Experian Automotive launched a new online business intelligence tool at the NADA convention on Sunday that it says can enable dealers to better understand the market, the vehicles that are selling and the people who are buying them.

Sharing more about Velocity, officials noted that its "unique combination of data and analytics empowers users to quickly gain actionable insights and make profitable decisions."

The company went on to explain that this new tool helps turn large amounts of available data into information that companies can utilize, providing insight into what actions retailers can make to maximize sales .

Commenting on the launch, Russell Evans, senior vice president of marketing and product management for Experian Automotive said,  “Data about sales registrations is obviously an important tool for any automotive marketer, but turning data into insight that can be put to use is where our clients need the most help.

 “Velocity was designed to meet that need by helping results-oriented professionals better understand the market, the vehicles and the people who buy them, as well as provide them the insight they need to quickly adapt their strategies to take advantage of opportunities,” he continued.

So, how does it work?

Velocity provides the ability for automotive marketers to track performance by region, ZIP Code and individual dealership, as well as to compare performance against competitive brands at the vehicle or dealership level, the company noted.

Furthermore, the new tool allows marketers to develop customized key performance indicators, which can help in tracking ongoing progress.

“Velocity is a powerful step forward in Experian Automotive’s ability to give our client’s real-time access to the tools that will help them make better and more profitable decisions,” said Evans.

“The integrated approach to discovering what is happening at the retail level, why it is happening and how challenges can be addressed separates Velocity from simple analysis and data tools.”

In addition, Velocity provides analytic tools that "allow marketers to develop marketing strategies to make an immediate impact on sales performance", the company contends.

To illustrate this point, officials gave the following example: “If a manufacturer wants to check on their retail network performance in a particular state, they can quickly retrieve sales registration data showing how all their dealerships perform against competitors statewide. They can then review how retailers are performing against their key performance indicators.

“If a particular region is behind selling a certain model, a campaign can be developed to specifically boost sales of that model in that targeted area. The entire data review and analysis can be performed in just a matter of minutes,” officials continued.

And OEMs have already started putting the tool to use.

Volvo was the first manufacturer to adopt Velocity and has already  benefited from the tool, according to the OEM’s executives.

“Understanding changes in the automotive market, identifying vehicle trends and gaining insight into the buying behavior of potential customers is information that every automotive manufacturer needs to be effective,” said Tassos Panas, executive vice president of Volvo Cars of North America.

“Through Experian Automotive’s Velocity platform, we have access to a never-before-seen combination of information and insights that allow us to increase our competitive edge in the marketplace,” he concluded.