Quick Tip: Managing Inventory With MyLot
Deciding which vehicles to keep for retail and which to send to wholesale is a high-stakes balancing act. In the vehicle wholesale business, hesitation and pricing errors don’t just cost you time — they eat directly into your bottom line.
That is why we are thrilled to launch MyLot, our new vehicle inventory management system for car dealers, now live on OPENLANE Canada. In this blog, we’ll cover how to manage car inventory on MyLot and run through some quick tips to make sure you get as much out of it as possible, as quickly as possible.
What Can MyLot Do?
What is the golden rule for inventory management? Having a holistic view of all your vehicles in one place. In MyLot, every vehicle you appraise or stock into your inventory, as well as every vehicle you purchase on OPENLANE, appears in one page for you in our vehicle inventory management system (see image above). This page is also where you can track your aging inventory, make sure you keep your vehicles moving and ensure you’re not leaving any money on the table.
Here, you also have the power to bulk upload your inventory that you didn’t purchase on OPENLANE. Once a vehicle is added, you’ll see the number of days it has been on your lot, the estimated retail listing price in your local market, your vehicle costs, along with the OPENLANE average value. For vehicles sold outside the platform, you can easily remove them from MyLot, or launch them directly into a car auction at OPENLANE.
Retail and Wholesale Market Insights
Access this by clicking on the Market Insights hyperlink under the Age tab. This will give you wholesale and market data so you can price your vehicles competitively. You can adjust the retail data to view details for a particular area or radius, add the vehicle’s cost, and see how much you have invested into the vehicle and your potential profit.
Have more questions?
We’re happy to help. If you haven’t already registered, you can do so below. If you’re already a registered user, you can reach out to your sales rep.
888-260-4604
Monday – Friday: 7:00 a.m. – 8:00 p.m. ET
Saturday: 9:00 a.m. – 6:00 p.m. ET