Is imagery the biggest blocker to getting used cars on sale?
One-third of dealers say that time spent taking or obtaining photographs of their used car stock is the biggest issue they face when it comes to imagery and listing a vehicle online.
That’s the feedback from 86 dealers responding to research conducted recently by Manheim.
Drilling down into the numbers reveals further pain points, with inconsistent image quality, and preparing the vehicle for imagery appearing in the top three challenges for 78% and 71% of respondents respectively.
In a used car business model, margins are everything, so wasted time means reduced profitability. It’s vital that dealers list their vehicles online as quickly as possible with high-quality imagery to attract potential buyers.
According to research carried out by cap hpi, a standard used family hatchback such as a Ford Focus can depreciate an average of £7 a day. Our own research shows that on average it takes 60% of used car dealers three to four days to list a vehicle online with images from point of purchase. That means a potential loss of over £20, on every single vehicle, on an already tight margin.
One of the main reasons for delay is the time it takes a dealer to transport, prepare and photograph a car once it has been purchased at auction. This can be lengthy process in a business that relies on a quick turnaround for the most profit.
Philip Nothard, Customer Insight and Strategy Director - Cars, says: “Autotrader in the US found that car buyers spend 59% of their time researching online, and we know that consumers are far more likely to view a vehicle listing if it has images.”
“By advertising the vehicle as soon as possible, dealers will generate interest in their vehicles faster and reduce days to sale, therefore maximising profit opportunity.”
“We recommend that dealers look for ways to bring efficiency to the process of photographing a vehicle once purchased online or at auction, in order to reach its greatest profit potential.”