Published December 8th, 2020
What is a Vehicle Inventory?
A vehicle inventory is a database of vehicles listing unit-specific information for the reference of potential buyers in the case of car dealerships, or assigned personnel in the context of company-owned vehicles. Vehicle inventory management is essential to data organization for both the internal and external purposes of a company. Poor vehicle inventory practices can lead to problems such as imbalanced accounting, and over-/under-supply of stock.
This article features:
- the consequences of poor vehicle inventory;
- mobile tool for vehicle inventory management; and
- free, ready-to-use templates to help make vehicle inventory management easy and hassle-free.
Companies may have different approaches to vehicle inventory depending on their primary purpose. Regardless, poor vehicle inventory practices can lead to issues that affect multiple aspects of a business. Below are some of the consequences of poor vehicle inventory:
Over or understocking
Without an accurate reference to what is currently in stock, poor vehicle inventory practices may lead to companies ordering fewer or more than what is necessary. This can lead to product demands not being met due to shortage or product stagnation due to surplus.
Understocking hurts profitability by failing to capitalize on sales opportunities. Overstocking hurts profitability as unsold products stagnate and gradually lose value. Both are common issues associated with poor vehicle inventory management.
Bad customer experience
If a business cannot provide the product that customers demand, the sale eventually goes to a well stocked, better organized competitor. With the multitude of options available on the market, one bad experience may be enough to lose a customer’s business for good.
Excessive warehousing expenses
Overstocking is even more problematic once you realize that you will also need to spend money storing your excess supply. Regardless if you pay for warehouse rent or you are using space that could have been utilized better, you are suffering from inefficiency that could have been prevented by proper vehicle inventory management.
Managing your vehicle inventory manually on paper or through numerous programs and software can get complicated. iAuditor helps you manage your vehicle inventory in one easy-to-use mobile app that covers data collection, data storage and organization, and reporting all in one platform.
- Download ready-to-use vehicle inventory templates, or easily create and customize your own via the Smart Forms feature.
- Perform inspections and manage inventory on your mobile phone or tablet anytime, anywhere, even when you’re offline. Your data will automatically sync to the cloud once you connect to the internet.
- Automatically generate reports after completing your vehicle inventory template and easily share with management and concerned personnel.
- Save your vehicle inventory information via unlimited cloud storage for safekeeping and easy access anytime.
- Integrate iAuditor with business intelligence tools to gain additional insights and visualize your data as you see fit.
Free Vehicle Inventory Templates
Vehicle Inventory Template
Car dealerships and vehicle management personnel can use this vehicle inventory template to document unit-specific data for organization and reference purposes. List down items such as stock number, VIN, Model, and make, among other important information that personnel and/or potential buyers would want to see.
Pre-delivery Inspection Checklist
Use this pre-delivery inspection checklist to specify the car make/model and vehicle identification number, capture photo evidence from the body exterior to the road test, send real-time notifications for scheduled pre-delivery inspections, assign corrective actions to colleagues or quality managers and complete the pre-delivery inspection with a digital signature.
PDI Report Checklist
A PDI Report Checklist aims to properly record the performance of a pre-delivery inspection on a newly-bought vehicle. Use this customizable PDI report checklist to easily complete the test drive, delivery, and documentation, and automatically generate and share a PDI report.