Carfax Canada announced it has launched a new tool to help dealers acquire the right inventory and do so from additional sources.

The company said Carfax Canada Sourcing allows dealers to evaluate potential acquisition targets through data-backed insights, giving them the ability to analyze VINs and filter vehicles by attributes.

This is designed to help dealers expand their sourcing pool and be more efficient rather than analyzing VINs individually.

“It takes a lot of time to figure out what to buy, at what price, and from where, making sourcing and acquisition a full-time job for dealers, a responsibility that normally sits on a manager who has other priorities,” Carfax Canada president Shawn Vording said in a news release.

This can lead to missed opportunities to find vehicles in non-traditional channels, the company said.

“Our dealers told us they need a more efficient way to analyze many vehicles and determine which ones are high-profit and fast-turn acquisitions, and our Sourcing tool does exactly that,” Vording said. “It makes it easier for dealers to find the most profitable vehicles and spend much less time analyzing potential inventory.”