Acquiring new vehicles for your company's fleet puts you ahead of your competition. New vehicles have improved fuel efficiency, enhanced safety features, and require low maintenance and repairs, saving costs and improving overall fleet performance.
However, acquiring new vehicles requires a proactive mindset. Moving in haste increases your chances of securing your preferred vehicle at a more favorable price. It also ensures a hassle-free and satisfactory purchasing experience.
We cover in this guide the new vehicle acquisition process and explore why now is the perfect time to be proactive in the vehicle acquisition process.
Why Now Is the Time to Be Proactive
Being proactive yields remarkable results when acquiring a new vehicle. As Oscar Wilde, a poet and playwright, would say, "Punctuality is the thief of time," here's why you should be proactive when shopping for a new vehicle.
1. Supply Chain Disruptions
Global events like the Covid-19 pandemic tremendously impact the supply chain in many industries, and automotive isn't exempt. For example, an Economist Intelligence Unit survey confirms the automotive industry was hit the hardest by supply chain disruptions during the Covid-19 pandemic. This is according to 51.7% of respondents.
Sadly, the disruptions lead to vehicle production and delivery delays. Being proactive helps you avoid possible disruptions, anticipate delays, and adjust your acquisition strategies. Frequent communication with suppliers and dealerships and following industry news are excellent ways to navigate the supply chain disruption challenges.
2. Rising Prices
Inflation affects all industries, including automotive, causing the cost of goods and services to rise faster than manufacturers can keep up. According to a CNBC report, inflation has risen steadily since 2021. The report reveals some commodities prices have increased by 20%.
Being proactive can help you acquire your desired vehicle at more favorable prices before the prices increase. Monitor market trends, conduct comprehensive research, and leverage negotiation tactics to increase your chances of acquiring vehicles within your budget.
3. Market Demand
Market demand for vehicles can affect availability and pricing. According to an ABI report, global vehicle sales growth is expected to grow by 5.1% in 2023 and 3.3% in 2024. Business expansions and economic growth are the primary driving factors in the increasing automotive market demand.
Staying proactive will help you secure the vehicles you need before the increasing market demand pushes prices higher, potentially delaying the acquisition when you have a tight budget. Analyze market trends regularly to stay updated on automotive news.
4. Future Uncertainties
Predicting the future with certainty can be daunting. However, you can mitigate potential risks and uncertainties by being proactive. For example, market conditions like regulatory quality control checks can impact vehicle availability. You can avoid disappointments by staying proactive and updated with industry developments and upcoming regulations.
5. Planning and Preparation
Strategic planning and preparation are crucial for proactive vehicle acquisition. A tactical acquisition strategy will minimize potential disruptions and optimize efficiency. Develop a strategic acquisition plan by assessing your fleet needs, determining the appropriate vehicle models for your business, and creating a comprehensive timeline and budget. Importantly, you should maintain clear communication with the dealership.
The New Vehicle Acquisition Process
Here's a quick rundown of the steps to acquiring a new vehicle.
- Conduct an in-depth research
- Draw a comprehensive budget
- Evaluate financing options
- Choose a reputable dealership
- Negotiate competitive prices and favorable terms
- Test drive to ascertain vehicle performance
- Consider customization options
- Closing the deal
- Delivery and registration
Acquire Your New Vehicle Fast with Wilmar, Inc.
A proactive approach to the new vehicle acquisition process is critical for all businesses, whether home service, electricians, or security companies. The easiest way to act fast is by partnering with a fleet leasing and management company like Wilmar, Inc. Contact us today to learn more!
