Are you pricing your inventory competitively? With WebManager’s Price Comparison tool, you’ll always know the answer.
What It Means
At a glance, seeing what your competitors are asking for a particular vehicle gives you a major competitive advantage. It means you can constantly adjust your prices to slightly undercut theirs, which is likely to bring you a lot more leads.
How to Use It
Click “Pricing” on any vehicle in your live inventory and scroll to the bottom for the green “Price Comparison” button. When you click on it, you’ll be taken to a page that shows you, graphically, where your internet price ranks against other local vehicles of the same year, make and model that are listed on eBay, AutoTrader and Cars.com. We even give you a price distribution chart that shows you how to adjust your price to be competitive, but still profitable.
We also provide a simple, easy-to-understand graph that represents the highest, lowest and median internet prices for each marketplace. If you click the green “View” button, you can actually go to these vehicle listings to see if there are additional factors affecting their price; such as mileage, extra features, vehicle wear, etc.
Plug In Your Own Info
If you haven’t assigned a price to your vehicle yet, you won’t be able to compare it to the competition on these graphs. So let’s go ahead and add an internet price by scrolling back up to “Standard Pricing.” Enter a number that you think is a fair price for the vehicle, and hit “Save Changes” at the bottom left.
When the page reloads, you’ll see your price plotted against the prices offered by your competitors. In the second graph, you’ll want to make sure the green diamond representing your price is somewhere in the middle of the cloud of other dots. If it’s way outside the cloud, your price is either incredibly low or too high to be competitive.