VINFactor said Monday it has upgraded the inventory and pricing recommendations within the platform to include stronger vehicle and market intelligence.
Additionally, a vehicle appraisal tool has been added to the platform.
VINFactor is a free platform for dealers that provides them insight to guide their decision-making. It is designed to decode vehicle identification numbers to provide local market context and advice.
These enhancements to the platform arrive as VINFactor has added “hundreds of dealers per week” since its October launch and implemented innovation and features based on feedback from those dealers.
As far as this specific upgrade to the platform’s “Buy Score” tool, that will now include the dealer’s individual experience, price-to-market and mileage, the company said.
“Enhancements to the Buy Score mean that the dealer gets immediate context around not only current market supply and demand in their local area, but also how they’ve performed with the specific unit in the past,” VINFactor founder Steve Greenfield said in a news release. “In addition, the user also sees the impact that specific vehicle features, pricing and mileage make to the relative attractiveness of the vehicle they’re analyzing.”
He later added: “Now that we’ve got hundreds of dealers using the product, we’re getting great feedback that’s allowing us to prioritize our product roadmap.
“Dealers have been telling us that they need the ability to access the tool in any web browser, and have the ability to easily input their own VIN, and not rely on simply clicking on VINs on a webpage. We’ve listened, and this latest product release addresses both of these concerns,” Greenfield said.