3 Ways MyLot Supports Daily Dealership Inventory Management
A busy day at the dealership brings plenty of inventory decisions. Which vehicles need a closer look? Does an asking price still make sense? Is it time to move a unit to wholesale? MyLot supports dealership inventory management on OPENLANE Canada by helping your team review aging stock, assess pricing and decide when to wholesale a vehicle.
MyLot brings vehicle information together on OPENLANE, giving those decisions a place in your daily routine. Here are three ways it can support a more consistent dealership inventory workflow.
1. Review Aging Dealership Inventory at Start of Each Day
A morning stock review is easier when you can see your vehicles together. MyLot includes vehicles you appraise, add to inventory or purchase through OPENLANE. You can also bulk upload units acquired elsewhere, making MyLot inventory management a single source for your daily decisions.
WIth days in inventory displayed and vehicles grouped into 0-30, 31-60 and 61-plus days categories, your team can use the age of your inventory to guide the day’s priorities.
For example, start by reviewing new arrivals, then check vehicles approaching your dealership’s next review milestone. An older unit might need a pricing discussion or a fresh assessment of its retail potential. This turns used car inventory tracking into a useful daily habit for managing aging dealership inventory.
2. Use Vehicle Valuation Data for Daily Pricing Decisions
When a vehicle needs a pricing review, its asking price is only part of the conversation. Your team should also consider the local market and what the dealership has already invested in that vehicle.
Through Market Guide 2.0, accessible from MyLot, you can review retail and wholesale market information. Adjust the retail data to a particular area or radius and add vehicle costs to help assess your investment and potential profit.
During your daily dealership inventory review, use that information to discuss whether a vehicle’s price still supports your sales strategy. Does it make sense to keep this vehicle on your lot? Is the potential return aligned with your costs?
Having that context within MyLot gives your team a clear basis for deciding whether to adjust the price or continue with the current plan.
3. Decide When to Wholesale A Vehicle
A vehicle’s role in your inventory can change. A unit you initially planned to retail may eventually be a better candidate for wholesale. Consider its days in inventory, local retail demand and potential return alongside the dealerships costs.
Once your team has assessed the options, MyLot lets you launch the vehicle directly into an OPENLANE auction. That connects the inventory review with a concrete next step.
Make retail vs. wholesale decisions a regular part of your workflow. Reviewing those options at your dealership’s chosen milestones can help keep a vehicle’s next move on the agenda.
MyLot supports daily dealership inventory management by helping you review stock, assess pricing and act on wholesale opportunities—all within your work on OPENLANE Canada.
MyLot is available through OPENLANE Canada’s ProPower subscription. Contact your OPENLANE sales representative to learn how to get started.
Frequently Asked Questions
How does MyLot help with dealership inventory management?
MyLot brings vehicle information together on OPENLANE Canada so your team can review days in inventory, assess pricing and consider retail or wholesale options during your daily dealership inventory review.
When should a dealership consider wholesaling aging inventory?
Review aging vehicles at your dealership’s chosen milestones. Consider days in inventory, local retail demand, vehicle costs and potential wholesale return when deciding on your next step.