Dealership Inventory Management FAQ for Online Auto Auctions: Using MyLot
Managing used-vehicle inventory is a balancing act. Dealers need to know which vehicles to retail, which may be better suited for wholesale, how long each unit has been in inventory and where market opportunities may exist.
Effective dealership inventory management helps teams make those decisions with greater confidence. Below, we answer common questions about managing dealership inventory and explain how MyLot from OPENLANE can help dealers keep vehicles moving fast.
What is Dealership Inventory Management?
Dealership inventory management is the process of tracking, organizing, pricing and moving vehicles from the time you purchase them through their sale to a customer (a retail sale) or when you sell the vehicle to another dealership (a wholesale exit). It can include monitoring vehicle age, costs, local retail-market position and potential profit.
Strong inventory management helps reduce the costs of holding on to the vehicle before it sells, improve cash flow and ensure the right mix of vehicles is always available for customers.
What is MyLot?
MyLot is a vehicle inventory management system for car dealers. As part of an effective dealership inventory management strategy, MyLot gives you a consolidated view of vehicles you appraise, stock into inventory or purchase through OPENLANE.
With retail and wholesale inventory information available in one place, MyLot helps dealers like you evaluate inventory and take action when a vehicle may no longer be the right fit for your lot.
Where can I find MyLot?
If you subscribe to ProPower, you can find MyLot after you log in to your account. MyLot is in the main navigation bar on the left .
What information can I see for each vehicle in MyLot?
Once a vehicle is added to MyLot, you can view information including:
- Days in inventory (how long your dealership has owned the vehicle)
- Estimated retail listing price in the local market
- Vehicle costs
- OPENLANE average value
- Retail and wholesale market data
- Potential profit, based on the information entered and available market data
This information provides more context when reviewing pricing, vehicle age and potential retail or wholesale opportunities.
How can dealerships reduce aging inventory?
A key part of successful dealership inventory management is reducing aging inventory. You can do this by reviewing units regularly and setting internal milestones for pricing, reconditioning, marketing and final sale. For example, a dealership may review units after 30, 45 or 60 days to determine the next best action.
With MyLot, teams can quickly see how many vehicles fall within each inventory-age category, with dedicated tabs for:
- 0-30 days in inventory
- 31-60 days in inventory
- 61+ days in inventory
Can MyLot help manage vehicles purchased outside of OPENLANE?
Yes. You can upload vehicles not purchased through OPENLANE in MyLot. This enables you to review those units alongside what you have appraised, stocked in inventory or purchased through OPENLANE.
If a vehicle sells outside the platform, you can remove it from MyLot to help keep your inventory view current.
How does MyLot help with retail pricing?
MyLot provides an estimated retail listing price for a vehicle in your local market.
Retail-market data can be adjusted to view a particular area or radius. By combining market information with vehicle costs, you can better assess your investment and potential profit.
How does MyLot help dealers move inventory to wholesale?
When a vehicle is no longer the right fit for retail, MyLot can help dealers take the next step. From MyLot, you can launch a vehicle directly into a car auction on OPENLANE.
This creates a more direct path from reviewing an inventory unit to selling the unit at wholesale, helping you act when the time is right.
How do I get MyLot?
MyLot is available through OPENLANE Canada’s ProPower subscription tier. ProPower also includes Market Guide 2.0, which features Predictive Pricing Forecasts that can provide an outlook on what a vehicle may be worth in 30, 60 or 90 days.
To learn more about MyLot and ProPower, contact your OPENLANE sales representative.
Need help with MyLot?
If you need assistance using MyLot or have questions about a specific vehicle or transaction, contact OPENLANE Canada support. Have your account information and any relevant vehicle stock numbers ready to help the support team assist you efficiently.
MyLot is built to help you spend less time searching for vehicle activity and more time making informed buying decisions.