DALLAS –

On Monday, RedBumper announced the release of a new solution, SmartPrice, which the company says can eliminate the need for manual daily price updates and automatically syndicates and distributes list prices.

The tool is designed to allow dealers to automatically price their inventory against trim and option matched competitor vehicles in their markets, and optimizes profit per unit by analyzing market supply and demand in real-time.

 “This tool will actually adjust retail prices daily as it adapts to the market,” said RedBumper founder and chief executive officer Bruce Thompson.

“It’s faster and much more accurate than a human could ever be. It uses trim, option and mileage data points when establishing and pricing against the competition.  It saves the dealer hundreds of man hours trying to price by hand,” Thompson said. “SmartPricemodifies pricing for profit and turn and also has built-in profit protection mechanisms so the dealer can sleep at night.”

After testing SmartPrice with a few hand-selected dealers, Thompson said results have been positive.

“The SmartPrice tool can distribute pricing to any listing tool on the market and can write back pricing to some of the largest DMS providers,” he said.

RedBumper now offers SmartPrice as an integrated component of the company’s suite of inventory management tools, or as a stand-alone product. For more information, see www.redbumper.com.