floor credit transactions and Credit company accounts in the software. You can save      time spent on manual excel workings

13.INVENTORY MANAGEMENT

Maintain part number or serial number wise Inventory. Helps you manage the warranty issues

CONCLUSION

Inventory is a necessary evil that every organization would have to maintain for various purposes. Optimum inventory management is the goal of every inventory planner. Over inventory or under inventory both cause financial impact and health of the business as well as effect business opportunities.Moiboo software provides the best solution for inventory management.

For free demo: Click here

 

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