What are the responsibilities and job description for the Inventory Manager position at Potamkin Payroll?
As the Inventory Manager at our dealership, you will be responsible for overseeing all aspects of vehicle inventory management, from procurement to storage, maintenance, and distribution. You will play a critical role in ensuring the availability, accuracy, and profitability of our vehicle inventory, while also optimizing inventory turnover and minimizing carrying costs. Your strategic planning and operational expertise will contribute to the overall success and profitability of our dealership.
Responsibilities:
Inventory Procurement and Acquisition:
- Work closely with dealership management and sales team to forecast inventory needs based on market demand, sales trends, and dealership goals.
- Source and purchase vehicles from auctions, trade-ins, private sellers, and manufacturer allocations, negotiating pricing and terms to maximize profitability.
- Conduct market research and analysis to identify opportunities for expanding inventory selection and optimizing vehicle mix.
Inventory Storage and Maintenance:
- Oversee the organization and storage of vehicles in dealership lots and storage facilities, ensuring efficient use of space and easy access for sales staff and customers.
- Develop and implement procedures for vehicle inspection, maintenance, and reconditioning to ensure that inventory is in sale-ready condition at all times.
- Coordinate with service department staff and vendors to schedule and perform necessary repairs, detailing, and cosmetic enhancements as needed.
Inventory Tracking and Documentation:
- Maintain accurate records of vehicle inventory, including VIN numbers, descriptions, acquisition and sales dates, pricing, and costs.
- Update inventory management systems and databases in real-time to reflect changes in inventory status, pricing, and availability.
- Conduct regular audits and physical inventory counts to verify the accuracy of inventory records and reconcile discrepancies.
Inventory Turnover and Sales Optimization:
- Monitor inventory levels, aging, and turnover rates to identify slow-moving or obsolete inventory and implement strategies to accelerate sales and minimize depreciation.
- Analyze sales performance data and market trends to identify opportunities for pricing adjustments, promotions, and incentives to drive sales and maximize profitability.
- Work closely with sales and marketing teams to develop effective inventory management strategies and promotional campaigns to optimize inventory turnover and maximize sales revenue.
Compliance and Risk Management:
- Ensure compliance with all applicable laws, regulations, and industry standards governing vehicle inventory management, including titling, licensing, and documentation requirements.
- Implement and enforce dealership policies and procedures related to vehicle inventory management, ensuring consistency and integrity in all transactions.
- Identify and mitigate risks related to inventory loss, theft, damage, or fraud, implementing security measures and controls to safeguard dealership assets.
- Join our team and lead our dealership's inventory management efforts to new levels of efficiency, profitability, and customer satisfaction!