Lotlinx introduces new risk mitigation platform and AI chatbot for inventory management
Lotlinx wants to make being a car dealer a little less risky.
To that end, the VIN-specific data provider for dealership inventory has launched Lotlinx Sentinel, a new vehicle risk mitigation platform.
Sentinel is designed to protect dealers by forecasting risks and implementing targeted corrective actions at the VIN level to reduce the time vehicles spend on lots, earn greater profit margins and improve competitive market performance.
The company said Sentinel uses machine learning, artificial intelligence and data mining technologies to monitor a proprietary set of more than 24 billion data points of real-time market factors that drive VIN outcomes to pinpoint risk, automatically allocating marketing resources to offset aging and markdowns.
Also new is Lexaca, an artificial intelligence-assisted chatbot featuring a dealer inventory dataset the company calls the industry’s largest, which powers Lotlinx’s VIN Management Platform.
Lexaca is designed to provide comprehensive market and competitive data for every vehicle on the lot to help inform dealers’ strategy and decision-making for each VIN or vehicle segment, such as condition, body style or model.
Lotlinx said the bot can answer questions about inventory down to the VIN level with responses based on more than a decade of historical data tracking more than 160 market factors that impact every VIN that from every dealer lot in America.
Lexaca is also designed to function as a large language model-powered chatbot, understand inventory and provide actionable insights, serve as a digital assistant and uncover opportunities to streamline operations and enhance decision-making.
“In the world of automotive retail, every dealership operates an evolved digital marketing stack to meet their monthly sales targets,” Lotlinx chairman and CEO Len Short said. “Yet VINs fall through the cracks, not getting the attention necessary to sell them profitably and on time.
“Sentinel stands apart as the only platform designed to solve this problem, ensuring every vehicle in a dealers’ inventory garners the shopping engagement necessary to achieve a dealer’s volume and gross objectives.”
The company said its testing has shown dealers using Sentinel have recorded increases of 300% in VIN coverage on digital advertising platforms, 300% in goal conversions and 130% in new-to-franchise shoppers, and an almost 200% decrease in cost per shopping session.
“Lotlinx helps me with strategy for my brand, my market and my team,” said Erik Butler, general manager of Kia of Everett in Everett, Wash. “Because of this partnership, we’re selling more cars. It’s a lights-out success for all our five stores.”