Perfect Your Pre-Owned Pricing
Earlier this year we launched a new range of Pre-Owned Vehicle Tools. This plugin to our ALICE platform supports dealers in the sourcing and pricing of new vehicles by consolidating in one dashboard, the data on all cars listed online nationally at that specific moment.
In seeing the tools first-hand, many dealers have asked about the possibility of further enhancing them. They have queried whether the technology can be personalised to their individual dealership, matching their data against the broader market with the aim of improving their inventory pricing processes.
Well, at AdTorque Edge, when the automotive industry speaks, we listen.
And so, we can proudly announce that this month sees the addition of a dealership inventory pricing screen to our existing Pre-Owned Vehicle Tools plugin. This newly-built technology enables dealers to see, at a glance, a snapshot of how a dealership’s own listings are performing against the current online market.
Our ALICE platform matches the market data against a trader’s inventory listings, and then clearly reports how many:
- vehicles they have listed above retail price;
- vehicles they have priced too low;
- vehicles they have had listed for more than 45 days;
- of the same vehicles are currently listed nationally; and
- days, on average, it is taking the market to sell a specific vehicle type.
Further to this, our system compares pricing against the entire online market, displaying listings from all websites where cars are being sold nationally. The trade prices for cars are accurate and the data is in real-time, meaning that as soon as the market moves, so does ALICE’s inventory pricing.
The information provided on our inventory pricing screen allows the dealer to quickly and clearly see where their vehicles are ranked against the online market and make necessary adjustments to their listings to ensure that they remain competitive. Such intel allows for educated decision-making and more informed strategy development, with the ultimate goal of maximising profit.
The entire suite of Pre-Owned Vehicle Tools has already proven very successful in driving efficiency for used car departments around the country. The Vehicle Sourcing Tool is allowing dealers to find and purchase specific pre-owned cars, and quickly build up their inventory. It removes the need for tedious trawling through classifieds in search of stock, by presenting all online listings on the one screen.
The Customer Recapture Tool is enabling dealers to retain old customers by sending a notification when they list their cars on third-party classified sites for resale. The trader can then contact their former customer about purchasing their vehicle while also upselling them into a new car.
And of course, there’s the Vehicle Pricing Tool which reduces the guesswork when it comes to pricing cars. By logging into the ALICE platform, dealers are able to see how different makes and models are being priced. And now, with the addition of our dealership inventory screen, they can match that information up against their own listings for dealership-specific insights.
While the Pre-Owned Vehicle Tools are not here to replace the wealth of knowledge that the industry has, their aim is to drive efficiency in your business by helping your sales managers and buyers more effectively buy and sell cars. It empowers dealers with more data to put behind the management of their stock in a clear and concise format, saving you time, and enabling you to make better, more informed decisions.