What record should dealers maintain to track vehicle inventory?

Maintaining an inventory ledger that documents every vehicle on the lot is essential for dealers as it provides a comprehensive record of the vehicles available for sale. This ledger serves multiple purposes: it allows dealers to track the availability of each vehicle, monitor stock levels, and manage vehicle sales more efficiently. The ledger may include important details such as vehicle identification numbers (VIN), model year, make, model, color, and pricing. By keeping a well-organized inventory ledger, dealers can make informed decisions regarding restocking, pricing strategies, and promotional offers, ultimately contributing to better inventory management and sales performance.

In contrast, a customer database, while important for marketing and customer relationship management, does not directly assist in tracking vehicle inventory. Similarly, financial reports focus on overall business performance and do not provide specific details about the inventory itself. A refund policy document is essential for customer service but has no relevance to inventory tracking. Maintaining a detailed inventory ledger is thus crucial for effective dealership operations.