Cutting Keys are like Bathroom Remodels
Having keys cut for your abandoned car is like remodeling a bathroom when selling a home. It’s one of the first things a potential resale or retail buyer will assess when choosing to buy a vehicle. By investing in a set of keys, the marginal gain achieved can be double or triple the key cost.
A set of business decision criteria should be developed for establishing when a key should or should not be cut for a unit. For example, units with a high likelihood of being dismantled or recycled should not have keys cut. The recycler will simply abandon or scrap the keys. Criteria for determination should include:
- Can you develop a wholesale purchase program with a locksmith to cut keys?
- Can your locksmith agree to a price break in return for them cutting keys during off-peak hours?
- What is the locksmith’s technical breadth of skill? What COULD be cut?
- What vehicles would most likely start if a key was cut?
- What key blanks does the locksmith regularly carry? Should you order blanks ahead of time?
Make no mistake – buying keys for your abandoned cars is an investment. Sometimes the marketplace just doesn’t have interest in a particular vehicle and it will sell to a dismantler or recycler. However, if you invest some time and marketing into your liquidation program, you will achieve significantly greater results.